The economy is beginning to bounce back from lockdown but any recovery is expected to be slow with many high street businesses having to cope with social distancing measures restricting the number of customers they can serve. With this in mind, the Government is considering a reduction to the standard rate of VAT in an […]
The Corporate Governance and Insolvency Bill is expected to come into force by the end of June 2020 and introduces, amongst other things, a new moratorium intended to give directors the necessary time to try and rescue their company as a going concern. The moratorium has the effect of freezing any ongoing legal action and […]
Liquidation is the appropriate procedure when your company is insolvent (e.g. it cannot pay its debts) and there is no real prospect of saving a viable business. When it comes to the winding up of an insolvent company it is important to understand the difference between compulsory and voluntary liquidation. Whilst both are governed by […]
The news so far this year has understandably been dictated by the Covid-19 global pandemic. So much so that you may have forgotten about Brexit, which has dominated current affairs and split public opinion since the 2016 referendum. On 31 January 2020, the UK officially left the European Union and Boris Johnson has committed to […]
Forced into lockdown by the Coronavirus pandemic, the world economy will, according to Gita Gopinath the International Monetary Fund’s chief economist, face it’s worst recession since the 1930’s with an estimated 3% contraction globally. In the UK, GDP slumped by 5.8% in March, a record fall and Bank of England deputy governor Andy Haldane predicted […]
Ready to re-start the Economy? – Most UK firms could re-open their doors within three weeks – Covid-19 Earlier this month Boris Johnson actively encouraged a return to work for those who cannot work from home and with another review due on 28 May it is likely he will loosen lockdown further in June. According […]
It cannot be argued that, as a result of Covid-19, life today is unrecognisable from the one we were living only a few months ago. As individuals we have seen unprecedented restrictions on our civil liberties and in business the landscape has changed dramatically, some say forever. So what will be “the New Normal’ and […]
In light of the Covid-19 pandemic, and the national lockdown imposed by the Government, many companies are facing financial hardship and may not be able to generate adequate future revenues to honour their existing debt obligations. Inability to repay debts, as and when they fall due, can trigger insolvency proceedings which could lead to the […]
During these unprecedented times of uncertainty surrounding businesses, it is now more important than ever that you continue dialogue with your existing suppliers and stakeholders. The Covid-19 pandemic is not a valid excuse to simply ignore creditors and suspend payments. If your suppliers are not being paid, they are likely to run into cashflow difficulties […]
Boris Johnson confirmed on Monday that the current lockdown will remain in place and that social distancing will stay with us for the foreseeable future. With this in mind, what will the ‘new normal’ look like and which sectors may be hardest hit by the Coronavirus/Covid-19 pandemic? Restaurants / pubs Restaurants and Pubs have traditionally […]