The Supreme Court has handed down its judgment on the operation of Business Interruption insurance policies, with particular reference to the effects of Covid-19. The Supreme Court has substantially found in favour of the insured businesses. Given the continual and fast-moving changes to the Government's instructions through press conferences in response to Covid-19, this is welcomed clarification for businesses and policyholders alike.
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The law never stands still, and the way it applies to you and your organisation is constantly evolving. Our people are on top of these developments and can keep you up to date with some of the most interesting aspects of these changes. Check out our articles and updates for our perspective on issues that might affect you.
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As part of the Brexit negotiations, the UK successfully negotiated with the EU that a new subsidy scheme would be set up to replace EU State Aid rules. What will this mean in practice for businesses?
It is somewhat of an understatement to say that 2020 has been difficult and challenging for all of us, and certainly not least for those in the Healthcare sector. Indeed, for many business owners it is normal to being experiencing what some have termed "lockdown fatigue". Some owners may well be re-considering their positions on succession planning - but what are the options and where do you start?
From 1 December 2020, the priority rules on insolvency have changed, impacting the recovery that can be achieved from holders of a floating charge on the insolvency of a debtor. The new rules give HMRC priority over floating charge holders and ordinary unsecured creditors in relation to taxes collected by the insolvent company for HMRC.
In an apparent U-turn on the CIGA Extension Regulations, new regulations came into force on 26 November, reintroducing the suspension of wrongful trading. This will mean that, with effect from 26 November 2020 and until 30 April 2021, administrators and liquidators will be unable to raise claims for wrongful trading against the directors of any insolvent company in respect of any of the company's losses or its creditors' losses which arose directly as a result of continued trading during this second period of suspension.