2022 has been a challenging year. In addition to the continuing impact of COVID-19 and the recent relaxation measures in China, the war in Ukraine has also brought impacts on society, politics and businesses.
Mark Goodman and Katie Logan, Campbells
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
John Wasty, John Riihiluoma, Lalita Vaswani and James Batten, Appleby
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
Introduction
Will 2023 be a year of administrations?
In our last article, we discussed the prospect of 2022 being a year defined by inflation – a point that was only heightened by a weekend of tepid Black Friday sales for retailers.
Careful contract negotiation can limit the potential damage from insolvency in a construction firm’s supply chain.
The manufacturing industry in Germany is currently being severely affected by massive increases in material prices and energy costs due to the indirect consequences of the Corona pandemic, disrupted supply chains and the Ukraine war.
Having experienced first-hand HMRC’s attempts to combat serious tax losses, one of the features of tax litigation over the last 15 years has been the prevalence of so-called ‘Kittel’ cases. These are cases in which HMRC seeks to deny repayments of VAT to companies buying goods in circumstances where HMRC has identified a fraud further up the supply chain, often many companies distant. They can involve significant amounts of VAT and form a substantial pillar of HMRC’s compliance strategy.
Early contingency planning can significantly reduce the shock of service provider/supplier insolvency in service/supply chains
In early November 2022, Made.com entered administration. Little over a year ago Made.com had floated with a valuation of £775 million. In mid-November 2022, Joules entered administration. Joules has 132 stores and around 1,700 employees.