Background As a result of the coronavirus pandemic, the Corporate Insolvency and Governance Act 2020 (“CIGA”) received Royal Assent on 25 June 2020. CIGA made a number of substantial changes to existing insolvency legislation. Some of the significant changes (discussed in further detail below) were in relation to the presentation of winding up petitions and […]
30 September 2021 – a Key Date for Insolvency Professionals Read More »
A company is obliged to keep adequate accounting records in accordance with section 386 of the Companies Act 2006. This provision sets out a number of requirements for a company’s accounting records, including that they must show and explain the company’s transactions and disclose with reasonable accuracy, at any time, the financial position of the
On 12 May 2021 the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill (“the Bill”) had its first reading in the House of Commons and has now been published. This will be an interesting addition to the disqualification regime. The main changes to the Company Directors Disqualification Act 1986 (“the Act”) will be as follows: Section 6
Director Disqualification Update – May 2021 Read More »
As of yesterday, Thursday 24 September 2020, the Government has brought into force an extension to the operation of a number, but not all, of the restrictions and measures found within the Corporate Insolvency and Governance Act 2020 (“CIGA”). This has been done via Regulation 2 of The Corporate Insolvency and Governance Act 2020 (Coronavirus)
Extension of Restrictions under Corporate Insolvency and Governance Act 2020 Read More »
On 30 July 2020, the UK Insolvency Service published its quarterly insolvency statistics. Of note are the following: Overall numbers of company insolvencies fell by 23% when compared with the previous quarter, and by 33% when compared with the same quarter in 2019. The three industries that experienced the highest number of insolvencies in this
Quarterly Insolvency Updates Read More »
As a business restructuring lawyer and business owner myself I am reminded daily of the difficulties our clients face with the current pandemic. Now however is the time when we must recover our confidence and realise this lock down is not forever and it is not all doom and gloom. Nations and people can help
Coronavirus: Is the glass half full or half empty? Read More »
The Corporate Insolvency and Governance Bill 2019-21 was published on 20 May 2020. It provides for amendments to the Insolvency Act 1986 and the Companies Act 2006 on several areas of principal interest for those of us dealing with distressed companies – but what do we think about the amendments to the winding-up petition regime? The
The Corporate Insolvency and Governance Bill 2019-21 Read More »
When a colleague first suggested I write a blog on WFH I initially did not think there was much to write about, but I was wrong. Whether you are an employee or a business owner we have all had to adapt the way we work, and we are all in this together. Statutory Demands and
Parties should not take for granted that upcoming hearings and or trials will be automatically adjourned given the current COVID 19 pandemic. The decision of Mr John Kimbell QC sitting as a Deputy High Court Judge in the case of Re Blackfriars Limited [2020] EWHC 845 (Ch) highlights the Court’s attempt to keep cases progressing in spite
Business as Usual (for now) Read More »
A recap of the principles applicable to allegations by the Secretary of State of trading to the detriment of HMRC – The Secretary of State for Business Energy and Industrial Strategy v Raymond St John Murphy [2019] EWHC 459 (Ch) In The Secretary of State for Business Energy and Industrial Strategy v Raymond St John Murphy [2019] EWHC 459
Trading to the Detriment of HMRC – Director Disqualification Read More »
