Small Company Administrative Rescue Process

4 August, 2021

The Government has published a general scheme for the Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021 (the “Bill”).  This will provide for a dedicated administrative rescue process for small and micro businesses.  It is intended to address the need for a simplified restructuring process for viable small companies that is both […]

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Going Concern Considerations

2 July, 2020

Presumption of carrying on business as a Going Concern Paragraph 11 of Schedule 3 of the Companies Act 2014 (the “Act”) provides that the amounts to be included in the financial statements of a company are to be determined in accordance with accounting principles set out in Paragraphs 12 to 17 of Schedule 3 of […]

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Directors’ Declaration of Solvency

31 May, 2019

A recent judgment by the UK High Court, LRH Services Limited (In liquidation) –v- Trew [2018] EWHC 600 (Ch), highlights the potential risks for directors in making a statement of solvency about a company without having made a full inquiry into its affairs. The Case LRH Services Limited (In liquidation) (“LRH”), acting by its liquidators, […]

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