Recent research shows that in 2021, over 8,700 chain stores have closed due to the major shift in online shopping – partly caused by the coronavirus pandemic.
The debt threshold for a winding up petition will be temporarily increased in wake of the coronavirus pandemic, it has been announced.
Some temporary relief measures introduced under the Corporate Insolvency and Governance Act 2020 (CIGA) are extending, the Government announced on 16 June 2021.
New legislation will require independent scrutiny of pre-pack sales where connected parties are involved, it has been announced.
To get ahead of the anticipated rise in company collapses next year, the Insolvency Service has instructed insolvency practitioners to report all fraudulent coronavirus loan applications to them.
The new Corporate Insolvency and Governance Bill will help maximise your business’ chance of survival throughout the coronavirus pandemic, it has been suggested.
According to the latest industry research, almost one in five small businesses fell into their overdrafts in the last year in a bid to manage their cash flow.