A landmark court judgment ruling that insurers cannot walk away from businesses that have claimed for pandemic-related losses cannot yet be viewed as a lifeline for troubled companies, according to a leading insolvency practitioner. The High Court of England and Wales has recently ruled that despite insurers arguing that business’ Coronavirus losses were outside of …
Company Voluntary Arrangements are going to be vital in providing a launchpad for the UK economy’s recovery over the coming months and need strong backing across UK plc, according to a leading insolvency practitioner. A Company Voluntary Arrangement (CVA) is an insolvency-avoidance process where a debtor agrees a repayment plan with its creditors over a …
Company insolvencies in England and Wales for July declined by 34 per cent year-on-year, however,  there was a 25 per cent year-on-year increase for administrations, according to the Insolvency Service monthly insolvency statistics. The rise in administrations was primarily driven by two groups of companies, which included multiple related companies, entering administration. These two failures …
The rate of company insolvencies across England and Wales between April and June was down by 23 per cent versus the previous quarter and 33 per cent down year-on-year – with construction, retail and food and accommodation all suffering the most insolvencies; according to The Insolvency Service’s quarterly company insolvency statistics. Creditors’ voluntary liquidations (CVLs) …
An established shoe retailer in south east England has been bought out of administration – saving 66 jobs. Johnsons Shoes Company, which operated stores under the Johnsons Shoes and Bowleys Fine Shoes brands, has been purchased by Newjohn Ltd which is part of the independent retailer, Daniel Footwear. Johnsons Shoe Company’s existing stores in Teddington, …
A study from the Institute for Fiscal Studies (IFS) is reporting that as many as 13 UK colleges and universities could face insolvency as the education industry, like many other sectors, battles to deal with the effects of Covid-19. Experienced insolvency practitioner and CVR Global Partner, Charles Turner, has outlined some of the challenges that the education …
There are reports that UK banks are drawing up an industry-wide code of conduct for pursuing businesses that end up defaulting on government-backed loans relating to the coronavirus pandemic. Repayment of the coronavirus business interruption loan scheme (CBIL) and bounce back loan scheme (BBL) for SMEs are interest-free for the first year, with the first …