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Insolvency measures supporting businesses during the pandemic and have been further extended as the government cautiously reopens the economy.
Measures being extended until the end of June 2021 include:
The measures were introduced in the Corporate Insolvency and Governance Act in March 2020, including protecting businesses from aggressive creditor enforcement and removing personal liability on company directors, and have been previously extended on a number of occasions.
“We’re extending these important measures to give businesses the extra breathing space they need as we cautiously reopen the economy and look to build back better from the pandemic,” said Minister for Corporate Responsibility Lord Callanan.
“With the threat of aggressive creditor action and insolvency eased, companies will be able to focus all their efforts on their recovery.”
Institute of Directors director of policy and corporate governance Dr Roger Barker said it has been essential to provide company directors with the means by which they can sustain inherently viable businesses during the pandemic.
“An important component has been the temporary suspension of the potential liability faced by directors if they continue to operate a company that is facing financial difficulties,” Dr Barker said.
“During the exceptional circumstances of the pandemic, this has been an appropriate step for government to take in order to ensure that viable businesses survive and are in a position to contribute to a meaningful economic recovery.”