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    What changes does the restructuring and insolvency market expect to see in 2020?
    2020-01-30

    In this blog, we highlight changes to law, practice and procedure that will or could impact the restructuring insolvency market this year – covering important changes that should be on your radar – as well as providing an update on those changes that were expected but which might be delayed beyond 2020.

    Brexit – will it be business as usual for R&I practitioners?

    This week sees the UK finally leave Europe.

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Litigation, Public, Tax, Squire Patton Boggs, Corporate governance, Brexit, Cryptocurrency, HM Revenue and Customs (UK)
    Authors:
    Rachael Markham
    Location:
    European Union, United Kingdom
    Firm:
    Squire Patton Boggs
    Assessing Your Business Viability and Director Risk Guide: 13 November 2020
    2020-11-16

    Ongoing uncertainties about the COVID-19 pandemic, coupled with the looming deadline of Brexit, mean businesses and owners are in for a tough ride over the next few months, possibly much longer if the UK continues to face restrictions.

    Filed under:
    European Union, United Kingdom, Company & Commercial, Employee Benefits & Pensions, Healthcare & Life Sciences, Insolvency & Restructuring, Public, Tax, Squire Patton Boggs, Brexit, Force majeure, Coronavirus, HM Revenue and Customs (UK)
    Location:
    European Union, United Kingdom
    Firm:
    Squire Patton Boggs
    What does the HMRC loan review mean for directors of insolvent businesses?
    2019-10-29

    The Government announced an independent review of HMRCs loan charge in September 2019. In this blog we consider the effect of the review on directors who have or are settling claims with HMRC and highlight that the review does not impact on potential claims against directors of insolvent businesses.

    Regardless of the outcome of the review, employee benefit trusts (“EBT”) which are not legitimate, are still tax avoidance schemes.

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Tax, Squire Patton Boggs, HM Revenue and Customs (UK)
    Authors:
    Charles Draper
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Tax and Insolvency The New UK Laws Making Directors Jointly and Several Liability for the Company’s Tax Liabilities EMEA - UK - 8 October 2020
    2020-10-08

    While much of the focus of the insolvency and restructuring world has (rightly and understandably) been on the fundamental changes introduced under the Corporate Insolvency and Governance Act 2020, it is worth remembering that there have been major tax changes, too.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Squire Patton Boggs, Coronavirus, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Draft Finance Bill published: HMRC preferential status on insolvency confirmed
    2019-07-11

    Today the Government published draft provisions for inclusion in the Finance Bill which will amend the Insolvency Act 1986 and grant HMRC preferential status on insolvency. A status that was removed in 2003 but which will be re-instated (in part) from 6 April 2020.

    Despite huge concern from the lending market, voiced in responses to the Government’s consultation on this measure, the only material change we can see is confirmation that preferential status will not apply to insolvency proceedings commenced before 6 April 2020.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Squire Patton Boggs, HM Revenue and Customs (UK)
    Authors:
    Rachael Markham , John Alderton
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Directors did not breach fiduciary duty in relation to insolvent company's participation in failed tax avoidance scheme
    2022-06-01

    In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in an ineffective tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Rebekka Sandwell
    Location:
    United Kingdom
    Firm:
    RPC
    Defendants receive custodial sentences for contempt of court in VAT case
    2015-06-03

    In the recent case of HMRC v Munir & Others[1], HMRC successfully applied to the Court for committal of three company officers for contempt of court where an order appointing a provisional liquidator was knowingly breached.

     Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Contempt of court, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    RPC
    Company Top Guns may face HMRC investigation
    2021-04-01

    HMRC clamping down on furlough fraud by companies in Danger Zone

    The latest statistics show that over 11 million workers have been furloughed in the UK as part of the government's job retention scheme (that equates to 16% of the population or one in six people) and 41% of employers had staff furloughed. The scheme has so far cost the government over £40 billion and this figure will continue to rise until the end of September this year when the scheme is set to wind down.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    James Wickes , Alison Clarke
    Location:
    United Kingdom
    Firm:
    RPC
    High Court criticises HMRC's conduct and compels it to honour its undertakings
    2015-02-19

    The published judgment in Abbey Forwarding[1] will not make for comfortable reading for HMRC. Having instigated the winding up of a profitable business, which led to the dismissal of 23 employees, and accused  innocent directors of fraud, HMRC then withdrew all assessments made against the company and attempted to avoid undertakings it had given to the court when seeking the original winding up order.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    RPC
    HMRC Debts (priority on insolvency) - Regulations made
    2020-10-16

    On 11 September 2020, the Insolvency Act 1986 (HMRC Debts: Priority on Insolvency) Regulations 2020 were made. The Regulations will come into force on 1 December 2020.

    The Regulations set out the debts due to HMRC that will have ‘secondary’ preferential status in insolvencies from 1 December 2020. They are debts in respect of PAYE income tax, employee NICs, construction industry scheme deductions and student loan repayments. VAT debts are to be treated in the same way, though are not covered by these Regulations.

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Adam Craggs , Ben Roberts , Robert Waterson
    Location:
    United Kingdom
    Firm:
    RPC

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