Temporary Insolvency Measures Are Ending

May 19, 2022 (16)

Temporary Insolvency Measures Are Ending

19 May, 2022

The Corporate Insolvency and Governance Act 2020 introduced various measures to help protect companies, which were impacted by  the lockdown restrictions during the Covid-19 pandemic. The majority of these measures expired between June and September 2021, except for restrictions on winding up companies, which extended until 31 March 2022. The..

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Weekly Statutory Redundancy Pay increased

19 May, 2022

With effect from 6 April 2022 the statutory maximum amount per week is capped at £571. If you were made redundant before 6 April 2022, these amounts will be lower. A copy of a guidance in explaining your redundancy payments can be found at the following website https://www.gov.uk/government/publications/redundancy-payments-from-the-insolvency-service/explaining-your-redundancy-payment

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Redundancy Payments Service Update

26 Apr, 2022

RPS Policy regarding offset of overdrawn Directors Loan Account balances   The basis for the RPS approach is contained in Rules 14.24 (Administration) and 14.25 (Liquidation) of the Insolvency Rules 2016.  This rule requires the RPS to set off payments due from the directors/employees to the company against sums that..

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Chancellor’s 2022 Spring Statement

24 Mar, 2022

The Chancellor made his annual Spring Statement speech yesterday where he set out the Government’s tax plan to support the UK economy, businesses and families in both the short and the medium term. Key measures the Chancellor announced as part of the plan include: an increase to the National Insurance..

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Insolvency Update – Is a shake-up of the UK insolvency profession inevitable?

04 Mar, 2022

On 21 December 2021, the UK government launched a consultation called “The future of insolvency regulation” which proposes significant changes to the way that the insolvency profession is regulated. The current regime Currently, the UK’s insolvency practitioners are regulated solely as individuals, with no specific regulation of firms offering insolvency services. The..

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Insolvency Update – Challenging proofs of debt in a CVA

04 Mar, 2022

Why is the case interesting? The judgment in Re Farrar Construction Ltd is a welcome authority on the issue of the burden of proof in circumstances where one creditor challenges the admission of a proof of debt from another creditor. Background to the case The case was an application to court under..

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