Insolvency

The Corporate Insolvency & Governance Bill – Further Extension of Temporary Measures, Liability for Wrongful Trading to be Reinstated, Other Support Methods to be Introduced

It is no doubt with the financial difficulties created by the lockdowns in mind that the Government has extended the prohibition on presenting winding up petitions based on statutory demands until 30 September 2021. Until that date, any petitions presented on the ground that a company is unable to pay its debts as they fall due, remain restricted, unless the creditor can establish that the inability to pay is not linked to the Covid-19 pandemic.

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The Corporate Insolvency and Governance Bill in light of COVID-19

As we see a partial easing of lockdown and more businesses are able to return to some kind of normalcy, the long term effects of the COVID-19 pandemic are yet to be fully realised. What is clear is that many businesses of all sizes have struggled to cope with such unprecedented challenges and require support […]

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The financial impact of the Coronavirus Crisis

It is inevitable that most, if not all, businesses will experience financial difficulties through this pandemic, as a result of forced closures and social distancing measures. On 28 March 2020, the Government announced a package of measures aimed to help struggling companies through the crisis. Financial Measures The package of financial measures to support businesses […]

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The problem with gift cards and other pre-payments when a retailer goes under

In July 2016, I wrote an article about Protecting Consumer Pre-Payments When Retailers Go Under and the report produced by The Law Commission in this regard. I thought that I would revisit the pre-payment topic, as the vulnerability of store cards and other pre-payments, has been highlighted once again, by the administration of House of Fraser. The […]

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What Carillion’s demise should tell us all

Much has already been said about the demise of Carillion and the impact of its liquidation on the various parties with whom it contracted.  In this article, I would like to examine what light the demise of Carillion throws on themes commonly encountered within insolvency and whether there are lessons to be learned for everyone. […]

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Avoiding Bankruptcy – Why It Pays to Act Promptly

When faced with bankruptcy proceedings, it is paramount that you act quickly in order to avoid unnecessary costs and stress. The bankruptcy proceedings The first step a creditor will take to initiate bankruptcy proceedings is to serve a statutory demand. If there is a genuine dispute in relation to the debt; or your creditor owes […]

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