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Business Secretary announces supportive measures

Business Secretary announces supportive measures

The Business Secretary Alok Sharma has announced new insolvency measures to support businesses under pressure as a result of the coronavirus outbreak. The Government will amend insolvency law to give companies breathing space and keep trading while they explore options for rescue and temporarily suspending wrongful trading provisions retrospectively from 1 March 2020 for three months. You can view a copy of the Business Secretary's announcement online.… Read more


COVID-19 Update

COVID-19 Update

We will continue to operate as normal during the Coronavirus pandemic . This virus spread represents uncharted territory for many – we continue to keep the situation under review, setting our operational policies and activities in line with government and medical advice. Rest assured that we will continue to support… Read more


Insolvency appointments on the rise

Insolvency appointments on the rise

The UK Insolvency Service has just released its quarterly statistics for October- December 2019 which show that insolvency appointments in liquidations and administrations in 2019 were at levels higher than for five years. Construction and support services are the areas of the highest number of appointments, followed by the wholesale, food and… Read more


Two companies liquidated after investigation into fraudulent investor scheme

Two companies liquidated after investigation into fraudulent investor scheme

On 7 October 2019 Dionysus Design Services Ltd and Gem Tobin Ltd were wound up in the public interest. The High Court heard that the two companies had been investigated by the Insolvency Service as a result of its earlier inquiries into associated companies Halifax Mannin Ltd and Hey Design… Read more


Prison term given to bankrupt concealing property

Prison term given to bankrupt concealing property

The Insolvency Service has reported that a bankrupt who fraudulenty disposed of property has received a four-month prison sentence.   It was found that the individual was aware of his debt issues however he instructed a firm of solicitors to transfer his share in a property (estimated to have been… Read more


Debenhams CVA upheld

Debenhams CVA upheld

A challenge by a group of landlords to the voluntary arrangement of the Debenhams retail group has been dismissed by Mr Justice Norris. The landlords claimed that they were unfairly prejudiced and that there was a material irregularity in the CVA. It was also claimed that the CVA went beyond… Read more


Cryptocurrencies in Insolvencies

Cryptocurrencies in Insolvencies

The UK does not currently regulate cryptocurrencies and they are not recognised as legal tender or currency. Due to the wide drafting of the Insolvency Act, cryptocurrencies are included as an asset of the estate which can lead to several issues for insolvency practitioners (“IPs”). Identifying cryptocurrencies is difficult and… Read more


Draft Finance Bill 2019-20

Draft Finance Bill 2019-20

HMRC’s reinstatement as a preferential creditor in relation to certain debts in corporate insolvencies was included in the draft Finance Bill 2019-20, published on the 11th July 2019. From the 6th April 2020, HMRC will rank behind fixed charge holders and ordinary preferential creditors (employees). The preferential status will only… Read more


Cross-border insolvency in the event of a ‘no-deal Brexit’

Cross-border insolvency in the event of a ‘no-deal Brexit’

Whilst there are currently several different outcomes of Brexit, it is crucial for businesses to prepare for a no-deal Brexit. England is recognised as a worldwide specialist in the provision of restructuring and insolvency services, however in the event of a no-deal Brexit this recognition will potentially cease to exist.… Read more