The perfect storm of the Covid pandemic, the war in Ukraine, the current high inflationary environment and cost of living crisis has inevitably placed many pub businesses under significant financial stress. Whilst a shareholder’s liability in respect of a limited company is limited to the value of their shares, UK company and insolvency legislation imposes […]
A damages-based agreement (DBA) is a form of “no-win, no fee” agreement between a lawyer and client, under which the lawyer is paid an agreed proportion of the sums the client recovers in litigation. This kind of arrangement is perhaps more often described as a “contingency fee”, but in England and Wales that term would
Damage-Based Agreements (DBA) Read More »
Director Disqualification – Everything You Need To Know There are millions of directors throughout the UK, and most uphold their responsibilities effectively. However, if you fail to comply with your legal obligations, you may find yourself disqualified from acting as a director. This can have a serious and long-lasting impact on an individual, so it
Director Disqualification Guide 2024 Read More »
The Bounce Back Loan Scheme was introduced to provide financial aid to small and medium-sized businesses affected by the coronavirus pandemic. The scheme enabled small and medium-sized businesses to borrow up to £50,000 with no fees or interest payable for the first 12 months. After 12 months, an interest rate of 2.5% per year becomes
Director Disqualification and Coronavirus Bounce Back Loans Read More »
Background As a result of the coronavirus pandemic, the Corporate Insolvency and Governance Act 2020 (“CIGA”) received Royal Assent on 25 June 2020. CIGA made a number of substantial changes to existing insolvency legislation. Some of the significant changes (discussed in further detail below) were in relation to the presentation of winding up petitions and
30 September 2021 – a Key Date for Insolvency Professionals Read More »
A company is obliged to keep adequate accounting records in accordance with section 386 of the Companies Act 2006. This provision sets out a number of requirements for a company’s accounting records, including that they must show and explain the company’s transactions and disclose with reasonable accuracy, at any time, the financial position of the
On 12 May 2021 the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill (“the Bill”) had its first reading in the House of Commons and has now been published. This will be an interesting addition to the disqualification regime. The main changes to the Company Directors Disqualification Act 1986 (“the Act”) will be as follows: Section 6
Director Disqualification Update – May 2021 Read More »
As of yesterday, Thursday 24 September 2020, the Government has brought into force an extension to the operation of a number, but not all, of the restrictions and measures found within the Corporate Insolvency and Governance Act 2020 (“CIGA”). This has been done via Regulation 2 of The Corporate Insolvency and Governance Act 2020 (Coronavirus)
Extension of Restrictions under Corporate Insolvency and Governance Act 2020 Read More »
On 30 July 2020, the UK Insolvency Service published its quarterly insolvency statistics. Of note are the following: Overall numbers of company insolvencies fell by 23% when compared with the previous quarter, and by 33% when compared with the same quarter in 2019. The three industries that experienced the highest number of insolvencies in this
Quarterly Insolvency Updates Read More »
As a business restructuring lawyer and business owner myself I am reminded daily of the difficulties our clients face with the current pandemic. Now however is the time when we must recover our confidence and realise this lock down is not forever and it is not all doom and gloom. Nations and people can help
Coronavirus: Is the glass half full or half empty? Read More »
