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CG&Co Goes for Growth with new In-House Legal Department

CG&Co has established its own in-house legal team to ensure it consistently provides clients with the most comprehensive and responsive service. The firm, specialising in insolvency and property receivership, has appointed, Amy Crighton as its first in-house solicitor.

In-House Team

CG&Co‘s partners took the decision to create the new department to provide clients with specialist legal guidance as swiftly as possible. This new department aims to prevent interest on bridging loans accruing more than is absolutely necessary.

In addition, CG&Co witnessed a 40% increase in demand for its property receivership services over the past year. This resulted in it engaging costly external lawyers with greater frequency.

“I leapt at the opportunity to be a part of such a thriving and fast-growing business as CG&Co when it arose. After meeting with the partners, I realised that this newly created role would be exceptionally rewarding both professionally and personally; given the diversity of the work that takes place here,” explained Crighton, who is now in post.

“Building CG&Co’s in-house legal team from scratch is undoubtedly going to be a challenge – but I know that it will ensure we can provide clients with the right service at the best price.”

Prior to joining CG&Co, Crighton worked in the Insolvency and Corporate Recovery team at law firm DWF, where she was recognised by the independent Legal 500 ranking guide as a “key lawyer”.

Crighton has advised a variety of clients in connection with high profile insolvencies and receiverships. This includes the administrators of a Formula One team.

She brings substantial experience of acting for the receivers of property developers to her new role as CG&Co’s in-house solicitor.

A Partner’s Input

CG&Co partner Daniel Richardson said: “We knew as soon as we met Amy that she would be a perfect fit for this role at CG&Co and have tasked her with creating our own legal team. Her expertise and experience enhance the service we provide clients. We’re now able to provide legal input more quickly and cost-effectively. With the volume of property appointments handled by CG&Co constantly increasing, having an in-house legal team means that we’re able to provide a comprehensive service that’s totally responsive.”

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COVID-19 Guide for Lenders

The COVID-19 pandemic has resulted in various changes to the way the whole of the United Kingdom and its businesses operate.

While it may feel like everything is on hold, there are steps that certain lenders can take when it comes to enforcement. We have highlighted these in our COVID-19 Guide for Lenders.

Read the full guide here:

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CG&Co warns against “business complacency” in the wake of new insolvency figures

CG&Co has warned businesses operating in every sector not to take “false comfort” from the latest insolvency figures.

Government data showed there were 3,883 company insolvencies in England and Wales in the first quarter of 2020, representing a decrease of 8.5 per cent from both the previous quarter and the same period in 2019.

CG&Co, which specialises in business recovery and turnaround, asserts that the new figures released by the Office for National Statistics (ONS) cannot reveal any “real insight” about the current state of the economy in the wake of the coronavirus pandemic.

Partner Daniel Richardson explained: “These figures would potentially have been encouraging for many businesses operating in England and Wales if it hadn’t been for the outbreak of coronavirus.

“But we’re now living through truly uncharted times and the UK-wide lockdown which commenced on March 23 only features in the last week of the statistics.

“Consequently, it seems fair to assume that the quarterly and year-on-year decreases in corporate insolvency numbers simply aren’t going to last given the current economic climate.”

Daniel asserts that a possible reason for the improved results in the first quarter of 2020 was because many companies had bolstered their working capital facilities before the EU departure date at the end of January.

He concluded: “The figures for the current quarter that runs until the end of June – and those that follow afterwards – will be far more indicative of coronavirus’ true impact on UK plc.”

According to the latest figures from the ONS – published 30-04-2020 – there were 3,883 company insolvencies in the first quarter of 2020 in total.

Creditors’ Voluntary Liquidations (CVLs) were the most common type of company insolvency, accounting for 70 per cent (2,708) cases, followed by compulsory liquidations (18% – 701).

The remaining 12% was made up of all other types of company insolvency.