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Coronavirus Act 2020 and forfeiture of leases16 June 2021
The government has protected tenants’ interests, with the Coronavirus Act 2020 coming into force on 26 March 2020.
Insolvency issues for directors
Inbrief31 May 2021
All directors owe duties to their companies. When a company is solvent, those duties are paramount but once insolvency is pending, directors must act in the creditors best interests. That difference means that the nature of the directors’ duties undergoes a significant shift when insolvency threatens.
Business Rates Relief for those in the Retail, Leisure and Hospitality sector and for nurseries14 December 2020
From 1 April 2020 all retail, leisure and hospitality firms will be exempt from paying business rates for 12 months to help limit any further financial and economic damage that this pandemic is causing.
Trading in turbulent times: has the bar got higher again?12 October 2020
UK businesses are facing a tough month. Uncertainty abounds with localised Covid restrictions on the horizon and a perfect storm is brewing: 29 September was a rent quarter day for many businesses and the furlough scheme is set to be withdrawn at the end of October. With 11% of the British workforce on furlough (according to ONS data), many are staring into the abyss.
The Future Fund: can it be both a success and a failure?29 May 2020
The UK Government opened its Future Fund for applications on 20 May. It is widely reported that on the first day applications for its matched funding exceeded £500m. These applications are to be processed and, if successful, funds are to be released within 21 days. This all sounds impressive, but there are siren voices. Why is that?
Financial support for SMEs: The Coronavirus Business Interruption Loan Scheme (CBILS)06 May 2020
Government-backed loans of up to £5 million to small and medium businesses
Financial support for SMEs: the Bounce Back Loan Scheme (BBLS)04 May 2020
100% Government-backed loans of up to £50,000 for small and medium businesses
Her Majesty’s Government enters the VC market24 April 2020
The UK Government is now to become the latest VC to provide finance to start-ups, but what are the terms of this support? Is this finance likely to be useful or are those terms overly punitive? Will this impact on the terms available from existing investors? We analyse this below.
Coronavirus Large Business Interruption Loan Scheme (CLBILS)22 April 2020
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) opened on Monday 20 April 2020. It provides financial support to mid-sized and larger UK businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.
What is a convertible loan note? Future Fund scheme explained: Timothy Leeson writes for Growth Business
Press21 April 2020
The government's £500m Future Fund offers up to £5m to growth companies through convertible growth notes. In this article for Growth Business, Timothy Leeson explains the pros and cons of convertible loan notes.
Government announces new £250m ‘Future Fund’ to support start-ups and growth companies20 April 2020
Details were published today, 20 April 2020, of the Government’s plan to make investments in growth companies hit by the coronavirus and the drastic reduction in venture capital investment.
HMRC puts its stamp on social distancing16 April 2020
With vast numbers of people now working remotely due to COVID-19 restrictions, HMRC have put in place an electronic process for the payment of stamp duty and stamping of share transfer documents.
Furlough and insolvency – High Court ruling on Carluccio’s16 April 2020
The High Court has given a helpful judgment concerning the furloughing of employees by the administrators of Carluccio’s, the Italian restaurant chain.
Government announces the new Coronavirus Large Business Interruption Loan Scheme (CLBILS)07 April 2020
On 3 April 2020, the Government announced a new loan scheme to provide support for large businesses.
Convertible loan notes and/or advance subscription agreements as a source of emergency funding: FAQs07 April 2020
Convertible loan notes and advance subscription agreements are typically used as alternatives to equity fundraising by growth companies or more established businesses looking for short term financing to get them to their next equity round (so-called “bridge financing”)
Corporate solvency – matters to consider in light of COVID-19: FAQs03 April 2020
The UK Government has announced a number of changes to the UK insolvency framework in light of the economic storm caused by the COVID-19 pandemic.
Expansion of HMRC’s “Time to Pay” Arrangements during the Covid-19 Outbreak27 March 2020
Due to the immediate and stark effect that the Covid-19 outbreak is having on a lot of businesses, the Government has reminded everyone that it often reaches arrangements with businesses in financial distress for deferred payment of their tax liabilities. While this facility is not new, the Government expects the demands on the service to increase dramatically and is therefore scaling up its capacity to deal with new enquiries.
VAT and income tax deferrals to assist VAT-paying businesses and the self-employed during Covid-19 Outbreak
Inbrief27 March 2020
As part of the sweeping financial package announced by the Government on 20 March 2020, the Government is offering VAT and income tax deferrals to assist with the cash-flow of VAT-paying businesses and the self-employed. These deferrals are expected to provide over £30bn of additional cash-flow to a wide variety of British businesses.
Financial support for larger firms: The COVID-19 Corporate Financing Facility26 March 2020
The COVID-19 Corporate Financing Facility (CCFF) is a quick and cost-effective way to raise working capital for those large businesses which need it.
Reviewing your existing financing arrangements in light of COVID-19: FAQs26 March 2020
Many of our clients are concerned about the effect of the current economic climate on the financial health of their businesses. We recommend that companies should consider reviewing their existing financing documents to identify any risks of potential defaults occurring and to decide how best to proceed. We have put together the following guide to help answer the most frequently asked questions we receive on this topic.