Tughans Solicitors

Extension of the Coronavirus Business Interruption Loan Scheme (CBILS)

Following on from my initial note on CBILS and a lot of scrutiny within media, the government on Friday 3rd April 2020 expanded the scheme to make it more accessible to SME businesses and also announced the Coronavirus Large Business Interruption Loan Scheme (CLBILS) which is targeted at larger businesses.

How is COVID-19 affecting your M&A transaction?

Aimee Craig, Associate in the Corporate team at Tughans, picks up on certain considerations in the M&A market at this time. As the COVID-19 pandemic continues this uncertainty creates a difficult backdrop for corporate deals. We set out below some of the potential impacts on M&A transactions and some suggestions on how to manage such... Read More

Respite for Commercial Tenants – moratorium on evictions

In the vast majority of commercial leases, there is an ability for the landlord to forfeit the lease and take back possession of the premises should the tenant fail to pay its rent within a set period (usually 21 days) of the payment falling due.   However, in an effort to support businesses during this... Read More

More Business Support Measures Made Available

In what will come as some relief to many, guidance has been issued by Finance Minister Conor Murphy to public bodies encouraging a range of support measures to be applied to their supply chains during the current period of upset, including:   ensuring that supplier invoices are paid without delay and without concern for immaterial... Read More

Coronavirus Self-Employment Income Support Scheme

What is it? This Scheme is another emergency measure to address loss of income caused by the Coronavirus outbreak. It allows the self-employed to apply for a taxable grant worth 80% of their trading profits, up to a maximum of £2,500 per month, for the next 3 months.

Coronavirus Job Retention Scheme

Coronavirus Job Retention Scheme The Government has updated its guidance on the operation of the Coronavirus Job Retention Scheme (the Scheme). This follows the publishing of formal directions from the Treasury to HMRC on the operation of the Scheme on 15 April 2020. This advice note is kept under review but does not constitute legal... Read More

Coronavirus: Companies House

The impact of coronavirus is being felt by everyone and there are various measures being put in place to assist businesses (and Companies House) to deal with the disruption. The following updates from Companies House should be considered by businesses: Companies will be given an additional 3 months to file accounts with Companies House to... Read More

Residential Mortgage Payment Holidays

Residential Mortgage payers who are facing financial difficulty due to coronavirus are to be offered payment holidays of up to three months, the government has announced.  This also applies to buy to let mortgages over residential properties.   Chancellor Rishi Sunak made the announcement on Tuesday 17 March as part of emergency measures designed to... Read More

Covid 19: Will your business interruption insurance apply?

From 29 February 2020 Covid-19 has been listed as a notifiable disease in Northern Ireland. Since then, the severe impact of Covid-19 has been felt by businesses across Northern Ireland as they deal with the government and public health guidelines, most notably in the hospitality, retail and tourism sectors. Following a press conference on 16... Read More

Coronavirus Business Interruption Loan Scheme (CBILS)

The UK Chancellor has set out a package of temporary, targeted measures to support businesses through the disruption caused by COVID-19.  Businesses of all sizes will have access to a package of Government-backed loans and guarantees, with further capacity should it be required.