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Category: Insolvency Law

Can I Start a New Company after Liquidation?

Directors often ask if they are allowed to start another company having previously had a business which entered into liquidation, or another insolvency procedure.  This article explores the options and potential pitfalls in such a situation. In general terms there is nothing to stop a director from becoming, or continuing to be, a director of …

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Can I Re-use a Company Name after Liquidation?

Directors of a limited company which has gone into liquidation are prohibited from being involved with companies which use the same, or similar, name in the future unless specific procedures are followed.  This is covered under Section 216 of the Insolvency Act and a director needs to carefully consider these before proceeding. What is Section …

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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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Fees in Insolvency Proceedings

Changes to UK insolvency law that came into force on 1st October 2015, give creditors a better insight into the fees charged by Insolvency Practitioners (“IPs”) over the life of a Creditor’s Voluntary Liquidation, Administration or Bankruptcy.

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How to Identify an Insolvent Company

Directors have a legal duty to ensure that their company is not trading whilst insolvent. But what does “trading whilst insolvent” really mean and how can it correctly be identified? This article provides an overview of the insolvency tests that can be applied to help company directors make an appropriate assessment of the situation.

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Thomas Grummitt is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. In carrying out all work related to an insolvency appointment, insolvency practitioners are bound by the insolvency code of ethics and are subject to the regulations and guidance of their authorising body. Details of the code of ethics, statements of insolvency practice and other regulations and guidance issued by the Insolvency Practitioners Association can be found here: