Purnells News & Blog
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.
We are currently living and working in unprecedented times with the nationwide lockdown and the financial impact of the Coronavirus still developing.
So much is happening, so quickly, that it is hard to keep up, particularly if you are having to advise clients on the impact of the Coronavirus and the options open to them and their business.
Accordingly, I am going to give a brief overview of a few of the issues in this blog.
In 2015 the Government brought in new legislation to enable The Insolvency Service to seek Compensation Orders against directors of insolvent companies who have been disqualified as acting as a director, and whose conduct has caused a loss to one or more creditors.
A few weeks ago the Courts handed down Judgment in Systems Building Services Group Limited  EWHC 54 (Ch), which may have long reaching consequences for the Insolvency Profession, and also directors.
The Government are looking to make some reforms to the Insolvency Legislation and within the Government’s Insolvency Corporate Governance Consultation two new insolvency procedures were proposed which will provide directors and Insolvency Practitioners with more options.