Government help for businesses during the Covid-19 crisis may have delayed the inevitable for thousands of firms – and could see a dramatic leap in company failures when plug is pulled on support. That’s the view of Tom Gardiner, Associate Director of CVR Global, who says the evidence points towards businesses being kept alive that …
Businesses who are planning on accessing financial support from the government until next spring should be plotting a long-term survival plan now, according to one of the UK’s top insolvency professionals. Chancellor Rishi Sunak recently announced an extension of the initial furlough scheme – which was due to end on 31 October – until March …
Continue reading “Plot long-term survival plan now, businesses urged”
The fall in company insolvencies compared to the last quarter is likely to continue as a result of the extension of financial support by government – however it’s just a matter of time until the figures start to rise. This is according to Gareth Ransley, Associate Director at CVR Global, who was reacting to the …
Continue reading “Q3 company insolvency stats trend to continue with extension of support measures”
The outcome of a recent court case shows that administrators appointed by companies are right to serve the interests of all stakeholders, rather than just those who hold a majority. Richard Toone and Jason Maloney of CVR Global were appointed administrators by the directors of a property holding company, Hat & Mitre plc, after it …
The heavy impact of the coronavirus pandemic has meant two Sutton Coldfield short break homes will be closing their doors at the end of the year despite every effort being made to save them. The Norman Laud Association’s short break homes in Wylde Green provide overnight and day respite care services for around 60 adults …
Continue reading “COVID-19 impact prompts impending charity closure”
The number of businesses applying for Company Voluntary Arrangements saw a 41 per cent year-on-year increase in September, according to the Insolvency Service’s monthly insolvency figures for England and Wales. The figures have also revealed the underuse of the new moratorium which was used just twice in September. The moratorium was introduced under the Corporate …
Claims that the end of wrongful trading restrictions will be responsible for a spike in insolvent liquidations has been dismissed by one of the UK’s top insolvency practitioners. In June, the Government introduced emergency coronavirus legislation that introduced a suspension of a directors liability for wrongful trading applying from 1st March to 30th September 2020. …
Continue reading “End of wrongful trading restrictions won’t drive up insolvencies”
Mandatory scrutiny of pre-pack administrations involving connected parties will inject some long-term credibility into the process while appeasing its critics, according to one leading insolvency professional. The government has recently announced that it will be introducing regulations in the near future that make it mandatory for every pre-pack administration to be scrutinised by a third …
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The increase in personal debt as a result of the Covid-19 lockdown is likely to be a key driver behind many bankruptcies between now and Christmas, according to a top insolvency practitioner. Ian Defty, Partner at insolvency and restructuring firm CVR Global, believes the UK is set to face a deluge of bankruptcies or debt …
The Chancellor’s latest raft of fiscal measures to support SMES and minimise job losses are a sensible short-term approach, but could have costly long-term effects for the nation, according to one of CVR Global’s leading insolvency professionals. Rishi Sunak announced that the furlough scheme will be replaced by a new Job Support Scheme that will …
Continue reading “New Covid-19 fiscal measures sensible in short-term, but with costly implications”
