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Covid Bounce Back Loans a “Debt Mountain” for Businesses
going to become increasingly important in order to ensure that everyone’s rights and obligations to their partners are set out in the event that the relationship ends.
“For those couples who do tie the knot, more of them do so later in life when they have perhaps acquired more in terms of their own assets and wealth – leading to greater numbers of people opting for nuptial agreements.
“This, along with people wanting to ensure that their wishes will be acted upon following their death and that their loved ones will be able to inherit their estate, has also led to a rise in demand for succession planning.
“It’s for all these reasons and more that we’re delighted to have Amy and Katie join our team. They are two stars of the future, already hugely popular with clients, and will add another dimension to our family offering”. Amy McGowan-Docherty joins the Family Division at mfg having recently completed her training and will work across all family matters, including divorces, finance, cohabitee agreements and disputes, injunctions, pre- and post- nuptial agreements and arrangements for children.
Katie Banks joins as a paralegal, having successfully completed Level 4 of her Diploma in Paralegal Studies.
Covid Bounce Back Loans a “debt mountain” for businesses
Billions of pounds worth of loans to help small and medium sized enterprises survive the coronavirus pandemic are a “debt mountain” businesses should start to pay off as soon as possible.
That is the message from leading corporate and commercial lawyer Clare Lang, who is encouraging businesses to use the lifting of Covid restrictions and the accompanying growth in trade as a window of opportunity to reduce their liabilities.
Ms Lang, a partner at Worcestershire law firm mfg Solicitors, said the loans would be taken into account by future liquidators, while directors could find themselves personally liable if their companies cannot pay.
She is urging any directors who might be unable to repay their loans to seek legal advice about their options.
Almost 1.6 million Bounce Back Loans worth a total of £47 billion have been approved and were the largest part of more than £80 billion of total government-backed loans during the pandemic.
Ms Lang said: “Bounce Back Loans were a vital emergency lifeline for many businesses who were unable to trade as
