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    Insolvency in the English Football League: impact on players and staff
    2020-06-02

    In relation to the EFL, there have been dire warnings that in the absence of a substantially increased contribution from the Premier League, up to 60 clubs could go out of business. 1 But if a club does enter administration, or still worse liquidation, what claims are available to the players and other employees? The Football Creditor Rule (the “FCR”) The EFL has its own specific rules in place which provide some added protection for players and staff and least in relation to arrears of pay.

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, Tax, Littleton Chambers, Coronavirus, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    Littleton Chambers
    Directors’ Duties and Related Matters, in the Context of COVID-19 EMEA - UK
    2020-05-27

    Directors' Duties and Related Matters, in the Context of COVID-19

    EMEA UK 27 May 2020

    Scope And Purpose of This Note

    This note summarises the duties that directors of companies incorporated in England and Wales are subject to.

    This note explains those duties, and matters that directors should consider in relation to those duties, in the context of the developing coronavirus disease 2019 (COVID-19), commonly known as the "coronavirus" or simply, COVID-19, pandemic.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Tax, Squire Patton Boggs, Coronavirus, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Brexit: Finance / Restructuring & Insolvency
    2021-01-07

    This page was updated on 8 January 2021.

    Filed under:
    European Union, United Kingdom, Banking, Insolvency & Restructuring, Public, Tax, Travers Smith LLP, Brexit, Mediation, HM Revenue and Customs (UK)
    Authors:
    James Bell , Charles Bischoff
    Location:
    European Union, United Kingdom
    Firm:
    Travers Smith LLP
    The Five Year Trading Bankruptcy - A Step Too Far: Re Robinson [2020] EWHC 2928 (Ch)
    2020-12-18

    The facts of this case were somewhat unusual although it serves as a reminder of the principles involved in the trading of a business by a trustee in bankruptcy.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, JMW Solicitors, HM Revenue and Customs (UK)
    Authors:
    Cory Bebb
    Location:
    United Kingdom
    Firm:
    JMW Solicitors
    Covid-19 update on Government measures
    2020-12-15

    Timeline for Government’s extended measures 

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Mayer Brown, Coronavirus, HM Revenue and Customs (UK)
    Authors:
    Fatema Begum
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Restoring confidence in the pre-pack?
    2020-12-14

    Speed read: Rachel Clark considers whether draft new regulations requiring scrutiny of pre-pack sales to connected parties will be enough to prevent fraud and restore confidence in the process.

    Once likened to sustaining ‘Frankenstein monsters’, the use of ‘pre-packs’ is controversial.

    Whilst not defined by statute, the term ‘pre-pack’ is commonly used to mean an arrangement to sell all or a substantial part of a business prior to the company entering administration, with the administrator then completing the sale.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, White Collar Crime, Bright Line Law, Money laundering, HM Revenue and Customs (UK)
    Authors:
    Rachel Clark
    Location:
    United Kingdom
    Firm:
    Bright Line Law
    The return of HMRC preference
    2020-12-10

    After a year in which numerous businesses have relied on various forms of government support to stay afloat, many will be hoping that 2021 offers the chance to emerge from this period and resume some degree of normal trading. Certainly, the coming year will be make-or-break time for those businesses that have been most impacted by the pandemic – and as government assistance is wound back, the demand for working capital funding is likely to be high.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Stevens & Bolton LLP, Due diligence, 5G network, HM Revenue and Customs (UK)
    Authors:
    Tim Carter , Helen Martin
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Reintroduction of UK tax authority preferential claim - how could it affect you?
    2020-12-10

    In a widely criticised move, the UK tax authority, HMRC, has become a second ranking preferential creditor regarding certain taxes in insolvency proceedings commenced on or after 1 December 2020.

    This means that in the new insolvency waterfall, HMRC ranks behind the claims of holders of fixed charges and first ranking preferential creditors (most notably employees) but ahead of floating charge holders' claims and unsecured creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Taylor Wessing, Coronavirus, HM Revenue and Customs (UK)
    Authors:
    Nick Moser
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Directors in the spotlight: wrongful trading
    2020-12-08

    Alongside the permanent reforms to English insolvency law introduced by the Corporate Insolvency and Governance Act 2020, the government introduced a temporary suspension of certain provisions of the Insolvency Act 1986 (the IA) to address the economic turbulence caused by the COVID-19 pandemic.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, Coronavirus, HM Revenue and Customs (UK)
    Authors:
    Kate Bowden
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Where HMRC gains, others may lose
    2020-12-08

    Now that HMRC has become a preferential creditor for certain debts, other creditors – such as suppliers – could lose out.

    Under the Finance Act 2020, from 1 December 2020, HMRC became a preferential creditor in insolvency proceedings. This may have significant impact on what’s left for other creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Taylor Vinters LLP, HM Revenue and Customs (UK)
    Authors:
    Jamie Short , Jessica Boxford
    Location:
    United Kingdom
    Firm:
    Taylor Vinters LLP

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