25th June 2020
VAT deferral: Firms will pay in full from July 1st

VAT deferral: Firms will pay in full from July 1st

The VAT deferral scheme, which allowed businesses to defer VAT payments, will not be extended, meaning that all payments will need to be made in full and on time from 1 July. Launched as part […]
22nd June 2020
Coronavirus: Households will rack up £6bn in debt

Coronavirus: Households will rack up £6bn in debt

British households are expected to rack up debts worth a combined £6bn during the coronavirus health crisis, StepChange claims. As millions fall behind on credit card payments, council tax and utility bills, the debt advice […]
11th June 2020
Major restructuring in restaurant and retail sectors

Major restructuring in restaurant and retail sectors

Major restructuring projects in several restaurant and retail groups is expected to cost 3,600 jobs in the UK. The Restaurant Group, which owns Frankie and Benny’s will be responsible for up to 3,000 job losses […]
8th June 2020
Consumers Make Record Debt Repayments During Lockdown

Consumers Make Record Debt Repayments During Lockdown

Households repaid £7.4 billion in credit card and loan debt in April as the Bank of England recorded the biggest ever monthly fall in consumer debt. Lockdown effectively limited consumer activity in April, meaning that […]
22nd May 2020
Coronavirus Bill Protects Companies Against Insolvency

Coronavirus Bill Protects Companies Against Insolvency

New insolvency legislation has been introduced to protect businesses that are struggling to cope with the economic impact of the coronavirus pandemic. The Corporate Insolvency and Governance Bill is designed to protect ‘otherwise viable’ companies […]
18th May 2020
Managing a successful insolvency process

Managing a successful insolvency process

The coronavirus outbreak has far-reaching consequences not just for the nation’s health but also on the health of businesses. Social distancing measures and the associated economic downturn has already led to some businesses shuttering their […]
30th April 2020
Three month IVA payments holiday and more coronavirus advice

Three month IVA payments holiday and more coronavirus advice

Recognising the impact of the coronavirus pandemic on individuals and their finances, the Insolvency Service has issued new guidance on new and existing individual voluntary arrangements (IVAs). Anyone that is struggling to meet their obligations […]
23rd April 2020
Could Debenhams’ ‘light touch’ insolvency help firms struggling with pandemic?

Could Debenhams’ ‘light touch’ insolvency help firms struggling with pandemic?

High street stalwart Debenhams has become the first UK business to start a new kind of insolvency process – one designed to protect companies from their creditors during the pandemic. The new ‘light touch’ administration […]
9th April 2020
Umbrella Insolvency youngsters have been displaying rainbows in the windows of their homes during the coronavirus outbreak.

Umbrella Insolvency youngsters have been displaying rainbows in the windows of their homes during the coronavirus outbreak.

Are you wondering why there are rainbows popping up in windows around your local area too? With social distancing and restrictions due to coronavirus, children are connecting with each other by creating colourful rainbows and […]
9th April 2020
Coronavirus Insolvency: HMRC Suspends Enforcement Activity and offers support

Coronavirus Insolvency: HMRC Suspends Enforcement Activity and offers support to those entities struggling to meet their CVA and IVA obligations

The government has already unveiled an unprecedented package of support to assist businesses and individuals through the coronavirus crisis. For individuals and businesses that were already struggling with debt problems before the coronavirus outbreak, HMRC […]