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
How are countries re-vamping their Insolvency and Restructuring Laws to Combat Covid-19. Our guide summarises the key changes in the following jurisdictions: Australia, China, Czech Republic, France, Germany, Japan, Poland, Russia, Spain, United Arab Emirates, United Kingdom and the United States.… Continue Reading
In a move that will be greeted with a small sigh of relief by individuals, businesses and insolvency practitioners affected by the coronavirus pandemic (COVID-19), HM Revenue and Customs (HMRC) has published new guidance on its approach to insolvency procedures. The guidance covers: Ongoing voluntary arrangements (VA), and HMRC’s enforcement activity… Continue Reading
On Saturday 4 April, HMRC issued further guidance on the Job Retention Scheme (“JRS”). Given the unprecedented economic backdrop against which the JRS is being introduced, the exact workings of it are still being developed and clarified, with each announcement in turn giving rise to further questions for employers and employees. We have produced a … Continue Reading
To assist German businesses in understanding what financial support packages are now available we have produced a helpful guide summarising those. This gives an overview of the packages, the level of funding available, eligibility, how to apply and when it will be available. To access the most up to date guide click on this link. … Continue Reading
To assist in understanding what financial support packages the EU have announced we have produced a helpful guide summarising those. This gives an overview of the package, the level of funding available, eligibility, how to apply and when it will be available. To access the most up to date guide click on this link. This … Continue Reading
Following the announcement from the UK Government on Friday of further financial assistance for UK businesses we have updated our guide which gives an overview of the packages, the level of funding available, eligibility, how to apply and when it will be available. To access the most up to date guide click on this link. … Continue Reading
To assist Spanish businesses in understanding what financial support packages are now available we have produced a helpful guide summarising those. This gives an overview of the package, the level of funding available, eligibility, how to apply and when it will be available. To access the most up to date guide click on this link. … Continue Reading
To assist Italian businesses in understanding what financial support packages are now available we have produced a helpful guide summarising those. This gives an overview of the package, the level of funding available, eligibility, how to apply and when it will be available. To access the most up to date guide click on this link. … Continue Reading
To assist French businesses in understanding what financial support packages are now available we have produced a helpful guide summarising those. This gives an overview of the package, the level of funding available, eligibility, how to apply and when it will be available. To access the most up to date guide click on this link. … Continue Reading
