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Counting down…… ‘Crown Preference’ is now only weeks away

The UK is now just weeks away from an important change in the insolvency world which could have a huge impact on the entire business community.

In last year’s Budget, the government announced its intention to introduce legislation making HMRC a secondary preferential creditor for certain tax debts owed by an insolvent company, including VAT, PAYE and employee NICs. Corporation tax and employer NICs would remain unsecured debts. Originally due to come into force on 6 April 2020, the 1st of …

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Manchester Braces Itself for ‘Winter of Hardship’ After Talks Fail

Prime Minister Boris Johnson has imposed Tier 3 or ‘very high’ lockdown measures on the 2.8 million residents of Greater Manchester after talks with Andy Burnham and the other northern leaders over a suggested financial support package failed to secure an agreement.

Pubs, bars and the remaining night-time economy will be the hardest hit by the restrictions, which will see most of the hospitality sector close for at least the next 28 days.

It was reported that Greater Manchester’s Mayor had originally …

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Government Fails to Win Support of Northern Leaders

In a statement to MPs, Boris Johnson confirmed the UK government’s new three-tier system that is designed to categorise all local authorities in England as either medium, high or very high levels of coronavirus.

The new COVID alert system includes escalating levels of restrictions, with the medium tier subject to nationwide measures such as the 10pm curfew and rule of six. However, the high alert level will apply a strict standardised set of existing lockdown measures which include bans on indoor …

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INQUESTA SPEARHEADS ONE-STOP SHOP TO SAVE STRUGGLING COMPANIES

Insolvency practice Inquesta has joined forces with a range of specialist professionals to create a one-stop shop to help secure the future of companies in difficulty due to the Covid-19 pandemic.

The initiative is focused on intervening at an early stage to help struggling businesses restructure and emerge stronger from the crisis.

Working alongside Inquesta’s insolvency team under the initiative are commercial finance brokers, cost-savings specialists, interim finance directors, employment and HR professionals, tax advisers and business coaches.

Inquesta director Rob Miller, who …

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Insolvency Deal Saves Pizza Hut As Landlords Agree to Cut Rent

In a bid to stop the chain from collapsing, Pizza Hut’s landlords have agreed to cut their rent after voting through an insolvency deal which will see 29 restaurants close and let up to 450 jobs go.

The landlords and creditors voted in favour of the insolvency process known as a Company Voluntary Arrangement (CVA), which will see the chain take a reduction on future bills in order to keep the company from going bust.

Crucially, however, the deal means that a …

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