Purnells News & Blog
With a revised Statement of Insolvency Practice Number 13 (“SIP 13”) becoming effective on the 30 April 2021, it is a good time to review the topic of phoenix companies as SIP 13 deals with the disposal of assets to connected parties.
A Members Voluntary Liquidation, or MVL, is an insolvency process for solvent companies, where all creditors will be paid in full and the surplus assets are distributed to the shareholders, often with advantageous tax benefits.
With the Chancellor looking at ways to raise taxes due to the Coronavirus Pandemic, many directors and shareholders of owner managed businesses are taking the view that it is better to get their hard-earned funds out of their businesses before any changes, and potential increases in tax, are made.
In Insolvency proceedings there is a set hierarchy to be followed when paying out dividends to the various classes of creditors...
Unfortunately when a Company finds itself in an insolvent situation, it generally means that its employees will be dismissed without them being paid everything that they are entitled to.
The Government has recently announced that new reforms are to be made in respect of pre-packaged sale agreements in Administrations, which are often called “Pre-Packs”.
The Association of Business Recovery Professionals (“R3”) has recently released a standard form for a Covid-19 Company Voluntary Arrangement (“CVA”) Proposal together with a set of accompanying Covid-19 Standard Conditions.
The Government has recently released guidance on how Individual Voluntary Arrangements (“IVA's”) should be handled during the Coronavirus (COVID-19) pandemic so as to provide options to consumers who are struggling to adhere to the terms of their arrangements.
With so many more important things going on with the Coronavirus Pandemic it may have been missed that the Finance Act 2020 received Royal Assent on 22 July 2020.
On the 13 August 2020 HMRC issued new guidance on how they treat customers with a tax debt...
The purpose of this blog is to give a brief overview of the new Moratorium procedure.
The Corporate Insolvency and Governance Act 2020 received Royal Assent last night and came into force at midnight.