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The Finance Act 2020 and tax liability: what turnaround and interim directors need to know

The Finance Act 2020 and tax liability: what turnaround and interim directors need to know

The Finance Act 2020 came into force recently and has introduced a number of changes to the administration and structure of the UK’s tax system. Among these are new measures designed to tackle instances where individuals repeatedly (whether intentionally or not) use or benefit from company insolvency procedures to withhold tax that would otherwise be payable to HMRC – effectively depriving the public purse of valuable revenue for their own gain.

  • Oct 2020
  • FRP Advisory Group Ltd

Insolvency

Re DeepOcean 1 UK Ltd [2021] EWHC 138 (Ch)

This case concerned the first consideration of the use of cross class cram down by the court. The case involved three subsidiary companies within the DeepOcean group that had each proposed a similar restructuring plan with their creditors.

  • Apr 2021
  • Article
  • Ashfords LLP
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Benjamin Franklin

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THE NEW RESTRUCTURING PLAN – IN DEPTH

THE NEW RESTRUCTURING PLAN – IN DEPTH

ALERT - EUROPEAN RESTRUCTURING WATCH

  • Jun 2020
  • Dechert LLP
Coming together is a beginning, keeping together is progress, working together is success

Henry Ford

Insolvency

Court enforces adjudicator’s decision in favour of an insolvent party

Styles & Wood Ltd v GE CIF Trustees [2020] EWHC 2694 (TCC) is one of the first cases where the Court has enforced an adjudicator’s decision in favour of an insolvent party, following the Supreme Court case of Bresco Electrical Services Ltd (In Liquidation) v Michael J Lonsdale (Electrical) Ltd [2020] UKSC 25 in which it was held that companies in liquidation can adjudicate their construction disputes (see our article: Supreme Court holds that companies in liquidation can adjudicate their disputes).

  • Apr 2021
  • Article
  • Ashfords LLP
Education is what remains after one has forgotten what one has learned in school.

Albert Einstein

Managing Redundancies in the Right Way

Managing Redundancies in the Right Way

Managing redundancies is not an easy process and is stressful for everyone involved. Even more so when the process is hampered by distance and face-to-face meetings are difficult. But last month, the OECD predicted that unemployment in the UK could rise to 11.7% by the end of the year, or 14.8% if the country suffers from a second wave of infections.

  • Sep 2020
  • TMA UK
Inoculate your Board against Coronavirus Liabilities

Inoculate your Board against Coronavirus Liabilities

The Coronavirus has brought about uncertainty and is likely to lead to huge change. It has exposed many businesses and their models for making money, some of which will not survive whilst, at the same time, it has created opportunities for others to embrace a new world.

  • Aug 2020
  • K2 Business Partners

Insolvency

Re-use of a company name after liquidation

In the current economic climate it is expected that many businesses will be forced into liquidation after the Covid-related financial support is gradually reduced, particularly when the current restrictions on presenting winding-up petitions are lifted.

  • Apr 2021
  • Article
  • Ashfords LLP

Cross-border insolvencies in the UK and the EU – a quick guide

At 11pm on 31 December 2020, the UK left the European single market at the end of the transition period agreed as part of the 2019 Withdrawal Agreement. The EU-UK Trade and Cooperation Agreement that was reached on Christmas Eve made no provision for continued recognition of, or co-operation in, insolvency and restructuring proceedings.

  • Feb 2021
  • Herbert Smith Freehills LLP
COVID-19 Business Support

Covid-19

COVID-19 Business Support

Understanding funding, tax deferral schemes, and other government initiatives.

  • Apr 2020
  • PDF
  • BTG Advisory
Potential Coronavirus pandemic business winners and losers

Potential Coronavirus pandemic business winners and losers

Given the slight easing of Coronavirus-related restrictions a week ago, some businesses are in the very early stages of preparing to return to “normal” but which businesses are likely to emerge as the winners and losers in the future?

  • May 2020
  • K2 Business Partners
COVID-19: Proposed changes to insolvency law in response to the crisis announced by Government (UK)

Insolvency

COVID-19: Proposed changes to insolvency law in response to the crisis announced by Government (UK)

The Department for Business, Energy and Industrial Strategy (“BEIS”) over the weekend announced a number of proposed changes to UK insolvency law in response to the COVID-19 crisis.

  • Apr 2020
  • Herbert Smith Freehills LLP

John Pye Testimonial

“Being a member of the TMA has been invaluable to myself and my colleagues in John Pye. As an industry recognised body, the extensive reach that this network provides is excellent. We always enjoy attending the events where the TMA exceed themselves time after time. The speakers always provide interesting insights into diverse ranges of topics and their effects on the turnaround industry. The networking opportunities provided are something we particularly enjoy as the TMA’s extensive network is next to none. I am thrilled to be a member of the TMA and feel privileged to hold a seat on the board of this organisation.”

  • Oct 2020
  • John Pye & Sons Ltd
Develop a passion for learning. If you do, you will never cease to grow

Anthony J. D'Angelo

Six Actions That Will Help Your Businesses Survive Covid-19

Six Actions That Will Help Your Businesses Survive Covid-19

Many businesses have continuity plans for dealing with unexpected events like losing key staff, IT failures or theft. But most continuity plans don’t account for how the business would deal with the effects of a worldwide pandemic like the one we’re currently experiencing.

  • Apr 2020
  • TMA UK
It's okay to have all your eggs in one basket as long as you control what happens to that basket.

Elon Musk

Key Industries of the Future

Key Industries of the Future

Is it time to stop propping up traditional so-called UK Key Industries?

  • Jun 2020
  • K2 Business Partners
Emergence of the post-COVID interim market

Emergence of the post-COVID interim market

Susan Moor, Director of FRP Transition reviews the current state of play in the interim market, and provides her insight on what the future may hold as we move further out of lockdown.

  • Aug 2020
  • TMA UK

Insolvency

Force India – recording decisions

Insolvency Practitioners are required to keep records of decisions to sufficiently demonstrate the administration of each matter and any decisions made which materially affect the case pursuant to regulation 13 of The Insolvency Practitioners Regulations 2005 (the IP Regs).

  • Apr 2021
  • Article
  • Ashfords LLP
HSF Soundbite Series: Corporate Insolvency and Governance Act 2020

HSF Soundbite Series: Corporate Insolvency and Governance Act 2020

The Corporate Insolvency and Governance Act 2020 is now law and it is fair to say that the new Act is complex, with significant implications for companies in distress and most notably, suppliers, financial institutions and landlords.

  • Aug 2020
  • Herbert Smith Freehills LLP
Force India - IPs’ duties to third party bidders in a sales process

Insolvency

Force India - IPs’ duties to third party bidders in a sales process

The Court has recently been asked to consider the extent to which IPs conducting sales owe duties to bidders and buyers. In Uralkali v Rowley [2020] EWHC 3442 (Ch), a prospective purchaser of the Force India F1 racing team brought claims in negligence against the administrators of the company which owned and operated that racing team, for events relating to the sale and bidding process.

  • Apr 2021
  • Article
  • Ashfords LLP
The board and ensuring bank support

The board and ensuring bank support

Banks and other secured lenders are always significant stakeholders in any company and the loss of bank support usually represents an existential threat to the business.

  • Sep 2020
  • K2 Business Partners
COVID-19 - 8th April Webinar - Recording

COVID-19 - 8th April Webinar - Recording

TMA UK were delighted to have teamed up with their Corporate Sponsor, Herbert Smith Freehills to host their first online Webinar this week titled: COVID-19: Consideration from a restructuring, turnaround and insolvency perspective.

  • Apr 2020
  • Herbert Smith Freehills LLP
Restructuring in the recruitment and interim sector: What does the future hold?

Restructuring in the recruitment and interim sector: What does the future hold?

In a new publication, we discuss the impact of COVID-19 on the recruitment sector.

  • Feb 2021
  • TMA UK
Addressing the financial and operational challenges caused by COVID-19

Addressing the financial and operational challenges caused by COVID-19

Financier Worldwide Magazine discusses how to address the financial and operational challenges caused by COVID-19 with Alan Tilley, David Bryan and Matthew Quade at BM&T European Restructuring Solutions.

  • Apr 2020
  • TMA UK

Sponsor news

13 Apr, 2021

Crown Preference – The End of Inventory Funding? Supported by Kroll

On 8th April TMA UK hosted an insightful webinar where a group of expert panellists discussed the...

04 Mar, 2021

Impact of Brexit on applicable law in cross-border insolvencies

From 31 December 2020, the European Regulation on Insolvency Proceedings (the “EIR”) ceased to...

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TMA UK @UK_TMA · 3 hours ago

Crown Preference – The End of Inventory Funding? Supported by Kroll On 8th April TMA UK hosted an insightful webin… twitter.com/i/web/status/1…

TMA UK @UK_TMA · 21 days ago

Have you booked to attend our FREE online webinars? 25th March - New Challenges for Boards 26th March - TMA NOW Co… twitter.com/i/web/status/1…

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April 2021