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Insolvency & Restructuring

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Suspension of wrongful trading provisions to ease COVID-19 fallout – not a panacea for directors

In more Covid-19 related business news, the Government will amend the UK Insolvency Act 1986 to temporarily suspend provisions relating to wrongful trading by UK directors to help them to tackle these extreme trading conditions without the threat of personal liability. Saaman Pourghadiri has collaborated with Meriel Hodgson-Teall and Daniel Mills of Enyo Law to analyse the proposed suspension of wrongful trading provisions & Directors continuing liabilities and duties. Amongst a set of far-reaching new measures designed to ease the pressures and impact of the COVID-19 pandemic on UK businesses, the UK Government recently announced its intention to temporarily suspend provisions relating to wrongful trading by directors of UK companies. The measures, implemented by way of amendment to the UK…

Covid-19 28 Apr, 2020

High Court provides guidance on furlough and insolvency

A High Court judgment has provided important guidance on the provisions for furloughing employees where a company has gone into administration due to COVID-19. Peter Linstead explains how it is no less relevant despite the new Treasury Direction on furlough leave. On Easter Monday 13th April, a High Court judgment gave declaratory guidance on how the provisions for furloughing employees should be applied by administrators where a company had gone into administration as a result of the effects of coronavirus.  The judgment succeeds in providing essential clarity on the status of employees’ claims in an insolvency situation and has wider application to contractual variations in the context of furlough. It remains relevant in both these areas despite the publication on 15 April of…

Covid-19 15 Apr, 2020

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