The end of the ban on Winding Up Petitions One of the key measures in the government’s attempt to protect businesses badly affected by the pandemic was to insulate them from being wound up by unpaid creditors. There was a total ban on the issuing of a Winding Up Petition (WUP) from March 2020 to September 2021 and then a
Of all the many restrictions placed on creditors to protect businesses during the pandemic, none have been as long lasting or wide ranging as those, which have prevented the enforcement of rent arrears throughout the crisis. This shelter has been vital to many viable but cash-strapped enterprises, but as from 25th March 2022, the full panoply of remedies will be
The Covid crisis has taken many accepted truths and thrown them up in the air, like a confetti of commercial confusion. In our first article looking at how credit management has been changed, we focused on some of the basics: interpreting unreliable financial data, how a trio of global financial negatives may have worsened even some of your best-known risks
Credit risk disciplines The Coronavirus crisis has not so much moved the goal posts for credit management professionals as relocated the game to another stadium and changed half the rules. Nothing is what it was, so while the old basic credit risk disciplines remain vital, there is a whole new range of techniques that must be applied. In this mini-series
The Company Voluntary Arrangement (CVA) has long been a useful weapon in the armoury of business rescue experts, with an infinite flexibility designed to allow solutions to be designed to fit the unique situation of every business with temporary or longer-term issues. Not all CVAs succeed, of course, and there has been concern in recent years about its use to
It is common practice for director/shareholders of owner-managed businesses to take remuneration by way of a low basic salary paid through PAYE, with the remainder being taken as shareholder dividends. This is because dividends typically attract a lower rate of tax (both for the individual and the company) than would be payable as an employee. Yet, although this is common
