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It can be argued that by restricting the filing of statutory demands and winding up petitions for Covid-19-realted debts, the Government has targeted all industry sectors with a blunt instrument. Covid-19 did not adversely affect every business in Britain. Indeed, many continued to operate throughout the lockdown period, and some of them thrived. We need…

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Corporate Insolvency and Governance Bill Explained

In the weeks ahead, the Government will attempt to stimulate Britain’s flagging economy with the introduction of the Corporate Insolvency and Governance Act. The Act, which recently came into law, proposes an extensive shake-up of the insolvency regime. But exactly how will these changes affect business owners? Well, that depends if your primary focus is:…

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The UK is home to tens of thousands of zombie companies that were going to fail irrespective of Covid-19

In an attempt to limit the economic fallout from Covid-19, the Government is rushing through parliament the Corporate Insolvency and Governance Act. The new legislation, which recently came into force, proposes a raft of debtor-friendly measures aimed at curbing company collapses. If we’re to kick-start the economy and stave off recession it’s essential that trade…

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Termination clauses have been suspended for many companies following Covid-19

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…

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Company directors, insolvency and moratoriums

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…

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The number of women entering insolvency procedures jumped from 30% to 54.3% between 2000 and 2018, according to new figures released by the Insolvency Service. Last year, women in England and Wales were involved in 65% of Debt Relief Orders (DROs); 54% of Individual Voluntary Arrangements (IVAs); and 38% of Bankruptcies. The figures reveal that…

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