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 …
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. …
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 …
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 …
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 …