The latest COVID-19 contingency arrangements for the restructuring and insolvency profession.
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
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
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
Guidance from the Centre for the Protection of National Infrastructure for businesses and insolvency office holders on managing security risks during the pandemic. View
Important dates to note. 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
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 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
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
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
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
INSOL International / World Bank Group - Interactice Map INSOL International and the World Bank Group have jointly produced a Global Guide to highlight some of the primary measures that have been introduced in 38 countries as a response to the COVID-19 crisis (current as of April 10, 2020). View
The Coronavirus Job Retention Scheme portal/website goes live from Monday 20 April 2020. HMRC are e xpecting millions of calls and to assist, HMRC have engaged 9,500 staff to deal with scheme queries. E mployers should go through the portal where possible and be patient. HMRC has asked members to defer calling them about insolvency cases until 4 May as the insolvency team won't be available to deal with insolvency queries on either new or existing cases during this period. View
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.