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...
R3 surveyed our members in early to mid May, to find out how the profession was finding levels of demand for its services, on both the personal and the corporate insolvency fronts...
Cast your mind back to 2002. The top-grossing film of the year wasThe Lord of the Rings: The Two Towers, while "Anything is Possible"/"Evergreen" by Will Young was the UK’s best-selling music single; Tony Blair was still the Prime Minister; Crocs and velour tracksuits were the height of fashion; Arsenal won the men’s Premier League, while Brazil’s men’s team won the football World Cup, hosted by Japan and South Korea; and monthly GDP was at around the same level as it was inApril 2020, according tofigures released by the ONSlast week.
Following on from last week’s debate in the House of Commons, where it passed through all its stages in the lower chamber in one day, the Corporate Insolvency and Governance Bill had its second reading in the House of Lords on 10 June. Read more...
The second full month of the lockdown saw the Corporate Insolvency and Governance Bill introduced to Parliament, the first monthly publication of the corporate and personal insolvency statistics, and continued media interest in the profession, its processes and how it has responded to the pandemic.
On 20 May, the Government published its Corporate Insolvency and Governance Bill. Once this Bill has become law, it will introduce the biggest reforms to the UK’s insolvency framework for almost twenty years, as well as a series of temporary changes to the corporate governance requirements for companies and other entities...
James Jeffreys
Stuart McBride
Jo Tacon
