The guidance set out in this document is provided for the benefit of UK directors in order to address certain potential insolvency-related risks which may arise as a result of the challenging circumstances affecting many companies presently.
LOOKING TO THE FUTURE -
To date, beyond furloughing measures, all of the Government’s actions to preserve businesses have been to postpone liabilities (rather than cancel them). Therefore, as we navigate the effect of the pandemic, a key focus for boards and their advisors will be on reaching compromises where there is not enough money to satisfy all creditors.
Please see full Publication below for more information.