Regular readers will have seen the recent rise in personal insolvency statistics and the issue is brought home at this time of year when we might flex the plastic to…

In company law, a distribution in respect of share capital during a winding up is not currently treated as an income distribution for tax purposes, instead being subject to capital…

In November 2015, the trade body of the insolvency profession, R3, led a coalition of ten business organisations in writing to the Justice Secretary Rt Hon Michael Gove MP to…

Under new powers introduced last year H.M. Revenue & Customs (‘HMRC’) can demand disputed amounts of tax, using Advanced Penalty Notices (‘APNs’), where tax tribunals are yet to rule in…

It has recently been reported that the number of individual insolvencies in England and Wales has risen for the first time in a year. The Insolvency Service revealed that there…

You may be aware that the outcome of prosecutions of company directors have been awaited in two high profile cases (USC and City Link) for failure to notify the Secretary…

Most are aware of the doctrine of corporate personality from the time old case of Salomon v A Saloman & Co Ltd 1896 (aka Salomon v Salomon)…the concept of limited…

An independent pool of twenty business experts has been assembled to pass judgement on the proposed acquisition of businesses through pre-pack sales by those already involved in the running of…

Fraud is on the up, but probably not as you might expect, as recent reports indicate that the main culprits appear to be those who hold Power of Attorney over…

The British Business Bank, a part of HM Government which offers funding to businesses to “Start-Up” or “Scale Up” or “Stay Ahead” has announced that it has provided a £100m…

Almost two in five (38 per cent) insolvent companies across the Midlands have been rescued with the help of the region’s insolvency professionals. This is according to a new report…

In August British construction output fell for a second straight month at its sharpest rate since late 2012 official data has shown. Construction accounts for around 6 percent of UK…

A new National Living Wage for the over-25s, of £7.20 per hour, will be introduced from April 2016 and it is expected that this will rise to £9 per hour…

In 2013, a review of UK insolvency law by Elaine Kempson (of Bristol University) identified that the routine practice amongst Insolvency Practitioners (IP’s) to charge by the hour without providing…

With ever developing digital interfaces is it any wonder that the dreaded Tax Return’s (TR) days are numbered? Well, numbered certainly in terms of hard copy paper returns. Anyone who…

A recent decision by the Employment Appeal Tribunal has provided some clarification on ‘assignment’ of employees under the Transfer of Undertakings (Protection of Employment) Regulations 2006 (as amended). In the…

Under the Direct Recovery of Debts (DRD) rules, Finance Act 2015, HMRC will gain the power to collect tax debts directly from taxpayer's bank and building society accounts, likely from…

The ‘Burt Report: Inclusive Support for Women in Enterprise’ was released by the Government in February this year, and does what it says ‘on the tin’ with recommendations and advice…

Beijing is reaching the end of a credit cycle. It had previously managed to inflate domestic growth rate, during the global financial crisis, by forcing banks to expend huge amounts…

The Insolvency Service has recently released its latest figures showing that the number of companies entering into formal insolvency during the quarter ending June 2015 has fallen by 2.9% on…

Borrowers are being warned to prepare now for a rise in interest rates, with a reported million homeowners never having experienced a Bank rate increase. With news that an upward…

The ruling in the recent Coventry v Lawrence case meaning that original cost agreements in ongoing cases undertaken under pre-Jackson conditional fee agreements (CFAs) or after-the-event (ATE) insurance arrangements will…

There has been a lot of cycling going on during July 2015 that you might have seen… especially Chris Froome piloting his Pinarello over 3,500km through France wearing a yellow…

You will have no doubt seen recent press coverage of a Gloucester based bridal-wear company which had ceased trading and has subsequently gone into liquidation. Based on the press reports,…

The Bank of England interest rate has been at its record low now for over 6 years, since it was reduced to 0.5% in March 2009. However, with recent news…

Football League clubs have agreed changes to the League's Insolvency Policy aimed at promoting a 'rescue culture' that gives clubs facing insolvency the best chance to restructure their finances and…

As I am sure you are aware on Tuesday Evening Greece defaulted as it was unable to repay €1.6bn due to the International Monetary Fund. Discussions with its creditors and…

More than 600,000 new businesses are set to launch this year, as the Government's Startup Britain campaign takes to the road. There were 581,000 new companies created last year and…

Recent findings by the global information services company - Experian – has revealed that social renters (those who rent a property from a Local Council or Housing Association) and short-term…

Recent research has demonstrated that a worrying consequence of a 1% rise in interest rates would be that well over 6 million people would quickly face difficulty in covering their…

Many small business owners are facing pressure on their finances as a result of late payments. Research conducted by Sage, the accounting and payroll corporation, has shown a staggering £55…

In the first quarter of 2015, the number of county court judgments (CCJs) against consumers in England and Wales increased, compared to last year, by more than 20 per cent.…

Since April 2012 every PAYE scheme registered with HM Revenue & Customs will have been assigned what is called a Staging Date by the Pensions Regulator. The Staging Date is…

The Governments “Red Tape Challenge” has started to produce some sensible results in dealing with an excess of unnecessary bureaucracy. There are going to be a whole raft of changes…

The UK’s growth rate halved to 0.3% in the first quarter of 2015. One industry that has been hit particularly hard was that of manufacturing, which saw a drop in…

It has recently been reported that the number of individuals entering a form of insolvency in England and Wales has fallen to its lowest level since the autumn of 2005.…

Further to our recent news post regarding Moopay Limited in Liquidation and Mintpal Limited in Provisional Liquidation, we can confirm that on 27 April 2015 Liam Short and Graham Wolloff…

Around 40% of homeowners with mortgages could struggle to move because they would not qualify for a new loan. The growing band of potential "mortgage prisoners" is thought to number…

Further to our recent news post regarding Moopay Limited in Liquidation, on 15 April 2015 Liam Short and Graham Wolloff of this firm were appointed Joint Provisional Liquidators of Mintpal…

Should the worst happen and your company suddenly become exposed to a significant unforeseen bad debt, are you adequately prepared? All businesses, irrespective of their size, are susceptible to risk…

There is a new buzzword in the land of pensions…the ‘Lamborghini’ pension. This has been brought about by the Government’s reforms of the draw-down rules for personal pension pots from…

Moopay was set up in 2014 to operate a cryptocurrency trading platform but it went into liquidation later that year amid a great deal of confusion and speculation about what…

The Government has set out new rules requiring insolvency practitioners to provide creditors with an upfront fee estimate when charging on a time costs basis. The estimate would also act…

The trade body for the insolvency profession, R3, has recently launched a website intended to help creditors to better understand and engage with the insolvency process. The site explains, in…

At their March meeting, the Bank of England declared that interest rates would remain at their record low level of 0.5%. They have now remained unchanged for six years since…

Recent reports have exposed the risk of insolvency to Small and Medium Enterprise (SME) food and drink suppliers – including farmers - as a result of a “price war” between…

You may be aware of a story circulating in the press last week that suggested people should get a written receipt for all transactions. This is perhaps easier said than…

At the end of 2014, EU ministers proposed a new insolvency regulation that would introduce a more ‘rescue orientated’ approach to cross-border insolvencies. However, the Insolvency Service is confident that…

The Independent newspaper recently reported that last year, the Financial Conduct Authority (“FCA”) adopted responsibility for regulating crowdfunding platforms. Crowdfunding platforms allow investors to provide loans to companies looking for…

Our previous City Link article highlights, in the main, the perceived poor treatment of many a business’s best asset...its workforce. Emotions naturally run high when any workforce is dismissed and…