The English Court of Appeal has handed down its judgment in the Debenhams case, on which we acted. A copy of the judgment can be downloaded here. This upholds the decision of the High Court, which followed the earlier decision in Carluccio’s.
The emergence of COVID-19 (the Coronavirus) at the end of 2019 has had an unprecedented impact on the global economic system. This alert focuses on the effect the Coronavirus pandemic is likely to have on small and medium sized businesses (SMEs), their lenders in the UK and the options available to continue trading and avoid insolvency.
The Coronavirus (Scotland) (No2) Bill was passed on 20 May, gained royal assent on 26 May and came into force 27 May. This will be known as The Coronavirus (Scotland) (No. 2) Act.
Why do we need another Act?
The Covid-19 crisis could plunge the UK into the worst economic depression since the 1930s, and with it will come a spate of corporate insolvencies. In this article, Marc Jones explains why the existing insolvency regime is out of tune with the current government policy of saving good businesses and what needs to change to bring it into line.
Nicola Sharp of business crime solicitors Rahman Ravelli explains wrongful trading and the responsibilities placed on directors.
In response to the crisis caused by Covid-19, Business Secretary Alok Sharma announced in March a relaxation of the UK’s insolvency framework. Included in this – along with key payment safeguards for creditors and suppliers - was a temporary suspension of wrongful trading provisions with retrospective effect from 1 March, for an initial period of three months.
It has been reported that Debenhams which entered administration earlier this month for the second time will be managed as a 'light touch' administration.
In this article we look at what this actually means and whether 'light touch' administration could be a useful tool for both businesses and insolvency practitioners looking to negotiate a route through the coronavirus pandemic.
The COVID-19 crisis has imposed difficult global challenges on the retail industry. Mass closures of brick and mortar store fronts and supply chain disruptions have resulted in an unprecedented halt to business activities. Nevertheless, there are some steps retailers can take to better protect their business interests.
A government press release issued on 23 April 2020 will be welcomed by commercial tenants up and down the country, particularly those in the retail and leisure industries, but it will not make such welcome reading for landlords.
In the current climate many commercial tenants are having a difficult time and consequently so too are landlords. The government has urged landlords and investors to work collaboratively with high street businesses which have found themselves unable to pay their rent during the COVID-19 pandemic.
In this week’s update: the High Court orders scheme creditor meetings to be held by phone, IA guidance on executive pay and a few other items.
Covid-19 is affecting the way people conduct their business, retain their staff, engage with clients, comply with regulations and the list goes on. Read our thoughts on these issues and many others on our dedicated Covid-19 page.
Court allows scheme meetings to be held electronically