Both Spain and Italy have introduced recent changes to their insolvency laws. The changes are covered in our global guide and cover: Spain The obligation for a debtor to file for bankruptcy within two months of becoming insolvent is suspended until December 31 2021. Updates to the Modification of the Creditor’s agreement measures. Postponement of … Continue Reading
On Monday, Zacaroli J handed down his eagerly anticipated judgment in Lazari Properties (2) Limited (and others) v New Look Retailers Limited (and others). The New Look landlords challenged the New Look CVA and raised a number of arguments which some believed could be the end of CVAs as we know them. In particular, the … Continue Reading
With the UK taking positive steps towards re-opening the economy, businesses will start to see the true impact that lockdown restrictions (and the lifting of those restrictions) have on supply and demand. The UK government has continued to support UK businesses including, most recently, extending the prohibition on winding up petitions and the forfeiture moratorium, … Continue Reading
The Government has issued a consultation paper regarding statutory audits and financial reporting. The consultation makes proposals in relation to four areas, namely directors, auditors and audit firms, shareholders and the audit regulator. We have previously summarised the proposals impacting the purpose and scope of an audit. This post will focus upon the matters affecting … Continue Reading
In the final part of our predictions for 2021 for the UK insolvency market we look at pensions, the National Security and Investment Bill and cross border matters. The first and second part of this series of blogs is available here (part 1) and here (part 2).… Continue Reading
Following on from part 1 of our predictions for 2021 for the UK restructuring market part 2 looks at CVAs, directors duties and HMRC and insolvencies. We had hoped to cover off everything in 2 parts, but 2021 looks to be a busy year so we will publish the final part of this series next week.… Continue Reading
Following our webinar discussing the impact of the Corporate Insolvency and Governance Act 2020 for corporates, we have prepared a question and answer sheet addressing questions raised including: Does ipso facto apply to just UK contracts? Can a supplier still exercise set off rights if its customer enters into a moratorium? What should a supplier … Continue Reading
As set out in the first blog in this series, the Corporate Insolvency and Governance Bill (the “Bill”) introduces a new debtor-in-possession moratorium to give companies breathing space in order to try to rescue the company as a going concern. The first blog outlined how the moratorium will work and the second blog focused on … Continue Reading
What is it? A new form of restructuring plan (RP) which can be entered into with all creditors. It is found within the Corporate Insolvency and Governance Bill (Bill) and assuming it is enacted in its current form, it will sit next to schemes or arrangements in the Companies Act 2006 (rather than the Insolvency … Continue Reading
Different countries frame the exact description of the role of directors of a company in different terms. One feature is common to all – the obligation not to continue trading if a company is insolvent. Again, the detailed implications of doing so vary from one jurisdiction to another. We have updated our consolidated guide to … Continue Reading
On 20 May 2020, the UK Government introduced the Corporate Insolvency and Governance Bill (the “Bill”) to the House of Commons. The Bill introduces a new debtor-in-possession moratorium to give companies breathing space in order to try to rescue the company as a going concern. The Bill is currently only in draft form and therefore … Continue Reading
Organisations need to understand how they can prepare ahead of the UK government preparing to bring the country out of lockdown, while not necessarily knowing the timescales or details of how restrictions will be lifted, or in what order. We have prepared a quick guide to help UK businesses start to think about some of … Continue Reading
On Monday 4th May at 12pm BST, we are hosting a webinar to outline some of the issues and challenges businesses should consider when preparing to come out of lockdown, how different sectors might be impacted and what steps businesses should be taking to enable them to manage risk and the financial health of the … Continue Reading
In a statement to the House of Commons on 27 April 2020, the UK Chancellor of the Exchequer announced another loan scheme designed to support business to ‘bridge’ the economic disruption caused by the Covid-19 pandemic. Sitting alongside the CCFF, CLBILS and CBIL, the new scheme is targeted at the very smallest businesses that have … Continue Reading
Different countries frame the exact description of the role of directors of a company in different terms. One feature is common to all – the obligation not to continue trading if a company is insolvent. Again, the detailed implications of doing so vary from one jurisdiction to another. We have produced a consolidated guide setting … Continue Reading
On 7 April, we launched our Summary of European Governments Financial Support, to provide a quick and easy guide to what support is available to businesses. Please view our updated version of the guide, with additional content for a number of key Middle East countries. Throughout Europe and the Middle East, governments have sought to … Continue Reading
Boards are turning attention to life after lockdown. Businesses that ceased / slowed trading over the recent past are seeking the most efficient and effective paths to reactivation. Those paths will be navigated by reference to the amount and depth of scarring sustained by the business in lockdown and the shape of the new reality for … Continue Reading
This quick guide summarises the duties that directors of Polish companies are subject to and how those duties change when the company is insolvent or at risk of being insolvent. It also gives an overview of the personal risk to directors when the company is in financial difficulty and suggests some practical tips to help … Continue Reading
This quick guide summarises the duties that directors of Belgium companies are subject to and how those duties change when the company is insolvent or at risk of being insolvent. It also gives an overview of the personal risk to directors when the company is in financial difficulty and suggests some practical tips to help … Continue Reading
Today sees the formal launch of the Coronavirus Large Business Interruption Loan Scheme, or CLBILS for short. This is the third scheme in the trinity of the Government’s direct funding schemes to UK business impacted by the pandemic. Targeted at businesses with an annual turnover in excess of £45m, its arrival is intended to plug … Continue Reading
The landscape relating to winding-up petitions has changed due to the COVID-19 pandemic. Hundreds of petitions have been adjourned already, and the new Temporary Insolvency Practice Direction has now adjourned all hearings due to take place before 21 April across the country. It also sets out new procedures and timings for the listing and re-listing … Continue Reading
The High Court has delivered the first decision on the Coronavirus Job Retention Scheme (the “Scheme”), in the context of the Carluccio’s administration. As we have previously discussed, despite further clarification from HMRC over recent days, there remain some unanswered questions regarding the detailed operation of the Scheme, given that the Scheme’s exact legal framework … Continue Reading
COVID-19 is placing unprecedented strain on all businesses, and insolvency practitioner (“IP”) practices are no exception. Government-imposed restrictions on activities and movement will have a direct impact on the ability to carry on business as usual. There may be fewer employees available (through illness, self-isolation and furloughing), strain placed on remote working capabilities and a … Continue Reading
COVID-19 and Government-imposed restrictions are placing an unprecedented strain on everyone and businesses and individuals may be facing extreme financial pressure. COVID-19 is impacting businesses throughout the supply chain in most, if not all, sectors. This may mean that clients and debtors are unable to meet their obligations and there may need to be changes … Continue Reading
