Welcome to the first edition of our restructuring and insolvency bulletin for 2022.
Happy New Year to our clients and readers! We hope you are all weathering the Omicron storm and managed to enjoy the festive break. Here’s hoping this is the last year we spend Christmas shrouded in a cloud of coronavirus and best wishes to you all for a healthy and prosperous 2022.
Following the government flip-flopping in its advice to "keep up the Christmas parties" while we all work from home and "get boosted", it seems inevitable that a wave of insolvencies could follow a disappointing Christmas trading period for many in the hospitality industry. While additional funding has been announced by the Chancellor to help businesses hit by the rise in Covid cases, many consider that the support does not go far enough. Only time will tell. However, the latest monthly insolvency figures demonstrate that corporate insolvencies have risen back above pre-pandemic levels and we are seeing increased levels of activity in the insolvency market already.
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Tim Carter
David Steinberg