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Notice pay under the Coronavirus Job Retention Scheme

The Coronavirus Job Retention Scheme Guidance has now been updated with an important change in relation to claiming for notice pay:-

Under the updated rules, an employer cannot claim for any days on or after 1 December 2020 during which the employee was serving a contractual or statutory notice period for the employer (this includes people serving notice following a resignation).

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Contractual Considerations on Brexit

Chris McDonough

Chris McDonough

It is never too late to sort things out.  First published in 2018, this note, now updated, addresses how you may protect your business through your contracts, where border issues cause delays or prices need to be adjusted, and explains the new UKCA Mark.

Some questions you may ask yourself:

  • What happens if the borders are clogged up and I cannot deliver or receive goods
  • Who will be liable for tariffs in the event of a hard Brexit
  • Should I look at amending existing contracts or terminating contracts with a view to issuing new contracts
  • Will you have to register with a UK authority in place of an EU one?
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Don’t Let Your Debtors Lock You Down! November 2020 Update

Andrew Koffman

10 tips for reviewing and implementing your credit control procedures: Revisited

The impact of COVID-19 on businesses continues to be severe, as recent statistics show.

In the UK as a whole the most recent ONS statistics show that nearly 30% of businesses, which have not closed permanently, continue to regard themselves as at moderate or severe risk of insolvency.

 

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The Long and Winding Road to a Guarantor Recovery

Jonathan Berkson

Jonathan Berkson

Back in 2004, Porter Capital Corporation (“Porter”), a US finance Company based in Birmingham, Alabama, financed a US corporation (“Corporation”) via an invoice finance facility. To secure the finance, they took guarantees from three guarantors, one of whom lived in London and was a co-owner of a valuable Knightsbridge apartment on Hyde Park in London and shares in a family company. The finance documentation was expressed to be under Connecticut law.

By 2008, things were going wrong for the Corporation and by March 2010 just prior to the Corporation’s Chapter 7 Bankruptcy in the US, Porter wrote making its demand for the account shortfall against the finance agreement’s three guarantors.

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Covid as a Catalyst for Transformation

Andy Nicol

Andy Nicol is MD of Sputnik Digital, an innovation and digital engineering agency helping companies identify, build and maintain transformation programmes using technology.

He has helped optimise both customer facing and internal processes for clients incliuding GoCompare, Swinton Insurance, Fluent Money and Acino Pharma.

Having worked in the industry since 1998, Andy has built up experience in areas including design, development, UX and cloud services, and is able to share his view on how he has seen this deployed across a wide range of sectors.

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Business interruption claims and COVID-19: Good news for SME’s

Andrew Koffman

The High Court judgment, on Tuesday 15th September 2020, in the test case between the Financial Conduct Authority (FCA), on behalf of a number of policyholders, and various insurance companies over business interruption and COVID-19 has been hailed as a lifeline for SMEs.

Many SMEs will be very relieved at the result.  The FCA estimated that 370,000 businesses could be affected by the test case; however not all will have been successful. Two out of 8 insurers successfully defended the claims against them.

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A helping hand to resolve shareholder disputes

Barney Leaf

It was sadly inevitable that the Covid pandemic would push the UK economy into a recession. Unfortunately, the money worries that result from a recession can and often do affect relationships, whether they be personal or business relations.

Even the strongest of relationships have been known to breakdown when finances are tight and the current situation may well have caused the most severe financial pressures that some business owners have ever experienced.

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Welcome news for commercial tenants but not for landlords

Michael Smeaton

The moratorium on evictions for tenants who are behind on their rent has been extended until the end of 2020. The restriction was set to be lifted on 30th September 2020 but the secretary of state for housing, Robert Jenrick, announced an extension to give struggling retailers and other businesses a chance to “focus on rebuilding their business over the autumn and Christmas period”.

The June quarter day saw less than 20% rental payments made and with the next rent quarter day having just passed (29th September 2020) landlords will be bracing themselves for more of the same.

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