News and Blog - Page 3

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 [2020] 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.

Purnells are pleased to announce that we are working with Dorchester Youth and Community Centre.

Wrongful Trading – The Ronseal Test – Does It Do What It Says On The Tin?

The Government has announced that it has commissioned an independent review of the loan charge scheme.

Chris Parkman, Licensed Insolvency Practitioner and Managing Director of Purnells, has been selected to be part of the TRI 250 for a second year in a row.

The Return of Crown Preference - On 11 July 2019

A Creditors Voluntary Liquidation is essentially an insolvent liquidation where the Company does not have the necessary funds to pay all creditors in full and the directors have decided themselves to place it into liquidation.