Personal Insolvency and Partnership Restructuring
Where a business is not operated through a corporate structure (including a limited liability partnership) it will normally be a sole trader or a partnership. The liabilities of the business are the personal responsibility of the individual(s) and their personal assets are available to creditors of the business.
An insolvent partnership may seek protection from creditors by entry into a formal administration or a partnership voluntary arrangement (similar to the equivalent company procedure). We can advise on which of these options may be best for the individuals and the business.
A sole trader or an individual partner may apply for his own bankruptcy to protect himself from further creditor action. We can assist with the preparation of the bankruptcy application.
More from the Downs Blog
Working from home - where do you stand?
Under new government guidance, you should work from home if you can effectively do so. However, some employers may ask their employees to return to work whilst restrictions are in place - particularly if it is not reasonable to carry out that work at home. For those who are concerned about health problems, or juggling childcare, where do you stand in the eyes of the law?
What the new lockdown means for businesses, employees and workers
The third lockdown in England legally came into force on 6 January 2021. How long it will last is uncertain. At least until mid-February and possibly until late March. Vaccination provides a route out of the pandemic, but businesses need to survive this final and possibly longest of the lockdowns.
We are open
During these uncertain times, it is good to know you can count on us.
Even after the recent Government announcement of another national lockdown we remain open for business and are here to help you.
Coronavirus Job Retention Scheme Extended Until March 2021
On Thursday 5 November 2020, the Chancellor announced that the furlough scheme is to be extended until the end of March 2021. During this period you will be able to claim up to 80% of an Employees salary up to a cap of £2500.
Coronavirus Update - CJRS Extended
The Chancellor announced over the weekend that the Coronavirus Job Retention Scheme (CJRS) that was due to end on 31st October will be extended until 2nd December. The level of support available under the extended scheme will mirror that of what was available under the CJRS in August, with the Government paying 80% of wages up to a cap of £2,500.
Chancellor announces changes to the Job Support Scheme
The Chancellor announced on Thursday 22 October that the Government contribution to employers’ wage costs under the Job Support Scheme (JSS) will be increased. Employers will be expected to pay 5% of the cost of unworked hours instead of the 33% originally announced.
Coronavirus Update - CJRS Bonus - Are you eligible?
Back in the summer the Chancellor announced that employers could receive a one-off payment of £1,000 for every employee who had previously been furloughed under the Coronavirus Job Retention Scheme provided they remained continuously employed to the end of January 2021. Businesses will be able to claim the Job Retention Bonus from 15 February 2021 and the Government has stated that further guidance will be provided by the end of January 2021.
Family Investment Companies
What is a family investment company (FIC)?
FICs are companies limited by shares (an “Ltd” or “Limited”) often setup by parents or grandparents (“Founders”) to benefit both themselves and their family as shareholders. Their popularity has increased in recent years, being seen as a corporate alternative to the more common discretionary trust.
Coronavirus Update - Jobs Support Scheme announced
With new government guidance on Covid coming into force today and the current furlough scheme coming to an end next month, as expected, the Chancellor has today announced a new scheme to help businesses.
Money Laundering Regulations – Is your business compliant?
You must meet certain day-to-day responsibilities if your business is covered by the Money Laundering Regulations or if you just want to protect your business from such risks and work on a best practice basis. These include carrying out ‘customer due diligence’ measures to check that your customers are who they say they are.
Election round up – the results
We've woken up to the news this morning that, following a public vote in a general election, the Conservative party will be forming a government after winning the biggest majority vote in over 30 years.
Our Team
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Chris Millar
Dorking
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Julian Harvey
Dorking
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Richard Clapham
Godalming
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James Bracher
Dorking
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Martin Steer
Godalming
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Tamsin Reader
Dorking
