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The Government’s recently-announced consultation, “Increasing the scope and powers of the Small Business Commissioner”, is seeking responses on how the powers of the Small Business Commissioner can be expanded in order to deal more effectively with late payment.
Wednesday 22nd July saw the Royal Assent of the Finance Bill 2019-21, which will mean that from 1st December 2020 HMRC will become a secondary preferential creditor in insolvencies, a move that R3, and the UK insolvency and restructuring profession, believe will damage the UK’s carefully cultivated business rescue culture...
On May 15th, for the first time, the Insolvency Service (IS) released monthly figures for corporate and personal insolvencies (NB: corporate: England & Wales, Scotland; personal: England & Wales). The IS said that it was publishing on a monthly (rather than quarterly, as previously) basis “to provide more up to date information on the numbers of companies and individuals who are unable to pay debts and enter a formal insolvency procedure as the coronavirus (COVID 19) pandemic continues”.
R3 members can provide advice on a range of business and personal finance issues. To find an R3 member who can help you, click below.
R3 — RESCUE RECOVERY RENEWAL
R3 is the trade association for the entire community of the UK's insolvency and restructuring professionals, whatever the size of their practice, their experience or their specialism. Our members promote economic regeneration, resolve financial distress for businesses and individuals, save jobs, and create the confidence and public trust which underpin trading, lending and investment.