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BRI Business Recovery and Insolvency

We are an independent company of insolvency practitioners committed to finding the right solutions for businesses and individuals in financial difficulty

Monthly Archives: April 2020

Businesses re-opening – Resilience and the Road to Recovery

28 April 2020: As Matt Hancock, Secretary of State for Health and Social Care, announces that he is happy with some businesses re-opening, decision making for directors during these challenging time is immense. There are many businesses that stopped trading at the end of March to safeguard their staff, as social distancing was not...
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Freeing up cash in a Company Voluntary Arrangement (“CVA”)

21 April 2020: At BRI Business Recovery and Insolvency we recently approached a client of ours that is in a CVA to discuss the impact of the coronavirus upon their business. It was clear that prior to the outbreak business was growing with a strong order book and profits. However, given that there...
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The suspension of the Wrongful Trading provision – What is Wrongful Trading?

15 April 2020:  The law states “where a director knew, or ought to have concluded that there was no reasonable prospect that the company would avoid going into insolvent liquidation” (Section 214, IA86) Simply put; Wrongful Trading is a way of holding directors personally liable for company debts incurred after a time when a reasonable person...
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Further update on winding-up petitions

9 April 2020: Winding-up hearings are no longer being adjourned: The Insolvency and Companies Court has responded rapidly to the current situation and intends to progress with winding-up hearings remotely, either by telephone or video call applications, as opposed to adjourning them. Whilst it is the petitioning creditor’s obligation to keep the debtor informed...
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COVID-19 and cash flow

8 April 2020: During these unprecedented times, cash flow management is key for businesses to survive. Collecting the outstanding monies owed to the company may be a struggle as so many businesses are going to be impacted. However, stringent planning is required where future output is going to reduce due to the lockdown and...
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Covid-19 and director’s loan accounts

2 April 2020: A director's loan account records the amount of money that is owed to the company by its director(s) or vice versa. When a company is facing financial difficulty due to a loss of customers, increase in payment demands that the company cannot afford to pay or other cash flow concerns, the...
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