The latest COVID-19 contingency arrangements for the restructuring and insolvency profession.
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
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
" We have temporarily extended the time limit to 90 days from the date the decision to opt was made." 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
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
Following the decision handed down in the matter of Carluccio's Limited (in administration), a detailed overview of the decision was prepared by R3’s General Technical Committee member, Gabrielle Ruiz, and her team at Clifford Chance. View
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
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