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Pre-pack administrations help directors restructure their businesses

Expect an increase in pre-pack administrations over the next 6 months as panic-stricken company directors consider their restructuring options post lockdown. Depending on the circumstances, a pre-pack administration can offer huge benefits to the director of a profitable, but insolvent company. The procedure is a useful restructuring mechanism that helps business owners place insolvent companies…

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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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Last year, I advised a company that went bust owing £100,000. The Insolvency Service sought to have the company’s director disqualified, but he couldn’t understand why as his liabilities dwarfed the sums owed by other companies. I explained that he faced prosecution because of his conduct rather than the size of his debt. You may…

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