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Future Fund launches, dwarfing all expectations with a massive vote of confidence in life after COVID-19
Announced by the Chancellor in April, the Future Fund match funding scheme launched this week offering convertible loans of between £125,000 and £5 million to innovative UK companies with good potential but who are facing financing difficulties due to COVID-19. The...
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COVID-19: Summary of measures to assist UK businesses
The UK Government has announced a series of financial measures that will provide some support for employers and businesses through the Coronavirus crisis. Included within the proposal are new insolvency measures and why they are considered necessary to help companies...
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The return of the Crown as a preferential creditor – what is the impact on businesses?
During the Budget speech in October 2018 it was announced that the Government planned to reinstate the Crown as a preferential creditor for certain taxes in insolvency procedures. The policy change is due to take place on 6 April 2020. The proposed change Prior to...
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The Budget, HMRC and Insolvency
The Government and HMRC are continuing to seek ways to maximise tax receipts. The recent Autumn Budget contained two principal changes to the treatment of unpaid tax in an insolvency process. 1) HMRC preferential creditor status With regard to corporate insolvencies...
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Four key points every advisor should know about company insolvency
If you have a client facing the prospect of company failure and therefore insolvency, then as a professional advisor, you can expect the directors to turn to you with a barrage of questions. To help you put your client’s mind at rest, here are answers to four of the...
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BM Advisory appointed as Joint Supervisors of Select CVA
Michael Solomons and Andrew Pear of BM Advisory LLP, the specialist restructuring, recovery and insolvency firm, have been appointed as Joint Supervisors of the Company Voluntary Arrangement (CVA) of Genus UK Limited trading as Select Fashion (“the Company”). The...
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New bill heralds biggest change to insolvency law in two decades
Following its Royal Assent on 26 June, the Corporate Insolvency & Governance Act 2020 is the largest change to the UK’s corporate insolvency regime in more than 20 years. It introduces new corporate restructuring tools alongside temporary easements to give...
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BM Advisory appointed Joint Liquidators of Nextcredit Limited – In Liquidation
Mike Solomons and Richard Keley of BM Advisory LLP, the specialist restructuring, recovery and insolvency firm, were appointed Joint Liquidators of Nextcredit Limited – In Liquidation (the Company) on 28 April 2020. Based in Tewkesbury in Gloucestershire, the Company...
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News update: Government moves to protect high street
The Government has announced new measures to protect the UK high street and other companies from aggressive rent collection and closure, and is asking businesses to pay what they can during the coronavirus pandemic. Temporary new measures to be introduced to safeguard...
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HMRC updates Furlough guidance
HMRC has updated the Furlough guidance over the weekend with specific reference to company directors: As office holders, salaried company directors are eligible to be furloughed and receive support through this scheme; Company directors owe duties to their company...
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