It has been a difficult year for everyone. The damage caused to small businesses and sole traders, has been significant. However, failure to understand how to risk manage your businesses could be exposing not just your business but your personal assets as well.
Upcoming changes to insolvency laws could have a significant impact on companies that have faced challenging circumstances during the COVID-19 pandemic. Temporary protections from claims of insolvent trading that were put in place to assist businesses during COVID–19 are coming to an end on 31 December 2020. However, a new regime for restructuring small businesses is commencing on 1 January 2021 .
Any director of a company that has experienced difficulty or incurred debts since the start of the COVID-19 pandemic should carefully consider their position as their personal assets may be at risk. Steps should be taken prior to 31 December 2020 to ensure that companies and directors are able to take advantage of the new regime and of the protections available.
Contact us today to ensure you are taking the right steps to safeguard yourself during these uncertain times.
Book an appointment on this link https://letsmeet.io/carlossellanes/free-15-min-legal-consult and let one of our lawyers assist you with any questions you may have.