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Fee Earner Q&A with James Whittaker (Insolvency)
James Whittaker
James Whittaker (pictured), joined Bermans in 2019 and is a Partner in our Insolvency team. We spoke to him to learn more about him and his work.
Continue ReadingInsolvency update – are businesses facing a tough few months?
Phil Farrelly
The world of insolvency has been becalmed over the last 18 months as a result of Government support and restrictions on creditor action as part of its response to the Covid 19 pandemic which removed a number of the typical pressure points on directors.
As we head into a new phase of ‘living with the virus’, the support and restrictions are being withdrawn. The furlough scheme ended and some of those restrictions expired on 30 September 2021. From 1 October, the heat was back on or at least partially. There are still some restrictions on creditor action.
Continue ReadingA final extension on Covid business protection law?
Phil Farrelly
On the 22 June 2021 the Government extended, perhaps for the last time, the Coronavirus Act 2020 restrictions on issuing winding up petitions until 30 September 2021 (which is also when the furlough scheme ends) and landlord forfeiture/Commercial Rent Arrears Recovery until 25 March 2022.
It was assumed that other restrictions, such as the suspension of liability for wrongful trading, would also be extended but that was not the case and that suspension ended on 30 June 2021. So from 1 July 2021 directors can be sued for wrongful trading in respect of trading after 30 June which increases the deficit to creditors.
Continue ReadingInsolvency Round-up
Phil Farrelly
The latest Insolvency statistics
The latest insolvency stats have just been released by the Insolvency Service and it comes as no surprise to see the figures for the past nine months have been historically low- about 40% lower than normal- as companies continue to benefit from the Government support measures and the temporary restrictions on the ability to issue statutory demands and winding up petitions.
The rise in corporate (but not personal) insolvencies in the month of December 2020 did come as a bit of a surprise. There were a total of 1,228 registered company insolvencies, which comprised of:
Continue ReadingBermans Insolvency and Financial Rescue team
L-R Martin March, Phil Farrelly and James Whittaker
As we head into 2021 and the inevitable restructure of the economy as we (hopefully) return to some sort of normality, we thought it would be useful to share details about the depth of experience in our Insolvency team and to share some of their experiences during the lockdown.
Partner and Head of Insolvency, Phil Farrelly, will be known to many of you and has been with Bermans since 2005. He is a familiar face on the North West legal scene and has extensive experience of acting for insolvency practitioners, ABL and other lenders and directors in all aspects of corporate insolvency.
The team has recently been strengthened with the arrival of two experienced insolvency solicitors.
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Christopher Brain
Solicitor
Christopher joined Bermans in September 2020 and is a Solicitor in the Insolvency team, having qualified following completion of his training contract with Bermans in 2022. He previously studied Law at the University of Liverpool.
Christopher has experience with assisting in contentious and non-contentious matters, acting for individuals, companies and IP’s.
The matters that Christopher has experience with include, but are not limited to, the following:
- Advising Administrators in respect of validity of security and appointment advice;
- Acting for Administrators in respect of applications to extend the term of Administration;
- Acting for Trustees in Bankruptcy in respect of applications for possession and sale;
- Acting for individuals in respect of disputed Bankruptcy petitions; and
- Acting for Liquidators in respect of applications such as Block Transfer orders and release orders.
He lives in Cheshire and plays 7-a-side football and likes to spend time with his friends and family.
T: 0161 827 4613
Welcome news for commercial tenants but not for landlords
The moratorium on evictions for tenants who are behind on their rent has been extended until the end of 2020. The restriction was set to be lifted on 30th September 2020 but the secretary of state for housing, Robert Jenrick, announced an extension to give struggling retailers and other businesses a chance to “focus on rebuilding their business over the autumn and Christmas period”.
The June quarter day saw less than 20% rental payments made and with the next rent quarter day having just passed (29th September 2020) landlords will be bracing themselves for more of the same.
Continue ReadingAll Change in Corporate Insolvency?
Phil Farrelly
The Corporate Insolvency and Governance Act 2020 (CIGA) became law on 26 June 2020. It contains some temporary provisions required as a result of COVID-19 and some permanent provisions that have been in the offing for a while which will make sweeping changes to the current insolvency rules.
The Temporary Provisions
The temporary provisions are aimed at providing businesses with some relief from problems created by the current COVID-19 pandemic including the temporary suspension of wrongful trading laws and the prohibition of the use of statutory demands and winding up petitions.
Continue ReadingIs this the calm before the storm for business?
Phil Farrelly
Is this the calm before the storm for business?
At the start of the COVID 19 pandemic many were predicting that this could be the busiest time ever for insolvency professionals. Early indications seemed to indicate this with many insolvency practitioners and lawyers experiencing an initial manic period of providing (often free) telephone advice, but most companies now appear to be hunkered down waiting for the lockdown to finish and surviving by utilising the rescue packages created by the Treasury.
Continue ReadingBermans bolsters its restructuring team with key lateral hires
L-R Martin March, Phil Farrelly and James Whittaker
North West commercial law firm Bermans, which is celebrating its 50th year in business, has made two key appointments to its busy restructuring team. The team, led by Phil Farrelly, welcomed Martin March as a partner and James Whittaker as a Senior Associate.
Martin has more than 20 years’ experience working in the insolvency and restructuring arena and joins the firm from Knights Plc. A well know face across the North West, Martin focuses on transactional and advisory work, acting for business owners, insolvency practitioners and other professionals in relation to business restructuring. He has been involved in a number of high-profile property related insolvencies involving distressed “investor funded developments”. His focus at Bermans will be on corporate transactions particularly property related insolvencies.
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