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UK Liquidators: Support for Tier 2 businesses in Kings Lynn and across Norfolk

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As England emerges from the second national coronavirus lockdown, a new tier system has come into force across the country.

Businesses now face further ongoing restrictions to trading, and the situation could signal the end for some.

Norfolk has been placed in Tier 2 – the ‘High Alert’ level.

The impact that coronavirus has had on businesses nationwide is significant, so the Chancellor is continuing the furlough scheme until the end of March to help employers retain staff.

The subsidised loan schemes are also being extended until January 11.

So what does Tier 2 actually mean for businesses in Kings Lynn and across Norfolk?

Businesses have faced tough times during the pandemic
Businesses have faced tough times during the pandemic

Tier 2 restrictions for Norfolk businesses

  • Businesses selling food and drink can provide takeaway, delivery, click-and-collect, or drive through services only
  • Non-essential shops, and hair, nail, and beauty salons may open
  • Pubs and bars have to close unless they are serving alcohol with a substantial meal
  • Indoor sports, activity, and fitness venues can open
  • Outdoor and indoor shows and performances can continue with limited attendance
  • Venues including, but not limited to, cinemas, bingo halls, casinos, theatres and amusement arcades, must close at 11pm
  • Nightclubs must remain closed
What does Tier 2 mean for your business?
What does Tier 2 mean for your business?

Will the same restrictions apply over Christmas?

The government has stated they will review the data by December 16, so there is potential for an area to move up or down a tier depending onthe infection rates and other criteria.The restrictions that apply over the festive period, therefore, will depend on the tier that Kings Lynn and Norfolk are in at the time.

How will Tier 2 restrictions affect businesses in Norfolk?

The move from Tier 1 to Tier 2 is disappointing for businesses in Norfolk. Altering operations and trade at short notice uses up scarce resources, and some businesses will struggle to survive. Our licensed insolvency practitioners at UK Liquidators are committed to supporting directors and their stakeholders in Kings Lynn and the wider Norfolk area.

The percentage of people testing positive for the coronavirus has fallen in Norfolk but firms face a long road back to normality
The percentage of people testing positive for the coronavirus has fallen in Norfolk but firms face a long road back to normality

The experienced team at our Norwich office can offer professional advice on suitable rescue and recovery measures available, so what might these include?

* Company restructuring: If your company is experiencing severe pressure from creditors, entering a formal insolvency procedure can protect it from legal action and enforced closure. We can negotiate with your creditors to formally restructure your debt repayments within a legally binding agreement.

* Emergency finance: We will provide tailored guidance on the best types of finance for your business – this could be one of the government-backed loans, or another form of emergency funding, such as factoring or invoice discounting.

* Liquidation support: If there is no potential for rescue and recovery, we can act as liquidators to ensure you meet your legal obligations as a director, close the company down in an orderly manner, and also offer advice on your eligibility for director redundancy pay.

If you would like to discuss the challenges and issues your business is facing, you can arrange a free, confidential consultation with your local UK Liquidators office in Norwich.

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