Welcome to the winter edition of our restructuring and insolvency bulletin.
Is this the (relative) calm before the storm? The last twelve months have witnessed some high-profile corporate failures – most recently with Debenhams finally giving up the ghost. But a look at the latest Insolvency Service statistics (click on the link below for our full commentary) indicate a continuing theme that corporate insolvencies remain low relative to historic levels.
Ever since the start of the first UK lockdown in March last year, we have been speculating when time will finally be called on so-called “zombie” businesses. Each time Rishi comes to the rescue with a new package of support measures, providing just about enough antibiotics to keep a good many ticking over.
Which leaves us wondering when the life support machine will finally be switched off. And when it is, will there be anything left worth saving? Let’s hope so – we can’t keep waiting for Godot!
In the meantime, this issue covers some of the latest legal developments that restructuring and insolvency professionals will want to know about. Among other topics, read on below for our insights on the implications of the end of the Brexit transition period for R&I professionals and the return of HMRC preference.
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Tim Carter
Matthew Padian
Louise Corcoran
Helen Martin