Although an initial administration extension can be dealt with by consent, if that consent is not valid the extension will also be invalid. This leaves administrators in a difficult position because they will not be in office unless the court remedies the position. Obtaining consent might seem straightforward but obtaining the consent of secured creditors … Continue Reading
Companies entering external administration often have outstanding tax filings. The external controllers appointed conduct initial and ongoing reviews as to those filings. Then, in time, they either bring the filings up to date or engage the tax office in order to revisit historical filings. Aside from being legally required to address a company’s filings, external … Continue Reading
The proposal to reinstate Crown preference in insolvency has met resistance from all angles; the insolvency profession, turnaround experts, accountants, lawyers and funders. But despite HMRC’s bold statement in its consultation paper that the re-introduction of Crown preference will have little impact on funders, it is clear following a discussion with lenders that it may … Continue Reading
