Tel : 020 3219 5860
E-mail : This email address is being protected from spambots. You need JavaScript enabled to view it.

Adding value by
solving business problems.

Adding value by
solving business problems.

Latest News

Coronavirus Future Fund launched
20/05/2020 - More...
Last month, the Chancellor, Rishi Sunak, announced a number of measures to help innovative firms survive the Coronavirus

Maximum loan under CLBILS increased to £200m
20/05/2020 - More...
The scope of the Coronavirus Large Business Interruption Loan Scheme (CLBILS) is to be extended from 26 May 2020. The

Working safely during coronavirus
19/05/2020 - More...
The government has produced guidance to help employers, employees and the self-employed in England understand how to

Coronavirus – relaxation of insolvency rules

Source: Department for Business, Energy & Industrial Strategy | | 31/03/2020

New insolvency measures have been announced to help prevent businesses unable to meet debts, due to the impact of Coronavirus, to continue trading and not be forced to file for bankruptcy. The measures were announced by the Business Secretary, Alok Sharma.

These changes will see the temporary suspension of the wrongful trading law during the pandemic. It will apply retrospectively, from 1 March 2020, for three months. This means that company directors can continue to trade without the threat of personal liability. This will allow directors of companies to pay staff and suppliers even if there are fears that the company could become insolvent due to the current, exceptional trading circumstances. 

Other changes include a temporary moratorium for businesses undergoing a rescue or restructuring process. During this period, they cannot be placed in administration by creditors and be able to continue buying important supplies - such as energy costs and raw materials. There will also be a new restructuring plan binding on creditors.

These measures should help some businesses to cope with the significant difficulties of the current crisis and hopefully, enable them to continue functioning until the situation improves. 
 



Our Address

Milton Avis LLP
Chartered Accountants
Pitt House
120 Baker Street
London W1U 6TU

Tel : 020 3219 5860
E-mail : This email address is being protected from spambots. You need JavaScript enabled to view it.

Our Membership

 

News letter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login