The Government has recently announced measures to prevent directors from incurring personal liability from wrongful trading during the COVID-19 outbreak. On the face of it, directors will be able to continue to trade with impunity but this article explains that this may not be the case.
Following the announcement of the income support measures, the Government has clarified that directors whose remuneration is subject to PAYE (as opposed to remuneration being drawn by a self-employed director) may be furloughed under the newly-announced Coronavirus Job Retention Scheme. But what does that really mean?
In the past few weeks we have seen coronavirus spread throughout the UK wreaking havoc on businesses in its wake. Staff have been forced into lockdown, furloughed or required to work from home. Transport has been interrupted and supplies that we would usually take for granted, have been restricted. So, were you ready?
With the involuntary closure of many businesses forced by the UK wide lockdown, previously successful companies are beginning to feel the strain, becoming more and more concerned with the future viability of their businesses.