Law

Director disqualification

Director Disqualification and Coronavirus Bounce Back Loans

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

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

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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Compensation Orders in Director Disqualification Proceedings

Compensation Orders in Director Disqualification Proceedings – the First Judgment Handed Down in 4 Years since its Implementation under the Regime In line with the aim of the disqualification regime, to make directors accountable for the consequences arising as a result of their unfit conduct, the Secretary of State may apply to court for a …

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Former Farepak Executives seek to defend Company Director Disqualification Act Proceedings

Former Farepak Executives seek to defend Company Director Disqualification Act proceedings in the High Court. Sir Clive Thompson and six of his co-directors face legal proceedings in the High Court brought by the Insolvency Service, after the 2006 collapse of Farepak, the Christmas hampers saving club. The Insolvency Service claims their conduct has made them …

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