Latest company and individual insolvency statistics remain low. The latest monthly release of insolvency statistics for England and Wales was published on 13 November 2020. * Overall numbers of company and individual insolvencies remained low in...
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Finance Act 2020 gives HMRC powers to make directors and others connected to a company, jointly and severally liable for the company's tax liabilities if the company becomes insolvent. It’s likely that many businesses will struggle to recover to...
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Provisions added to Finance Bill ensure funds received through coronavirus business support schemes are included as revenue for income tax and corporation tax purposes. Recent amendments were made to the Finance Bill which is currently being...
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A key provision of The Corporate Insolvency and Governance Act which came into force on 26 June 2020, is to introduce a corporate moratorium – an extendable 20-working day period giving businesses protection from creditor action while they seek...
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The Corporate Insolvency and Governance Act has received Royal Assent and came into force on 26 June 2020. The Act, which raced through Parliament in a matter of weeks, introduces new corporate restructuring tools and temporary easements to give...
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On 20 May, the Department for Business, Energy and Industrial Strategy (BEIS) announced the new Corporate Insolvency and Governance Bill. The Bill presents a significant reform of the insolvency and corporate governance framework and introduces...
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A Time to Pay (TTP) Arrangement with HMRC is an agreed debt repayment plan for your outstanding taxes. Companies that are likely to miss or have missed payments to settle their Corporation Tax, VAT and/or PAYE can ask HMRC for extra time to...
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Director of Proudley Farms Limited, David Paul Proudley has been disqualified from being a director for 6 years. The investigation into the business, which was liquidated on 25th March 2019, found that Mr Proudley failed to ensure that Proudley...
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With the current COVID-19 crisis many businesses have been hit hard, none more so than those in the retail sector. This follows several tough years which has seen many great British Brands disappear from the high street. Debenhams announcing this...
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Claims for financial support may be deemed fraudulent if the company was already in trouble when making claims and then later enters into an insolvency process. Insolvency practitioners (IPs) have been advised to remain alert to potentially...
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