The Institute of Directors (IoD) is calling for emergency insolvency measures to prevent widespread company collapses. Under current laws, the board of directors has a strict duty to cease trading if the company is facing insolvency, and may face personal financial or legal liabilities at a later date if they seek finance instead of doing…

With coronavirus already affecting businesses, new research from Nucleus Commercial Finance reveals that prior to the virus having an impact, nearly half of SMEs (47%) predicted their finances would keep them running for a month if they were suddenly and unexpectedly unable to trade. This means that 2.67m small businesses may already be struggling with…

The incomes of self-employed people are ‘falling like a stone’ amidst economic disruption caused by Covid-19, according to charity the Money Advice Trust, which runs the Business Debtline advice service.  The warning comes after Chancellor Rishi Sunak told MPs that constructing a scheme to protect the self-employed who are losing work because of the Coronavirus…

Shoosmiths has announced the appointment of two new Partners in its corporate restructuring and M&A teams. Lemi McAuley, who will be based in Leeds, is a specialist in board advisory and transactional matters and has acted for a number of corporate clients, clearing banks, private equity providers and insolvency practitioners. His appointment means Shoosmiths now…

Deloitte has announced that it has appointed Martin Chapman as Restructuring Services Director. Chapman has joined the firm as a director from another ‘big four’ firm, where he was the national sector expert for restructuring in education. His experience includes working with higher education institutions, further education corporations, independent schools, private training providers, lenders to…

The estimated total bill to taxpayers for responding to the collapse of Thomas Cook is at least £156 million, with some costs not yet known, a new National Audit Office (NAO) report has found. Thomas Cook collapsed on 23rd September 2019 and all flight and holiday bookings were cancelled, leaving an estimated 150,000 customers potentially…

Ofgem has announced that Gnergy, a gas and electricity supplier with around 9,000 domestic customers and a small number of non-domestic customers is ceasing to trade. Under Ofgem’s safety net, the energy supply of Gnergy’s customers will continue and outstanding credit balances of domestic customers will be protected. Ofgem will choose a new supplier to…

Laura Ashley has filed for administration after failing to secure £15 million of emergency cash to stay afloat. The move puts around 2,700 jobs at risk.The company said that owner MUI Asia was not willing to provide the extra cash, and could not secure a loan from elsewhere. In a statement the company said “The…

Coronavirus poses an existential bankruptcy threat to the hospitality industry according to trade body UK Hospitality. The trade body has warned that thousands of businesses in the UK’s hospitality sector could face bankruptcy following Government advice that people should avoid visiting pubs, restaurants and bars. UK Hospitality. says that during the first in a series…

The ban on football fixtures, due to Covid-19, could cause an insolvency crisis which will hit Football League clubs hard, warn experts at Begbies Traynor. Paul Stanley, regional managing partner for Begbies Traynor in Manchester, said “Cashflow through the turnstiles is what keeps football clubs afloat. It’s the pies, pints and programmes sold at the…

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