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An exciting opportunity has arisen to work for our boutique insolvency practice located in Bingham, Nottinghamshire.

We are either looking for an experienced administrator, or a keen Graduate of Law or Accounting who may wish to pursue a career in Insolvency (full or part-time).  We are a small friendly office and a close-knit team.

The Corporate Insolvency and Governance Act 2020 (“CIGA”) was implemented on 25 June 2020 and brought a number of temporary changes to the legislation in response to concerns arising from the pandemic.

The temporary restrictions, originally introduced for a three month period, and which were extended on several subsequent occasions, have now been withdrawn and replaced by new, targeted measures.

Some of the measures the government introduced in June 2020 to help protect businesses from insolvency during the coronavirus pandemic have been further extended under The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021.

The Regulations came into effect on 26 March 2021 and extend existing amendments that were due to expire either on 31 March or 30 April 2021. They may be summarised as follows:

Some of the measures the government introduced in June 2020 to help protect businesses from insolvency during the coronavirus pandemic have been further extended:

On 9 December the government announced that the temporary suspension of the use of statutory demands and winding-up petitions, which was due to expire on 31 December, will be extended to 31 March 2021.

The Finance Act 2020 provides that, from today, HMRC will become a secondary preferential creditor in both corporate and personal insolvencies in respect of VAT and certain tax debts which comprise “relevant deductions”.

A “relevant deduction” includes PAYE, employee NI deductions, amounts withheld under the construction industry scheme and student loan repayments obtained from payroll deductions.

The government announced a further extension to the commercial eviction ban on 16 September 2020 which will provide protection until the end of the year to businesses facing the threat of eviction.

The measures the government put into place in June 2020 to protect businesses from insolvency due to the coronavirus pandemic have been extended by means of The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2020 which come into force on 29 September 2020.

The High street banks are examining the creation of a "recoveries utility" that would collect Bounce Back Loans, Sky News reported earlier today (18-09-2020),

Britain's biggest banks are in talks to set up a new vehicle that would take charge of recovering tens of billions of pounds of COVID-19 debts as lenders seek to avoid a public relations crisis when the emergency loans fall due next year.

BBC News 18-09-2020 reports the UK's record of companies is to be reformed to introduce proper checks on whether directors are real people, in an attempt to combat major crime.

The long-delayed reform, announced by the government, comes after years of evidence that Companies House is serially abused by gangsters and fraudsters.

The Insolvency and Corporate Governance Act received Royal Assent on 25 June 2020 and came into force on 26 June 2020.

The Act contains a various permanent and temporary changes to the legislation.

Many of the permanent changes have been under discussion for several years and are designed to allow time for directors of struggling companies to assess whether it is possible to save a company and to put forward proposals to stakeholders and thereby avoid formal insolvency.

The government’s Corporate Insolvency and Governance Bill has now been passed in the Commons and is set to go before the House of Lords next week. It is expected to obtain Royal Assent and become law in early July.

The Bill, which was announced in late March, contains rule changes to assist struggling businesses during the corona-virus pandemic. Some rule changes are temporary and there is an entirely new form of restructuring procedure.

Broadly, the measures being introduced in the Bill are as follows:

The government has this week released details on the new Coronavirus Bounce Back Loan Scheme, which will help small and medium-sized businesses affected by Coronavirus.

As a reminder for all employers who sadly have to make redundancies.. there are guidelines which are detailed in this gov.uk link.

Following difficulties with the implementation of the Coronavirus Business Interruption Loan Scheme (CBILS ), the government has today revamped its criteria.

The Government has announced it will amend insolvency law to give companies breathing space and keep trading while they explore options for rescue - here’s a link to the latest release

The government have released further detail on the way they deliver services and have now added a link to guidance for people considering calling the insolvency enquiry line

Click here to view update