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Our first 2022 Newsletter is jam packed with lots of useful content!

If you would like to subscribe to our newsletter, please contact Claire Woodman by email via: claire.woodman@richardjsmith.com 

Employment law vs Insolvency law – Law reform required

In the case of Palmer v. Northern, Derbyshire Magistrates’ Court, it was decided that IPs may be criminally liable for not notifying the S...

Shaun joined the firm in February 2017 with no prior insolvency experience, but took the job instantly. He was awarded with his CPI qualification in 2019 in which he achieved first place in England & Wales.

Shaun lives in Kingsbridge with his young son which is minutes away from some of Devon’s finest beaches.

A select few of you may have met him already but unfortunately the pandemic had...

As the year draws to a close, here is a roundup of the past three months taken from our Autumn 2021 newsletter. Please contact claire.woodman@richardjsmith.com if you would like to subscribe to our newsletter.

Are the New Restructuring Plans suitable for SMEs?

Like Schemes of Arrangement (‘Schemes’), Restructuring Plans (‘Plans’) are a ‘debtor in possession’ process – there is no insolvenc...

After an highly eventful summer for all of us, here is our roundup of the past three months in our seasonal recap. All this information and more can be read early by subscribing to our newsletter.

Breathing Space Schemes launched

The Breathing Space Scheme launched on 4 May 2021 to provide individuals with legal protections from their creditors for 60 days with most interest and penalt...

Steve joined the team in February 2020 having previously worked in legal accounts for over 15 years. Not many of you will have had the pleasure of meeting him yet though as the pandemic has put that on hold.

Steve has already shown himself to be a real asset to the team, demonstrating a natural flare for insolvency casework and flying through his introductory insolvency courses and associ...

As part of their Back to Business campaign, R3 has launched a free guide for company directors that explains how to spot signs of financial distress, the options open to them for resolving it, and where to find sources of regulated advice.

The guide:  

• Provides a one-stop guide to the main options that are available to resolve corporate financial distress;

• Explains how the insolv...

On the 4th May 2021, the government launched the long-anticipated Debt Respite Scheme, branded as ‘Breathing Space’, allowing those in problem debt to have 60 days to seek advice or take steps to deal with their debts without further interest or charges being levied, and crucially creditors cannot take enforcement action against debtors in the scheme.

Further information for those in debt ...

Many of you will have known Hamish Adam for many years already, with Hamish having worked in accountancy and in the world of Insolvency since 1990 at a smaller firm Robson Taylor in Bristol & Bath then at Ernst & Young in Exeter and qualified as a Licenced Insolvency Practitioner in 2000

Hamish is based in Exeter with his wife and adult children but spent much of his working life working ...

Pre-pack Administration reforms approved by Parliament

New pre-pack regulations were approved by Parliament and will come into force on 30 April 2021. The new regulations provide for sales of business assets to connected parties in Administrations to be scrutinised. In summary, an Administrator will be unable to dispose of all (or a substantial part) of the company’s assets to a person co...

We note with interest the Government’s intention to regulate connected party sales in administrations, see link:

The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (legislation.gov.uk)

Interestingly, the restrictions proposed are not actually limited to pre-packs. Instead, they cover substantial disposals to connected parties within 8 weeks of enter...