REINSTATEMENT OF WRONGFUL TRADING LIABILITY FOR UK DIRECTORS As part of its response to the crisis caused by the COVID-19 pandemic, the UK government suspended the liability of UK company directors for wrongful trading from 1 March 2020. Whilst the government protections for business tenants through relief from forfeiture of leases and winding up proceedings…
The revised default threshold of 1 crore for trigger of corporate insolvency applies prospectively from March 24 and not retrospectively, the National Company Law Appellate Tribunal (NCLAT) has ruled. This would mean that those applications before March 24 which had debt default of less than 1 crore, but over 1 lakh can be admitted for…
2020s been a tough time for airlines, as international tourism has ground to a halt thanks to COVID-19. Australian airlines have suffered even more than others, thanks to both domestic border closures and strict restrictions on overseas travel. Virgin Australia notably went into voluntary administration earlier this year, but Qantas the national carrier and one…
Tuesday, October 13, 2020 Background The Corporate Insolvency and Governance Act (CIGA) came into force on 26 June 2020, introducing a number of permanent and temporary changes to the UKs insolvency and company laws (for further details,please refer to our GT Alert on CIGA). Certain of the temporary changes introduced by CIGA were due to…
Jonas Stankevicius, from Doncaster, was appointed the sole director of S Jonas Solutions Ltd in July 2018, at the same time the payroll services company was incorporated. However, only a few months later entered the company entered into creditors voluntary liquidation in December 2018. The payroll companys liquidation and the length of trading resulted in…
Stormont Live: MLAs discuss Covid-19 regulations – BBC News More More sections N. Ireland N. Ireland Politics BreakingBreaking news Close breaking news Summary MLAs supported the Corporate Insolvency and Governance Act brought by the economy minister Economy Minister Diane Dodds and Agriculture Minister Edwin Poots faced Question Time Education Minister Peter Weir answered an urgent…
Jonas Stankevicius, from Doncaster, was appointed the sole director of S Jonas Solutions Limited in July 2018, at the same time the payroll services company was incorporated. S Jonas Solutions started trading shortly after incorporation from premises in Stockhill Road, Doncaster, but only a few months later entered into creditors voluntary liquidation in December 2018.…
Introduction The economic impact of COVID-19 will be far reaching. Governments around the globe are currently grappling with a balance between the protection of the health of their populations and limiting damage to their economies. Corporates that are over-burdened with debts will undoubtedly struggle to take advantage of market opportunities as global economies recover. The…
Jonas Stankevicius, from Doncaster, was appointed the sole director of S Jonas Solutions Limited in July 2018, at the same time the payroll services company was incorporated. S Jonas Solutions started trading shortly after incorporation from premises in Stockhill Road, Doncaster, but only a few months later entered into creditors voluntary liquidation in December 2018.…
Creditors of STA Travel have agreed with the administrators recommendation that the company be wound up, with the likelihood of a return not looking all that promising. The company, which was placed into voluntary administration back in August, operated online travel agent services and a network of 27 shopfront outlets across Australia. Its COVID-induced collapse…