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 …
Continue reading “CVAs are the launchpad for UK economy’s recovery”
As the UK continues to nudge itself out of lockdown to try to repair five months of economic struggles, CVR Global’s Adrian Hyde reflects on life as an IP during lockdown, and considers what the long-term ramifications might be for parts of the UK economy. Covid-19 became every debtor’s favourite excuse for not paying – …
Continue reading “Life as an Insolvency Practitioner during lockdown”
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) …
In June 2020 there were a total of 732 company insolvencies in England and Wales – 262 less than May and a 50 per cent reduction on the same month last year – according to data released by The Insolvency Service. And while the reductions may come as a surprise to some, figures recently released …
Continue reading “June’s declining insolvencies is the calm before the storm”
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, …
Continue reading “CVR Global helps bring shoe retailer out of administration – saving 66 jobs”
Chancellor Rishi Sunak has recently unveiled a raft of new measures to try and re-ignite the UK economy as the nation begins to emerge from the Coronavirus pandemic. With pledges such as reduced stamp duty and discounted meals, through to financial rewards for firms taking on apprentices/trainees and returning staff from furlough as well as …
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 …
