Re-Use of Prohibited Company Name or Trading Style

Where a director of an insolvent company wishes to continue to be involved in a successor business or any business using the same or similar trading name, he needs to be aware of the threat of possible criminal or civil liability.

Provisions were introduced by S.216 of the Insolvency Act 1986 with the intention of deterring “rogue" directors some of whom had been involved in multiple liquidations with considerable losses to creditors, continuing to benefit from the customer goodwill attached to the trading name.

Under Section 217 of the Insolvency Act a director can be made personally liable for the debts of the new business even if trading under the protection of limit of liability.  We can advise on the risks and the statutorily prescribed routes to avoid both criminal and civil liability.

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More Knowledge
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.

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