The Government has announced a new extension to breathing space measures which will be used to protect businesses from insolvency during the coronavirus (COVID-19) pandemic. A raft of changes to protect businesses from insolvency were introduced in the Corporate Insolvency and Governance Act and were due to expire on 30th  September 2020. The new temporary…

Trade body UKHospitality has said 900,000 jobs would be at risk if the sector was forced to close again without financial support. The trade body has called on the  Government to offer a sector-specific package of employment support that helps businesses retain valuable workers. Giving evidence to the House of Lords Economic Affairs Committee, Chief…

UK firms have racked up around £70 billion worth of unsustainable debt, according to a new report from The City UK, with more than £20 billion of that coming from government-backed coronavirus loan schemes. TheCityUK’s Recapitalisation Group (RCG), supported by EY, has published updated projections for levels of unsustainable debt faced by SMEs.  The report…

The Ministry of Housing, Communities & Local Government (MHCLG) has announced that it has extended support to prevent business evictions until the end of 2020. The new measures mean that businesses will be protected from the threat of eviction until the end of year, providing commercial tenants with greater security and protecting vital jobs, The…

The Insolvency Service has published its latest business insolvency statistics for England & Wales which have revealed that the overall numbers of business insolvencies numbers continue to fall. Corporate insolvencies fell to 778 in August 2020 compared to the previous month’s figure of 961 and are significantly lower than they were in August 2019 (1,369).…

The Insolvency Service has published its latest figures which indicate that in August 2020 Scottish company insolvencies decreased by 43%. There were 44 company insolvencies in Scotland, a reduction of 43% in comparison to August 2019. This comprised of 19 compulsory liquidations, 21 CVLs, three administrations and one CVA. There were no receivership appointments. Historically…

The Insolvency Service has published its latest figures which indicate that in August 2020 that company and personal insolvencies continued to decrease. There were four company insolvencies in Northern Ireland, down from 22 in August 2019. This consisted of two CVLs and two administrations. There were no compulsory liquidations, CVAs or administrative receiverships. Whilst there…

The process for companies that have applied to be struck off the Companies House register has now resumed (from Thursday 10th September 2020) following changes to temporary measures announced in April 2020. Due to the coronavirus (COVID-19) outbreak, Companies House paused all strike off activity to relieve the burden on businesses and to protect creditors…

The Institute of Directors is has called for an extension to emergency insolvency measures to prevent company collapses and job losses. Under normal circumstances, directors have a strict duty to cease trading if their company is facing insolvency and may face financial or legal liabilities if they seek finance instead of doing so. In June,…

Over half (54%) of businesses who had not permanently ceased trading said they were owed outstanding invoice payments according to the latest results from the Business Impact of Coronavirus [COVID-19] Survey (Bics), published by the Office for National Statistics (ONS). One in ten businesses reported being at moderate (9%) or severe (1%) risk of insolvency,…

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