A problem shared...
The start of April sees a number of additional burdens placed on businesses.
In addition to increased National Insurance contributions, there are the ongoing problems of supply chain issues and higher energy prices.
Also, the remaining temporary measures to protect insolvent businesses by restricting winding up processes have now ended and as of this month, businesses now have to pay back all VAT deferred in the period to June 2020 under pandemic reliefs.
As if all this were not enough, changes made to the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 in February this year put directors under increasing scrutiny from the Insolvency Service by extending its powers to investigate the conduct of directors of dissolved companies.
This makes it harder for businesses to use creditors’ voluntary liquidation (CVL) process to close down an insolvent company.
…a problem halved?
Many CEOs and directors struggle on in silence sharing none of...