Pandemic crisis restrictions are beginning to be lifted but what are the changes and what can you do if a winding-up petition is issued against your business? Surprisingly corporate insolvencies have been very low during the pandemic, even when compared to good trading conditions. There are many reasons for this, but one is undoubtedly the restrictions…
Read more
Almost a third of coronavirus business interruption loan scheme (CBILS) and bounce back loan scheme (BBLS) loans, amounting to £22bn, will go into default, claims ACP Altenburg Advisory The debt advisory specialists state that the initial estimates from the Office for Budget Responsibility (OBR) will be correct and that the defaults will reach £22bn, which…
Read more
The sheer scale of fraud committed during the pandemic was exacerbated by the limited level of checks when claims were made for covid grants. Kate Gee, counsel at specialist disputes firm Signature Litigation, examines the scale of the issue An inescapable outcome of the Covid-19 pandemic is the marked increase in fraudulent activity. Individual or…
Read more
According to the Bank of England, a third of UK SMEs are in more than twice as much debt as before the Covid-19 pandemic. A report issued by the Bank of England revealed that the increasing level of debt among SMEs has caused the central bank to expect a rise in the number of small…
Read more
The Treasury announced yesterday that it was to support hundreds of thousands of people as part of a £500m expansion to the government’s Plan for Jobs scheme As part of his speech at the Conservative party conference in Manchester, Rishi Sunak ramped up his message that he is ‘ready to double-down’ on his promise to…
Read more
The government plans to strengthen employment rights for employees from their first day in a new job and unpaid leave for working carers. The move to a more flexible, hybrid working environment has been fast-tracked following lockdown rules requiring people to work from home. The new rules, if approved, will come into force from April…
Read more
As the furlough scheme, temporary reduced VAT rates, and paused winding up scheme all come to an end, nearly seven in 10 employers expect to make redundancies within the next year. According to a study from Renovo, 69% of employers anticipate job losses, with 46% of organisations expecting to make redundancies within six months, while…
Read more
HMRC is ramping up action against tax defaulters while the end of the winding up ban at the end of September will be a shock for some businesses protected by pandemic measures. As lockdown measures have relaxed, HMRC has restarted debt collection activities with taxpayers. It will initially focus on activities relating to collecting debts…
Read more
Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020. This was to ensure that viable businesses affected…
Read more
The number of people on furlough has fallen to the lowest level since the start of the pandemic as the UK economy continues to recover and businesses reopen A total of 1.6 million people were on furlough as of 31 July, down from almost two million on 30 June, while around 800,000 people have claimed…
Read more
