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Understandably there has been much focus of late on how Brexit impacts upon European and UK cross-border insolvencies going forward, some of which has been touched upon in our previous article. Here, we consider how insolvency officers in the USA can seek insolvency assistance in the UK and whether this may differ from the approach to be taken by insolvency office holders in Europe.
The transition period is shortly coming to a close. Deal or No Deal, we consider whether the Insolvency (Amendment) (EU Exit) Regulations 2019 as amended can fully replace the EU Insolvency Regulation and the Recast Insolvency Regulation.
Although a cornerstone of the modern commercial world, HMRC has always experienced operational difficulties with entities such as companies that enjoy the benefit of limited liability. To overcome this, in the last few years HMRC has attempted to introduce measures to “pierce the corporate veil”, that is the “veil” that shields shareholders from personal responsibility for the debts of the businesses they own.
Tucked away at Section 100 and Schedule 13 of the Finance Act 2020 (FA 2020) are some significant and wide ranging provisions that relate to circumstances in which directors (and others) can find themselves held personally liable for their company’s tax debts within an insolvency context. The provisions apply to LLPs as well as companies. This article considers the circumstances pursuant to which such liability can arise for those involved in company management with reference to the issue of repeated company insolvency.
Case review 07/05/2020
The story continues: Debenhams and the application of furlough schemes to companies in administration
On 15 April 2020, the joint administrators of Debenhams Retail Ltd made an application for directions to Mr Justice Trower on the COVID-19 furlough scheme.
Case review 15/04/2020
On 13 April 2020, Mr Justice Snowden released his judgment in the matter of Carluccio’s Limited (in administration) and handed down declarations and directions to the joint administrators of the company. The directions set out the legal basis upon which the joint administrators could place a large number of the company’s employees on furlough, pursuant to the government’s Coronavirus Job Retention Scheme.
The government has announced unprecedented measures to assist certain businesses through the inevitable difficulties they will face as a consequence of measures being adopted to slow the rate of infection amongst the population of COVID-19.
The retail sector has been hard hit over the last 10 years, with an endless list of casualties on the high street but why are we seeing a continual increase of brand name evaporation?
Currently the European Insolvency Regulation regulates European cross-border insolvencies by prescribing the jurisdiction in which to commence insolvency proceedings and for their automatic recognition across other Member States once opened. This system streamlines the administration of insolvent estates throughout Europe and does so by relying upon mutual application by Member States.
Tackling corporate insolvency was also on the agenda of the Autumn Budget 2017 and the Spring Budget 2018. We are on the cusp of significant changes to insolvency procedures and on 26 August 2018, we got an indication from the government as to what reforms are likely to be introduced.