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    The beginning of December saw the return of preferential creditor status for unpaid PAYE, NIC and VAT owed to HMRC when a company goes into an insolvency procedure such as a CVA (company voluntary arrangement), administration or liquidation. Whilst the payment over to HMRC of tax deducted by a business is clearly essential to financing […]
    The Government has announced the extension of certain of the temporary measures introduced earlier this year in the Corporate Insolvency and Governance Act 2020 (CIGA 20) which were otherwise due to expire on 30 September 2020. The measures being extended are: A restriction on the use of statutory demands and winding-up petitions (extended until 31 […]
    The Corporate Insolvency and Governance Act, which includes the biggest changes to the restructuring and insolvency framework in a generation, has recently been introduced as part of the Government’s response to the Covid-19 pandemic. The new reforms are intended to minimise the financial damage caused to struggling companies, their creditors and employees, and to help […]
    The secretary of state for business, energy and industrial strategy Alok Sharma has brought forwards significant changes to the UK insolvency regime to help businesses that are unable to meet their debts due to the impact of the coronavirus outbreak avoid having to file for bankruptcy. The changes include a temporary suspension of the wrongful […]
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