The latest COVID-19 contingency arrangements for the restructuring and insolvency profession.
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Administrators are at liberty to adopt employment contracts of furloughed employees when they make payments to employees, or make an application for payments under the Coronavirus Job Retention Scheme; but not before then. View
Introduction of electronic banking for Insolvency Practitioners making dividend payments View
"A new employer is eligible to claim under the CJRS in respect of the employees of a previous business transferred after 28th February 2020 if either the TUPE or PAYE business succession rules apply to the change in ownership." View
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Administrators - "Where a company is being taken under the management of an administrator, the administrator will be able to access the Job Retention Scheme. However, we would expect an administrator would only access the scheme if there is a reasonable likelihood of rehiring the workers. For instance, this could be as a result of an administration and pursuit of a sale of the business.“ View
A temporary insolvency practice (TPD) direction came into force on the evening of 3 April 2020 and is contained within Dear IP, Issue 96. The TPD provides guidance on ‘Filing notice of intention to appoint an administrator and notice of appointment of an administrator’, ‘Remote Hearings’, ‘Pending petitions and applications’, ‘Winding up and bankruptcy petitions’, ‘Urgent hearings’, ‘Non-London business’, ‘Statutory Declarations’. View
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Practice Direction 51ZA concerns extensions of time limits and comes into force on Thursday 2 April 2020. It also provides clarification of Practice Direction 51Y, which came into force on 25 March 2020. View
Priority 2 - work that could be done - "Applications or hearings pursuant to the Insolvency Act 1986 which concern the survival of a business or the solvency of a business or an individual" View
Position Summary and Guides for Urgent Applications "An Emergency Practice Direction for insolvency matters is in preparation which will seek to address the issue of CE-filing of Notices of Intention to appoint Administrators and Notices of Appointment of Administrators. It will also provide a structure for the hearing of winding up petitions in the forthcoming weeks, subject to local variations. I will be publishing details of those arrangements as soon as they are to hand, but practitioners should assume that such insolvency lists will be proceeding by a remote hearing unless notified to the contrary. " View
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"ICAEW and the IPA have been in conversation with the Insolvency Service and are looking at introducing various measures to ease the burden and support Insolvency Practitioners (IPs) during the current situation we are faced with." View
"all businesses with a UK VAT registration have the option to defer VAT payments due between 20 March and 30 June. Businesses have until 31 March 2021 to pay any VAT deferred as a result of this announcement." View
*COVID-19 contingency arrangements* View
"Possible key worker status for Insolvency Practitioners and others, potential measures for Insolvency Practitioners, information for IVA providers and support for businesses" View
"There are a number of statutory deadlines where no serious consequences will flow from an IP failing to meet the deadline due to illness or lock down at the present time. But there are others where undoing the consequences of missing a statutory deadline might have more serious implications. " View
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