Bermans, commercial law firm in Liverpool and Manchester, is delighted to announce that it has promoted 6 individuals to more senior roles at the firm.
Andrew Henderson (left) joined Bermans in 1985 and has developed an expertise in asset finance litigation. He has been made a Partner and joins Alex Chapman, David Gledhill and Jonathan Berkson as partners in the specialist Asset Based Lending team that is ranked in the Legal 500 London Asset Finance Lending rankings.
He deals with matters such as fraud, freezing orders, title claims, delivery up claims, guarantee/indemnity claims, shortfalls and general debt recovery for a wide range of asset based lenders.
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.
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.
Louisa joined Bermans Liverpool office in September 2020 and is a trainee solicitor in the Litigation department.
She studied criminology and politics degree at University of Melbourne, achieved a Graduate Diploma in Law at BPP in Manchester and completed a Legal Practice Course at Liverpool John Moores University in 2020.
She has previously worked as an employment and commercial Paralegal at a firm in Liverpool.
Louisa is assisting mainly with litigation matters with SME’s, and on occasion asset finance clients and private clients.
Louisa lives in West Lancashire and is keen on exploring the great outdoors and enjoys hiking and camping.
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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.
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.
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.
Mike Smeaton (pictured below), joined Bermans as a trainee solicitor in 2008 and is now is a Senior Associate in our Litigation and Dispute Resolution team in the firm’s Liverpool office.
Landlords cannot at present evict their tenants due to rent arrears, as one of a number of Government measures introduced to ease the burden on businesses due to the Coronavirus. Tenants will have welcomed this measure; their landlords almost certainly less so.
It makes no difference if the rent arrears pre-date the pandemic.
There are parallel – though slightly different – restrictions on landlords of residential properties. In this article we focus primarily on commercial leases, where there is a prohibition on landlords taking any repossession action through the courts, currently until 30 September.
Reviewing and implementing your credit control procedures
COVID-19 and the resulting lockdown are having a huge impact on the cashflow of most businesses. 25% of UK businesses have temporarily closed down; 38% of businesses still in operation have reported substantially lower turnover; and 36% of firms have 3 months or less of cash reserves left.
Inevitably this pressure on businesses is set to continue but there is also an opportunity for SMEs to improve your cash position by good housekeeping. The Government is encouraging a culture of forbearance between businesses at present but this should not require you to take an excessively lenient approach to recovering debts that are rightfully due.