Coronavirus Act 2020: What are the key issues for landlords and tenants in the UK?
Key issues for landlords and tenants in the UK in light of the Coronavirus Act 2020 A ban on residential evictions in England and Wales was put in place at the beginning of the Covid-19 pandemic, extended until 20 September 2020. When the courts begin hearing eviction cases again, the most serious cases will be prioritised, such as anti-social behaviour, criminal behaviour and rent that has not been paid for more than a year, meaning even more delay for
What can businesses do to survive the UK’s deepest recession?
Surviving the UK’s deepest recorded recession The current recession, triggered by the Covid-19 lockdown, is the worst of any experienced by the G7 nations as well as being the biggest UK recession since records began in 1955. Despite growth returning, the effect of such a deep fall in GDP will have an ongoing effect for some time to come. The Bank of England has predicted that the economy will fall by 9.5 per cent overall in 2020 and as
HMRC restored to secondary preferential for creditors: How does this impact secured lending?
HMRC restored to secondary preferential for creditors: How does this impact secured lending? The Finance Act 2020 (‘the Act’) which received royal assent in July 2020 has returned HMRC to the position of secondary preferential creditor in insolvent liquidations. This change will come into effect on 1 December 2020 and will mean that certain debts owed by a business to HMRC will now be paid in preference to floating charges (held typically by financial institutions), and unsecured creditors. While
Struggling businesses during the pandemic: Is insolvency the only option after COVID-19?
My business is struggling financially because of Covid-19: what are my options? As the economy struggles to recover from the Covid-19 crisis, many businesses are finding themselves in difficulty. It is important to know what help is available and what the options are if you may be facing insolvency. Government support The government are offering a range of assistance for businesses, aimed at helping them survive the disruption caused by the pandemic. As well as business rates relief and
UK Corporate Insolvency and Governance Bill: General meetings and restructuring
UK Corporate Insolvency and Governance Bill: General meetings and corporate restructuring A new bill, placed before Parliament on 20 May 2020, has been designed to offer protection to businesses and support the UK economy. The Corporate Insolvency and Governance Bill will allow companies in difficulty to benefit from a range of steps to try and help them survive the Covid-19 crisis and rescue their businesses where possible. The combination of temporary and permanent measures aims to protect ‘otherwise viable
UK Government publishes new guidance on contractual behaviour during the Covid-19 pandemic
UK Government publishes new guidance for contractual behaviour during the Covid-19 pandemic In May 2020, the Government issued guidance on responsible contractual behaviour in dealing with the performance and enforcement of contracts impacted by the Covid-19 emergency. The document is not legally binding, however, parties are strongly encouraged to follow its guidance for not only their own benefit but for the long-term benefit of the UK economy. The purpose of the guidance The Government makes the point that everyone
The contractual implications of Coronavirus: Can it be a force majeure event?
The contractual implications of Coronavirus: Can it be a force majeure event? As governments scramble to contain the coronavirus and the World Health Organisation labels as a global pandemic, businesses are facing the fact that contracts they have entered into in good faith may not now be performed. With some areas in quarantine, travel restrictions being advised and ports and workplaces being closed, companies are experiencing widespread disruption. The impact has the potential to be commercially damaging and those
Understanding bankruptcy and the matrimonial home: What are the risks I should be aware of?
Bankruptcy and the matrimonial home – what are risks you should be aware of? What is bankruptcy? In its very basic form, where an individual is made bankrupt, their assets will be collected by the Official Receiver or Trustee in Bankruptcy (“TiB”) for the benefit of unsecured creditors. Is your home at risk if your partner is bankrupt? If your partner or you are declared bankruptcy, you could risk losing your home. Bankruptcy procedures and the sale of property