The Corporate Insolvency and Governance Act 2020 (the Act) came into force on 26 June 2020, providing the UK (but with separate provisions for Northern Ireland)with temporary and permanent changes to insolvency law aimed at helping businesses manage the economic implications of COVID-19. Permanent measures Company moratorium a breathing space against creditor action, initially for…
For businesses in crisis due to the impact of Covid-19, the German Federal Government had in March suspended the duty to file for insolvency until 30 September 2020. This suspension was extended, but only for overindebted businesses as far as they are still solvent. For the majority of businesses the duty to file for insolvency…
Top industrialists are now facing the music with personal guarantors being brought under the Insolvency and Bankruptcy Code in November 2019. Also, banks have been directed by the Finance Ministry to set up a monitoring mechanism to pursue personal insolvency proceedings against all those promoters who had furnished personal guarantees for borrowing by their companies…
Dive Brief: Ruby Tuesday instructed Regions Bank to stop paying pensions to at least 112 retirees as of July 21, only to declare insolvency on Sept. 2, according to documents obtained by Business Insider.The agreement between Regions and Ruby Tuesday shows that the chain needed to let the bank know of its insolvency prior to…
It was just a few weeks ago that Scott Morrison put his team in “election mode”. There should be no doubt that Morrison hopes that the budget, to be brought down next Tuesday, will carry them through to an election next year. Given the considerable uncertainty about whether the virus can be effectively contained to…
Photo: Shutterstock With so much economic strife and uncertainy on our doorstep, many HR leaders will have to take a deep breath and confront the difficult issues of company insolvency and administration. Raoul Parekh and Ben Smith, offer guidance These are difficult times for businesses in almost every sector, and sadly a rise in insolvencies…
An FFA spokesperson said Neill and Ferguson-Cook were there in an ambassadorial capacity to help co-ordinate Gustavsson’s unveiling but would not confirm if a formal deal was in place with the 42-year-old. However, sources close to the federation indicated the former Blackburn, West Ham and Everton defender was not making a one-off cameo but had…
ONE of East Lancashires leading insolvency law firms has appointed a new specialist to its business recovery team as part of a planned expansion. Matthew Martin will be joining Blackburn firm Napthens after completing his training contract in Cheshire and developing specialist skills and knowledge in insolvency law. Mr Martin, a University of Sheffield graduate,…
Ahead of the budget, the government has announced new rules that will allow small businesses at risk of collapse to continue to work out their problems instead of appointing an administrator. They are needed because of an avalanche of insolvencies awaiting the end of an effective moratorium on bankruptcies (a so-called regulatory shield) that expires…
New rules will allow insolvent small businesses to keep trading rather than go straight into administration. Ahead of the budget, the government has announced new rules that will allow small businesses at risk of collapse to continue to work out their problems instead of appointing an administrator. They are needed because of an avalanche of…