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Will the Company Voluntary Arrangement (CVA) be more widely used post COVID-19

Company Voluntary Arrangements (CVAs) are one of a number of insolvency solutions available to directors when dealing with company indebtedness.  In summary, a CVA is a formal payment arrangement between a company and usually all of its unsecured creditors.  It is an ideal solution where a business is trading profitably but has a large amount …

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COVID-19 is causing significant Financial Distress for Business – So why are Company Insolvencies so low?

Introduction Since the start of the Coronavirus crisis, the Insolvency Service has been issuing monthly statistics in addition to the usual quarterly reports, in order to provide more timely indicators of the impact that COVID-19 is having on insolvencies.  Whilst the numbers are presented as “provisional” they nevertheless indicate some surprising trends and in this …

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Bounce Back Loans and the Risks for Directors in Insolvent Situations

The Government’s loan support schemes have helped many businesses to weather the storms caused by COVID-19.  By the end of June, over 1 million loan applications had been approved amounting to total lending of £42.9bn, of which £29.5bn related to the Bounce Back Loan (BBL). Unlike the Coronavirus Business Interruption Loan (CBIL), for which there …

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The Corporate Insolvency and Governance Bill – Proposal for a New Moratorium

The Corporate Insolvency and Governance Bill is currently making its way through Parliament and is expected to become law by the end of June 2020.  There are a number of key aspects to the Bill as far as insolvency is concerned, but perhaps the most striking is the introduction of a new statutory Moratorium process.  …

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Bridgewood is a trading style of Bridgewood Financial Solutions Limited (Company No: 06957765). Registered Office: Poynt South, Upper Parliament Street, Nottingham, NG1 6LF. Registered in England and Wales.

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Paul Mallatratt (Licence No. 2039) and Louise Freestone (Licence No. 2030) are licensed to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales and are subject to their Code of Ethics, available in English at www.icaew.com[...]code-of-ethics-d

In carrying out the regulated profession of Insolvency, the firm is subject to the Insolvency Regulations and Guidance Notes at www.icaew.com/insolvency and the Statements of Practice at www.icaew.com[...]insolvency-regulations-and-standards