Insolvency Blog

Cash Grants for Retail, Hospitality and Leisure Businesses……but not all

March 23rd, 2020 - In addition to the Business Rates holiday, there are Cash grants available for certain retail, hospitality and leisure sectors. WHO DOES IT SPECIFICALLY APPLY TO? All business in England in the retail, hospitality and leisure sector, where they occupy premises being used as: Shops Restaurants Cafes Drinking Establishments Cinemas Live Music Venues Premises used for

To Furlough or not to Furlough? Coronavirus Job Retention Scheme

March 22nd, 2020 - Whilst, more information is yet to be released, what is a Furloughed employee? DEFINITION Furlough, is simply a word that the government have used, copying the US. It means nothing in law (currently), so don’t let that worry or concern you and don’t spend hours searching the internet. WHO DOES IT APPLY TO? Every UK

Defer your VAT and Income Tax for 3 months – No questions asked

March 21st, 2020 - VAT All UK businesses can now defer their VAT payments for 3 months. This applies between 20 March 2020 and 30 June 2020. There is no need to apply, fill in a form or otherwise. Just take it. You will be given until the end of the 2020 to 2021 tax year to pay any

Time to Pay – Scaled up for Covid 19

March 21st, 2020 - Time To Pay Agreements – been around for years for those struggling to make payments on time when there are short term underlying cashflow problems. The unprecedented times we are currently have led the government to make the TTP far greater and far easier to obtain. WHO DOES IT APPLY TO? All businesses (not just

Business Rates Relief

March 21st, 2020 - The one fixed overhead crippling most retail, leisure and hospitality businesses has been scrapped for 12 months. WHO QUALIFIES? If you have a business in England, in the retail, hospitality or leisure sector, being wholly or mainly used for: Shop Restaurant Cafe Drinking Establishment Cinema Live Music Venue Premises for assembly and leisure Hotel Guest

Are ‘restructuring professionals’ covering up a wide variety of sins?

October 14th, 2019 - In ACN 093 117 232 Pty Ltd (In Liq) v Intelara Engineering Consultants Pty Ltd (In Liq) [2019] FCA 1489, the Court determined that a transaction described as a ‘legal phoenix’ by the advising practitioner was, in fact, an uncommercial transaction and an unreasonable director related transaction. The company formerly known as Intelara Pty Ltd (“Intelara”)

Insolvency proceedings may be used as a debt collection tool!

October 4th, 2019 - The September 2019 High Court Case of Sell Your Car With Us Limited v Sareen may have seen a shift in the Court’s view that it is now possible to use insolvency proceedings as a debt recovery tool. Mr Sareen used the services of Sell Your Car With Us to sell his £61,000 car. During

Lovely to hear we would be recommended 1,000 times over

May 13th, 2019 - “Bankruptcy [the liquidation of their company] has to be the worst thing that has ever happened to me and my family. The most difficult parts were acknowledging that this was the only option and the aftermath. In the lead up to the decision, we had experienced a series of poor trading conditions with bills mounting
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