Insolvency & Recovery
Bounce Back loans: What are the options when a company enters liquidation?
Tuesday, 18 October 2022
The Bounce Back loan (BBL) scheme was introduced to support businesses during the COVID-19 pandemic. We set out some considerations for companies that have taken out Bounce Back loans and subsequently enter liquidation, including whether there is personal liability for directors.
Directors of limited liability companies may have personal liability for outstanding amounts owed to HMRC
Monday, 6 December 2021
Lee Green looks at HMRC’s recent guidance update about possible joint and several liability notices being issued to directors of insolvent companies that have a tax liability with HMRC.
Insolvency ‘preference’ payments: What directors should be aware of
Tuesday, 23 November 2021
A ‘preference’ occurs when a company facing insolvency puts a specific creditor, or group of creditors, into a better position than the other creditors. A director could face personal liability if a preference has been made, which could result in the director being disqualified.
Overdrawn Director Loan Accounts (DLA) – Directors beware!
Wednesday, 17 November 2021
Lee Green looks at the implications of Director Loan Accounts (DLAs) when a company goes into liquidation and emphasises that not all directors are aware of their personal liability if the account is overdrawn.
Changes to winding-up petitions announced
Thursday, 16 September 2021
The Government has announced changes to winding-up petitions, with effect from 1 October 2021 – withdrawing some of the protections currently afforded to businesses. Lee discusses how this impacts businesses facing the threat of insolvency.
Government extends temporary insolvency measures
Friday, 18 June 2021
On 16 June 2021, the UK Government announced that they are in the process of extending certain insolvency measures. The current company insolvency restrictions on statutory demands and winding-up petitions will remain in force for a further three months until 30 September 2021.
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