The Coronavirus Job Retention Scheme (“Furlough Scheme”) has been a lifeline to many employers during the Covid-19 pandemic, allowing businesses to retain employees that would have otherwise faced redundancy, but the scheme is now winding down and the Government is encouraging employees back to work with the lifting of the last restrictions from 19 July 2021. The return to work and the winding down of the furlough scheme however mean that business will face new challenges.Continue Reading
On the 22 June 2021 the Government extended, perhaps for the last time, the Coronavirus Act 2020 restrictions on issuing winding up petitions until 30 September 2021 (which is also when the furlough scheme ends) and landlord forfeiture/Commercial Rent Arrears Recovery until 25 March 2022.
It was assumed that other restrictions, such as the suspension of liability for wrongful trading, would also be extended but that was not the case and that suspension ended on 30 June 2021. So from 1 July 2021 directors can be sued for wrongful trading in respect of trading after 30 June which increases the deficit to creditors.Continue Reading
Niki Addison is Managing Director of Concert Networks, a connectivity and communications company based in Northwich (Cheshire) supplying businesses throughout the North West. Concert’s current focus is a connectivity project for the Liverpool City Region, which will see the roll out of a brand new £30 million, 212km full fibre network.
Businesses who are able to connect to the network for their internet connectivity will benefit from speeds of up to 1 gigabit. Niki talked to Bermans about the roll out and why projects like this are so important to the local economy in 2021 and beyond.
Many business owners are re-evaluating their future plans as a result of the pandemic. Some are finding that their thoughts on retirement planning are somewhat different now than they were back in 2019. Some owners have enjoyed more free time as their businesses have been forced to shut during the lockdowns and others have enjoyed more time at home as travel and office working has been discouraged.
In some cases exit plans have accelerated and business owners are looking at what options there are to achieve a sooner than expected exit. We consider some possible solutions in this article.
Remember the introduction of the General Data Protection Regulation (GDPR) that overhauled data protection rules a couple of years ago and required lots of changes to how individuals’ data was stored and processed?
Since the end of the Brexit transition period on 31 December 2020, UK businesses now have two versions of the GDPR to take into account – the UK GDPR and the EU GDPR.
Manchester Building Society (MBS) successfully appealed to the Supreme Court in a claim for negligence against its ex-auditors Grant Thornton (GT), after losing in the High Court and the Court of Appeal.
The facts of the case are quite unusual. However the judgment is of wider importance since the court took a different approach to assessing loss arising from an adviser’s breach of duty, from the previous line of cases going back to the 1990s, and the decision should signal a change of direction.
Adam Patel (pictured below), joined Bermans in 2017 as a Trainee Solicitor and qualified as a Solicitor in October 2019 into the Asset Based Lending team.Continue Reading
One of the more surprising handouts from the chancellor in response to the pandemic was the stamp duty holiday. As it comes to an end we explore what impact this will have on the housing market.
SDLT is the tax you pay on property purchases. The amount you pay depends on the value of the purchase. Prior to July 2020, SDLT was payable on all properties priced over £125,000.
January’s Supreme Court judgment in the FCA’s test case against insurers for COVID-19 business interruption insurance claims was a great relief to many SMEs, as we wrote at the time (see below)
Reports at the time of the judgment said that 370,000 businesses could be impacted by the test case – not all favourably although the judgment was undoubtedly good news for businesses overall.Continue Reading
In April 2021, Bermans topped the professional poll for choice of legal services for both £100k+ and sub £100k funds out in Business Money’s report of the UK invoice finance sector.
The professionals poll rankings are voted for by asset based lending providers who are asked about their choice of professional when acquiring a lawyer amongst other professional sectors.