Insolvency Blog

Wrongful Trading Relief Announced by the UK Government – is it all it’s cracked up to be?

March 28th, 2020 - As the UK Government gave its daily briefing just after 5pm on Saturday 28 March 2020, company directors who were already incredibly nervous look like they have just been given a lifeline at the potential expense of creditors. Firstly, what is Wrongful Trading? To try and keep this brief, it is where a director trades
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Can I claim on my insurance?

March 25th, 2020 - Commercial insurance Commercial insurance policies are unlikely to cover pandemics or unspecified notifiable diseases, such as COVID-19. However, claims are possible where insurance policies cover government ordered closure and pandemics or government ordered closure and unspecified notifiable disease. Check the terms and conditions of your specific policy because insurance policies differ significantly. Contact your provider
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Business Rates scrapped for nursery businesses

March 25th, 2020 - All nurseries who are on Ofsted’s Early Years Register or whose premises are wholly or mainly used for the provision of the Early Years Foundation Stage Will pay no business rates for the 2020 to 2021 business rates period WHAT ACTION IS NEEDED? None! Your local council will apply it to your next bill in
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3 Month Extension to File Accounts

March 25th, 2020 - Yet more help is being put forward for businesses. Firms struggling to file their accounts due the coronavirus pandemic are to be granted a ‘fast-tracked’ three-month extension with Companies House. A joint statement from Companies House and Alok Sharma, the Secretary of State for Business, Energy and Industrial Strategy, has confirmed that businesses must apply
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Forfeiture of commercial leases prohibited until 30 June 2020

March 25th, 2020 - Part of the Government’s initiatives to tackle the impact of coronavirus include help for commercial tenants. Emergency legislation currently going through the parliamentary process includes a provision that: Commercial tenants who are unable to pay rent due to the impact of COVID 19 will have protection from forfeiture of their leases until at least 30
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Main Lenders Mortgage Contact Details for 3 month payment holidays

March 24th, 2020 - Nearly all UK banks and building societies are offering a Mortgage Payment Holiday for up to 3 months if you have been affected by the Coronavirus outbreak in any way. The mortgage payment holiday will provide flexibility in repaying your mortgage by allowing you to stop or reduce your monthly payments for up to 3
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With effect from 23 March 2020, a number of businesses must close

March 24th, 2020 - The link below identifies all of the business types that must close. Please review and share and pay attention to the instructions provided by the UK Government
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Financial Assistance with Covering Redundancy Pay Costs

March 23rd, 2020 - The UK Government can step in and pay redundancy pay when an employer cannot afford it. It always does this when employers go into liquidation, administration, bankruptcy, etc, but outside of this it was always different. The “Financial Assistance Programme” is one that has existed for some time, but it has historically been very difficult
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