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 […]
Director Disqualification and Coronavirus Bounce Back Loans Read More »
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
30 September 2021 – a Key Date for Insolvency Professionals Read More »
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)
Extension of Restrictions under Corporate Insolvency and Governance Act 2020 Read More »
As a business restructuring lawyer and business owner myself I am reminded daily of the difficulties our clients face with the current pandemic. Now however is the time when we must recover our confidence and realise this lock down is not forever and it is not all doom and gloom. Nations and people can help
Coronavirus: Is the glass half full or half empty? Read More »
Parties should not take for granted that upcoming hearings and or trials will be automatically adjourned given the current COVID 19 pandemic. The decision of Mr John Kimbell QC sitting as a Deputy High Court Judge in the case of Re Blackfriars Limited [2020] EWHC 845 (Ch) highlights the Court’s attempt to keep cases progressing in spite
Business as Usual (for now) Read More »
In order to assess whether a Bankruptcy can be annulled, section 282 of the Insolvency Act 1986 and Rule 10.132-10.141 of the Insolvency (England and Wales) Rules 2016 should be considered in the first instance. Section 282 of the Insolvency Act 1986 Section 282 sets out the court’s power to annul a bankruptcy order. The relevant
Can a Bankruptcy Order be annulled? Read More »
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
Compensation Orders in Director Disqualification Proceedings Read More »
The High Court has ruled in favour of the Football League over the ‘football creditors rule’. However, the judge said the ruling was based solely on whether the provisions conflicted with two fundamental principles of insolvency law, rather than the nature of the rule itself.
Court Rules for Football League over Creditor Rule Read More »
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
