Was 1st October 2021 a game-changer for business? Comments from Stephen Wainwright, Partner at Poppleton & Appleby. The Institute of Directors reported at the start of the month that their members are reporting confidence for the future, however, the financial outlook has declined back to levels not seen since the height of the third lockdown in March 2021. At the same time, several Government support schemes are being wound down, which will cause many business leaders great worry and concern going forward. The Furlough scheme ended on the 30th September 2021 Since its introduction in March 2020, over 11.6 million [...]
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A Government press release published today, confirms that temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October 2021.
Supply Chains: The impact of stock shortages Comments from Charles Brook, Partner at Poppleton & Appleby. Several months ago, I commented upon the pressure that seemed to be accumulating across various industry supply chains. The causes were numerous, but different sectors attributed it severally to Brexit, the pandemic, social trends, and general economics. A repetitive media topic ahead of Brexit was the anticipated impact upon the cross-border mobility of key personnel in agriculture, transport, construction, hospitality, and health, but there was less emphasis on the likely effect on materials supply. Now, as the UK economy continues to open up after [...]
At the outset of the pandemic, the UK treasury announced a series of measures aimed at protecting the business community from the full natural effects on businesses of lockdowns, enforced closures and other restrictions to trade.
How can a business protect itself from insolvency? Poppleton and Appleby partner, Stephen Wainwright discusses in his latest blog.
A business exit strategy covers the plan for the owner of the company to either sell or reduce their share of ownership, either to investors or another business. Exit strategies can be implemented for a number of reasons, both positive and negative, including retirement or damage limitation if the company is in trouble financially. It may also be used by investors in order to plan for a cashing-out on an investment.
How to spot signs of customer or supplier insolvency Despite the total number of corporate insolvencies in Q1 2021 (January to March) decreasing by 22 per cent from Q4 2020, the withdrawal of Government support schemes in the next few months will likely lead to an increase of pressure on struggling businesses. The knock-on effects of suppliers or customers entering insolvency procedures can be potentially disastrous for any business. If issues are not addressed quickly with a business plan swiftly put into place, customer or supplier insolvency can disrupt supply chains or even grind them to a halt. You must [...]
Under a new bill “Ratings ( Coronavirus ) and Directors Disqualification (Dissolved Companies ) Bill”, the Insolvency Service will have retrospective powers to investigate Directors who have abused the Government support Schemes.
All you need to know about the Recovery Loan Scheme The government has revealed new statistics to show how the Government-backed loans have supported businesses through the pandemic - including the Bounce Back Loan scheme, which provided a loan roughly every 20 seconds since its launch last May. The recent announcement from HM Treasury stated that: Three Bounce Back Loans were issued every minute since May 2020 launch Emergency loans provided almost £180 billion in total since March 2020 The Covid Corporate Financing Facility (CCFF) scheme alone supported firms responsible for 2.5 million jobs Government-backed loan figures Loan Type Value [...]
Alternative business funding – what to consider? A number of the Government stimulus come to an end in March 2021 including deferred payments to HMRC for VAT, and Corporation Tax etc. which will fall due for payment in March albeit these can be spread over 11 months. These measures coincide with the winding down of the Furlough Scheme in April 2021, placing a further financial burden on many businesses. We will shortly enter a phase where traditional bank funding will become more difficult to secure. The market to re-bank a business with another high street bank will become increasingly difficult. [...]