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Stat demands and winding-up petitions post Covid-19
The Government’s decision to suspend the filing of Statutory Demands and Winding-up Petitions is a huge blow for creditors seeking to collect payment of outstanding debts. As a result of the Corporate Insolvency and Governance Act, a creditor’s only debt enforcement remedies are through the county court via either a bailiff or a third-party debt…
Read MorePost-Covid-19 termination clauses
One of the most controversial proposals in the Corporate Insolvency and Governance Act is the suspension of termination clauses. Medium and large creditors are prevented from using the terms of their contract to stop the supply of ‘essential’ goods and services to a company in a formal insolvency procedure. However, the suspension of termination clauses…
Read MorePros and cons of the moratorium procedure
Under the provisions of the Corporate Insolvency and Governance Act 2020, struggling companies can be placed into a new statutory insolvency procedure. But what are the pros and cons of the moratorium? The moratorium provides up to 40 business days of protection from creditors. This should be ample time to secure additional investment and remodel…
Read MoreMistakes to avoid when issuing a Winding Up Petition
When issuing a Winding Up Petition, it’s integral that every piece of information that identifies the company is correct. To be successful, your application must include the following accurate information: Company name Registered office address Company registration number information Shareholder information (aggregate number and value of issued and paid up share capital). A lot of…
Read MoreHow to deal with disputed invoices
Dealing with disputed invoices can be challenging, especially if your customer is squabbling simply to avoid payment. The most important thing is to take time to understand what the dispute is. Then, isolate and seek to resolve the issue as quickly as possible. If you believe the dispute is bogus, explain your reasons and press…
Read More123 Pay: Business document review
Insolvency and Law’s latest offering, 123 Pay, is a credit management service that reviews your trading documents to help your company get paid quicker. Let I&L review and evaluate your trading documents. Send us your written estimates/quotations; sales contracts/orders; delivery notes; invoices and reminders to ensure they’re robust and fit for purpose. This element of…
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