Staff Payment & Furlough Concerns
n response to the coronavirus pandemic, the government introduced a range of initiatives to help businesses weather the storm and cushion the economic shock. One of the most successful and widely used measures has been the Coronavirus Job Retention Scheme (CJRS) which has been used in some form or other by two thirds of businesses since it was introduced in March 2020.
A series of extensions means this scheme will now run until the end of March 2021.
As part of the scheme, employers who have been hit by a drop in trade due to coronavirus related business interruption, can furlough those staff who for whom there is not adequate work. The government will cover 80% of their salary up to a monthly cap of £2,500. Employers can choose to top this up to 100% if they wish.
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A series of extensions means this scheme will now run until the end of March 2021.
As part of the scheme, employers who have been hit by a drop in trade due to coronavirus related business interruption, can furlough those staff who for whom there is not adequate work. The government will cover 80% of their salary up to a monthly cap of £2,500. Employers can choose to top this up to 100% if they wish.
Other Products and Services from Real Business Rescue
Can My Company be Rescued?
When you seek assistance from a licensed insolvency practitioner, their first objective will be to rescue your business and return it to profitability. This can be effected in a number of ways, depending on your company’s individual circumstances and the level of debt owed.
You may have heard the terms ‘business rescue’ and ‘business recovery’ - the processes associated with these terms include sourcing new funding, restructuring a company’s affairs including assets and debts, and entering formal insolvency solutions such as a Company Voluntary Arrangement or company administration.
Once you have recognised that a problem exists and that the company is in danger of entering insolvency, you should seek assistance from a licensed insolvency practitioner (IP). They will be able to assess your situation, and guide you towards the best options.
You may have heard the terms ‘business rescue’ and ‘business recovery’ - the processes associated with these terms include sourcing new funding, restructuring a company’s affairs including assets and debts, and entering formal insolvency solutions such as a Company Voluntary Arrangement or company administration.
Once you have recognised that a problem exists and that the company is in danger of entering insolvency, you should seek assistance from a licensed insolvency practitioner (IP). They will be able to assess your situation, and guide you towards the best options.
Members' Voluntary Liquidation
What is a Members' Voluntary Liquidation (MVL) and what does the process involve?
What is an MVL?
A Members’ Voluntary Liquidation (MVL) is a formal process for closing down a solvent company in a cost-effective way. MVLs are often utilised as an exit planning tool when a profitable company has reached the end of its useful life, where shareholders are keen to extract the profits of their investment, or if its directors are approaching retirement or otherwise looking to depart from the business for any other reason.
What is an MVL?
A Members’ Voluntary Liquidation (MVL) is a formal process for closing down a solvent company in a cost-effective way. MVLs are often utilised as an exit planning tool when a profitable company has reached the end of its useful life, where shareholders are keen to extract the profits of their investment, or if its directors are approaching retirement or otherwise looking to depart from the business for any other reason.
Compulsory Liquidation
What is compulsory liquidation? A guide to understanding the process for company directors
Compulsory liquidation (WUC) is a formal insolvency procedure which results in a company being forcibly shutdown. The compulsory liquidation process is typically initiated by disgruntled or otherwise outstanding creditors of a limited company through a court order known as a Winding Up Petition (WUP). A WUP notifies a company that a petition has been lodged to bring about the closure of the business and the liquidation of its assets.
Compulsory liquidation (WUC) is a formal insolvency procedure which results in a company being forcibly shutdown. The compulsory liquidation process is typically initiated by disgruntled or otherwise outstanding creditors of a limited company through a court order known as a Winding Up Petition (WUP). A WUP notifies a company that a petition has been lodged to bring about the closure of the business and the liquidation of its assets.
Real Business Rescue
Head Office 340, Deansgate, Manchester, M3 4LY, United Kingdom
Real Business Rescue specialise in a wide variety of services including company debts, liquidation and closure, restructuring and rescue and specialist business advisory for a wide variety of industries and sectors throughout the UK. We cater for businesses and organisations that require assistance with their insolvency issues during COVID-19 and can offer expert advice across a broad range of professional services.