The impact of Covid-19 has piled an enormous amount of pressure on small businesses. Unfortunately for some of us, this pressure may prove too much to bear.
In this installment in our expert Q&A video series, we’re joined by John Clarke – Insolvency Adviser at WJM – to discuss what the insolvency process looks like, as well as the legal responsibilities businesses have.
Jump straight to the answers you need...
00.00 – Introduction to insolvency in a Covid-19 world
03.20 – What does it mean to be insolvent?
06.20 – What's the typical timeline for a business as it approaches insolvency?
12.40 – What happens during a typical insolvency process?
14.40 – Insolvency in a Covid-19 world: What rules have been relaxed?
19.05 – Will we continue to see a large number of insolvencies for the rest of 2020?
23.02 - What can businesses facing insolvency do to try to prevent this happening to them?
26.55 - Are certain business models more vulnerable to insolvency than others?
30.38 - What happens to your existing contracts and other obligations?
33.09 - What is the difference between a liquidator, administrator and a trustee in bankruptcy?
33.48 - What happens to employees when a business is handed over to a liquidator/administrator/trustee in bankruptcy?
35.34 - What happens to suppliers when a business is handed over to a liquidator/administrator/trustee in bankruptcy?
36.21 - What happens to shareholders when a business is handed over to a liquidator/administrator/trustee in bankruptcy?
37.43 - Can the directors start a new company or be a director of another company after this is over?
39.19 - What can landlords do when one of their tenants goes bankrupt – what are their rights typically?
42.35 - Further resources for fighting off or managing the insolvency process.
