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It is frustrating enough when a company owing you money becomes insolvent, still more so when the amount for which you can vote is restricted when deciding whether or not a company’s proposals should be approved.
The treatment of a claim was recently considered in proceedings brought by HMRC against the administrators of Mercury Tax Group Ltd where the court gave some helpful guidance on how to deal with unliquidated and unascertained claims for voting purposes. Ascertained claims (usually debts) must be allowed in whole for voting purposes and marked objected too, even if they are disputed. These claims can be contrasted with unascertained claims where the insolvency practitioner estimates a minimum value for voting purposes. This judgment emphasises the point that creditors are better off arguing that their claim is ascertained (even if it is disputed in full) as their vote could make all the difference in whether proposals are approved.
The Chancellor’s recent mini-budget provided a significant announcement for business as it was confirmed that the off-payroll working rules (known as “IR35”) put in place for public and private sector businesses from 2017 and 2021 will be scrapped from April 2023.
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The Federation of Small Businesses (FSB) has released a report setting out the impact of new and changing regulations arising from the pandemic on small businesses across the UK.
As has been widely reported this week, some 3,000 UK workers are taking part in a six month trial to assess the viability of a four-day working week without any reduction in their normal pay.
In March the government proposed a number of changes to the Building Safety Bill. The new amendments propose additional protection for leaseholders to prevent them from being charged for cladding work if they own up to three properties.
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