Insolvency

Director Disqualification Update – January 2022: New Year, New Laws

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On 15 December 2021, the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 received Royal Assent and serves as an interesting development within the director disqualification legal regime. You may have read our previous update on this in May 2021 Director Disqualification Update after the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill had its first …

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Director disqualification

Director Disqualification and Coronavirus Bounce Back Loans

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The Bounce Back Loan Scheme was introduced to provide financial aid to small and medium-sized businesses affected by the coronavirus pandemic. The scheme enabled small and medium-sized businesses to borrow up to £50,000 with no fees or interest payable for the first 12 months. After 12 months, an interest rate of 2.5% per year becomes …

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30 September 2021 – a Key Date for Insolvency Professionals

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Background As a result of the coronavirus pandemic, the Corporate Insolvency and Governance Act 2020 (“CIGA”) received Royal Assent on 25 June 2020. CIGA made a number of substantial changes to existing insolvency legislation. Some of the significant changes (discussed in further detail below) were in relation to the presentation of winding up petitions and …

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Extension of Restrictions under Corporate Insolvency and Governance Act 2020

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As of yesterday, Thursday 24 September 2020, the Government has brought into force an extension to the operation of a number, but not all, of the restrictions and measures found within the Corporate Insolvency and Governance Act 2020 (“CIGA”). This has been done via Regulation 2 of The Corporate Insolvency and Governance Act 2020 (Coronavirus) …

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Trading to the Detriment of HMRC – Director Disqualification

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A recap of the principles applicable to allegations by the Secretary of State of trading to the detriment of HMRC – The Secretary of State for Business Energy and Industrial Strategy v Raymond St John Murphy [2019] EWHC 459 (Ch) In The Secretary of State for Business Energy and Industrial Strategy v Raymond St John Murphy [2019] EWHC 459 …

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A Brave New World: Evolving Insolvency Law and Practice in Response to the COVID-19 Pandemic

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We live in unprecedented times. The Government and the Courts have been rapidly introducing measures in an attempt to ease the economic impact on UK business and individuals of the COVID-19 pandemic and the resulting “lock-down”. Proposed Changes to Insolvency Legislation On 28 March 2020, the Government proposed new measures to improve the UK insolvency …

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Procedural Defects in Electronic Filing of a Notice of Appointment of Administrators, and Expiration of a Notice of Intention to Appoint Administrators

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Remedies for procedural defects In Re Statebourne Cryogenic Limited [2020] EWHC 231 (Ch) the High Court considered whether the identification of the specific regional Business and Property Court to which an NOA was to be allocated was a requirement of either the Insolvency Act 1986 or the Insolvency (England and Wales) Rules 2016 and whether, …

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