As lockdown restrictions lift and the UK gradually returns to normality, many businesses will soon face a new challenge – repaying the Government-backed COVID-19 business loans that have helped to keep them afloat in recent months.

The Government's consultation proposing to raise monetary limits on the criteria for obtaining a Debt Relief Order are welcome, but barriers to accessing the debt solution remain. Read a summary of our response to the consultation here...

The Government's recent pre-pack reforms could help to improve confidence in pre-packs, but there are two key issues with the draft regulations which risk undermining this. A summary of our response to the reforms can be read here.

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 15^th, 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”.