As the UK government’s temporary restrictions on statutory demands and winding up petitions are phased out, Paul Reeves and Joanne Wright, restructuring advisory at Kroll, recommend a triage approach to overcome the challenges ahead The Insolvency Service has announced that temporary restrictions on creditor action, introduced in the Corporate Insolvency and Governance Act 2020, are…
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Half of SMEs state that taking steps towards sustainability is not a main priority for business leaders as they continue to deal with the fallout from the Covid-19 pandemic The most recent SME Tracker survey from the Association of Chartered Certified Accountants (ACCA) and the Corporate Finance Network (CFN) found that issues such as supply…
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Azets has warned that businesses are to face serious funding problems unless the recovery loan scheme (RLS) is not extended and if banks continue to refuse transfers outstanding coronavirus business interruption loan scheme (CBILS). Azets has called on the government and the British Business Bank (BBB) to extend the recovery loan scheme to the end…
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The UK travel industry has seen a 17% rise in insolvencies in the last year despite the industry finally opening-up According to data by the audit, tax, and advisory firm Mazars, insolvencies of UK travel agents and tour operators has jumped from 59 to 69 in the last year with the month of July having…
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The Chancellor’s Autumn Budget highlighted the need to move the economy on from the effects of Covid-19 and began to explore new opportunities to change the tax regime following Brexit. Together with HMRC’s aspiration to move towards real-time reporting by 2030, we are starting to see a possible vision for the future of tax. All…
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To succeed in business requires good strategic decisions, informed by in depth understanding of your own business performance and the wider market. Evaluating business performance doesn’t need to be overly complicated. Review your business activity and what you set out to achieve Your business goals should keep you focused. Set targets for your business to…
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The number of people on furlough fell to a record low during its last month of operation with a further 210,000 coming off the scheme according to the latest figures Half of the 1.1m people still on the Coronavirus job retention scheme (CJRS) at the end of September were on a flexible furlough arrangement. The…
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The latest red flag research by Begbies Traynor recorded that 562,550 businesses were in ‘significant financial distress’ in the third quarter 2021 (Q3) The figures show that the numbers have fallen 14% since Q2 however, the numbers are still 15% higher than before the pandemic with Q3 2019 reporting the figure as 488,934. There has…
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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…
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Only 15% of accountancy firms have set specific targets to be net zero compliant by 2050, finds research by the Association of Chartered Certified Accountants (ACCA) The global survey asked 3,000 accountants and finance professionals about their firm’s net-zero plans and found that only 38% stated that their organisation will be willing to invest more…
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