The latest COVID-19 contingency arrangements for the restructuring and insolvency profession.
HMRC - The introduction of the Job Retention Bonus.
The Chancellor announced the introduction of the Job Retention Bonus. This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021. The bonus will provide additional support to retain employees. View
The Chancellor announced the introduction of the Job Retention Bonus. This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021. The bonus will provide additional support to retain employees. View
Loan Market Association - Note on Coronavirus Large Business Interruption Loan Scheme (CLBILS) and Intercreditor Considerations
"This Note provides an overview of the Coronavirus Large Business Interruption Loan Scheme ("CLBILS") launched on 20 April 2020 and outlines for consideration some potential intercreditor issues where a loan provided under the CLBILS forms part of the financing structure. Certain changes were made to the scheme with effect from 26 May 2020, including increasing the maximum amount available to prospective borrowers from £50 million to £200 million." View
"This Note provides an overview of the Coronavirus Large Business Interruption Loan Scheme ("CLBILS") launched on 20 April 2020 and outlines for consideration some potential intercreditor issues where a loan provided under the CLBILS forms part of the financing structure. Certain changes were made to the scheme with effect from 26 May 2020, including increasing the maximum amount available to prospective borrowers from £50 million to £200 million." View
SCOTLAND - Route Map - Resumption of Messengers-at-Arms and Sheriff officer Services
Phase two of a Sheriff Officer Route Map has been published. The route map shows the resumption of additional services that includes serving charges for payment and for removing at domestic premises. View
Phase two of a Sheriff Officer Route Map has been published. The route map shows the resumption of additional services that includes serving charges for payment and for removing at domestic premises. View
HMRC - Insolvency Bulletin. Voluntary Arrangements
This note explains HMRC’s approach to variations and new proposals in respect of Individual Voluntary Arrangements (IVAs), Partnership Voluntary Arrangements (PVAs) and Company Voluntary Arrangements (CVAs) from 1 July 2020 until 30 November 2020. View
This note explains HMRC’s approach to variations and new proposals in respect of Individual Voluntary Arrangements (IVAs), Partnership Voluntary Arrangements (PVAs) and Company Voluntary Arrangements (CVAs) from 1 July 2020 until 30 November 2020. View
HMRC - Deferral of VAT payments
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HMRC - Employer Bulletin, issue 84
The Employer Bulletin (June 2020, Issue 84) includes all of the latest Covid-19 updates to help you continue to meet your payroll obligations to HMRC and to claim any relevant grants and rebates during this challenging time. In addition, the bulletin includes the latest update on the Coronavirus Job Retention Scheme, along with updates on the Statutory Sick Pay Rebate Scheme and a reminder for reporting Expenses and Benefits for the tax year ending 5 April 2020. View
The Employer Bulletin (June 2020, Issue 84) includes all of the latest Covid-19 updates to help you continue to meet your payroll obligations to HMRC and to claim any relevant grants and rebates during this challenging time. In addition, the bulletin includes the latest update on the Coronavirus Job Retention Scheme, along with updates on the Statutory Sick Pay Rebate Scheme and a reminder for reporting Expenses and Benefits for the tax year ending 5 April 2020. View
The Insolvency Service - Advice on staying secure during COVID-19
Guidance from the Centre for the Protection of National Infrastructure for businesses and insolvency office holders on managing security risks during the pandemic. View
Guidance from the Centre for the Protection of National Infrastructure for businesses and insolvency office holders on managing security risks during the pandemic. View
HMRC - Coronavirus Job Retention Scheme
Important dates to note. View
Important dates to note. View
Guidance - Furlough and redundancy
The guidance has been updated for those individuals who were furloughed using the Coronavirus Job Retention Scheme, then made redundant because their employer is now subject to a insolvency process. View
The guidance has been updated for those individuals who were furloughed using the Coronavirus Job Retention Scheme, then made redundant because their employer is now subject to a insolvency process. View
Changes to the Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme is changing: From 1 July, employers can bring back to work employees that have previously been furloughed for any amount of time and any shift pattern, while still being able to claim CJRS grant for their normal hours not worked. When claiming the CJRS grant for furloughed hours employers will need to report and claim for a minimum period of a week. The scheme will close to new entrants from 30 June. From this point onwards, employers will only be able to furlough employees that they have furloughed for a full 3 week period prior to 30 June. View
The Coronavirus Job Retention Scheme is changing: From 1 July, employers can bring back to work employees that have previously been furloughed for any amount of time and any shift pattern, while still being able to claim CJRS grant for their normal hours not worked. When claiming the CJRS grant for furloughed hours employers will need to report and claim for a minimum period of a week. The scheme will close to new entrants from 30 June. From this point onwards, employers will only be able to furlough employees that they have furloughed for a full 3 week period prior to 30 June. View
Individual Voluntary Arrangement (IVA) Protocol guidance
The Insolvency Service have provided clarification on the guidance published to support the IVA Protocol in view of the COVID-19 pandemic on 20 April 2020. "The guidance is a tool for supervisors to use if the terms of the IVA require further flexibility in the current circumstances. The guidance does not form part of the IVA terms and has not been legally incorporated into existing IVAs." View
The Insolvency Service have provided clarification on the guidance published to support the IVA Protocol in view of the COVID-19 pandemic on 20 April 2020. "The guidance is a tool for supervisors to use if the terms of the IVA require further flexibility in the current circumstances. The guidance does not form part of the IVA terms and has not been legally incorporated into existing IVAs." View
The Law Society - a protocol for virtual statutory declarations relevant for insolvency proceedings (inc MVLs)
With the support of Lexis Nexis, the Law Society have now placed on their website a protocol for virtual statutory declarations relevant for insolvency proceedings. "COVID-19 created uncertainty over whether statutory declarations in insolvency proceedings could still safely be made and administered in person and whether, as an alternative, the process could validly be completely remotely using real-time video conference technology such as Zoom or Skype. This protocol addresses that issue." View
With the support of Lexis Nexis, the Law Society have now placed on their website a protocol for virtual statutory declarations relevant for insolvency proceedings. "COVID-19 created uncertainty over whether statutory declarations in insolvency proceedings could still safely be made and administered in person and whether, as an alternative, the process could validly be completely remotely using real-time video conference technology such as Zoom or Skype. This protocol addresses that issue." View
Changes to notifying an option to tax land and buildings during coronavirus
" We have temporarily extended the time limit to 90 days from the date the decision to opt was made." View
" We have temporarily extended the time limit to 90 days from the date the decision to opt was made." View
SCOTLAND - Response from the Scottish Courts and Tribunals Service (29 April 2020)
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New measures to protect UK high street from aggressive rent collection and closure
"Statutory demands and winding up petitions issued to commercial tenants to be temporarily voided and changes to be made to the use of Commercial Rent Arrears Recovery, building on measures already introduced in the Coronavirus Act" View
"Statutory demands and winding up petitions issued to commercial tenants to be temporarily voided and changes to be made to the use of Commercial Rent Arrears Recovery, building on measures already introduced in the Coronavirus Act" View
UPDATE - HMRC - Coronavirus — Insolvency Guidance
Clarification of the payment reference number (with examples), which was highlighted in the original publication from HMRC titled 'Introduction of electronic banking for Insolvency Practitioners making dividend payments'. View
Clarification of the payment reference number (with examples), which was highlighted in the original publication from HMRC titled 'Introduction of electronic banking for Insolvency Practitioners making dividend payments'. View
ICAEW - The use of 'light touch' administration
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ICAEW - AML responsibilities: take on procedures during Covid-19
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SCOTLAND - The insolvency processes and procedures that rely on the Scottish courts for progression.
R3’s Scottish Technical Committee has identified the insolvency processes and procedures that rely on the Scottish courts for progression. We think that that this is a comprehensive picture of the courts’ involvement in insolvency, and the extent to which insolvency is rooted in court procedure, and are members rely on the courts to progress their cases. View
R3’s Scottish Technical Committee has identified the insolvency processes and procedures that rely on the Scottish courts for progression. We think that that this is a comprehensive picture of the courts’ involvement in insolvency, and the extent to which insolvency is rooted in court procedure, and are members rely on the courts to progress their cases. View
SCOTLAND - Court of Session, Guidance note for Practitioners
The purpose of this guidance is to facilitate insofar as is possible the efficient disposal of court proceedings in the Court of Session during the ongoing Covid-19 emergency. View
The purpose of this guidance is to facilitate insofar as is possible the efficient disposal of court proceedings in the Court of Session during the ongoing Covid-19 emergency. View
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