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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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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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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…

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Issuing a Statutory Demand (or Stat D) is an effective way to encourage prompt payment of overdue invoices and debts, but it’s not the only method. A Stat D is a formal document requesting payment of an outstanding debt within 21 days. By issuing one, you give creditors another 3 weeks to pay a debt…

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Sometimes, you may need to issue a County Court Judgment (CCJ) or a Winding-Up Petition on an insolvent company that owes you money. But what’s the difference? County Court Judgments usually come about when a company refuses to pay an overdue debt. The creditor (claimant) who’s owed money commences proceedings by visiting the Government’s website,…

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