On 6 December 2019 Mark Tailby and Graham Wolloff were appointed as Joint Administrators of Best Asset Management Limited. Any interested parties should contact our
If interest rates increased by 1% then over one third of British adults would find it difficult to afford the repayments on credit agreements, according
1 October 2017 saw the new Pre-Action Protocol for Debt Claims (‘Protocol’) come into force. It applies to any business – limited company, partnerships, sole
As you may be aware, several months ago HMRC transferred the responsibility of dealing with solvent liquidations (or MVLs) from their offices in Worthing to
The outcome of a recent court case has demonstrated that if the party serving a Statutory Demand is deemed to have exhibited inappropriate or unreasonable
For the last 7 years HMRC have been in a legal battle over the use of employee benefit trusts (“EBT”) as a means of paying
Statistics revealed that personal insolvencies were substantially higher in the first quarter of this year compared to the previous year, and also increased from the
Just under a year ago we highlighted one of the more high profile Bankruptcy Restriction Orders (‘BRO’) issued to Willie Thorne, a former world-ranking professional
Research recently published by R3, the insolvency and re-structuring trade body, shows that some 79,000 businesses (4%) say they would be unable to repay their
With growth of 0.2% in the first quarter of 2017 the UK economy ranked last out of the 28 Countries who are part of the
Recent reports suggest that the Bank of England and the Financial Conduct Authority (FCA) hold some serious concerns about the rapid growth of consumer borrowing
Life can very quickly become difficult for a director of a company in financial difficulty. Often directors will continue to trade in the sincerely held
2017 has seen press statements from a number of high profile companies that dividends to shareholders have been paid in breach of the Companies Act
The new Insolvency Rules (England & Wales) 2016 were introduced this month bringing the most significant changes in insolvency legislation for many years. There are
Some 510,000 businesses have seen an increase in their business rates from the start of April, compared to 420,000 paying the same and 920,000 seeing
It is never a good idea to sound alarmist but this firm is aware of a matter regarding the disqualification proceedings for a director resulting
The vast majority of Small and Medium Sized Enterprises are owner managed and often critically reliant on the expertise and knowledge of the owner. A
90,930 people became insolvent across England and Wales during 2016. This represents a rise of 13.1% from 2015 and the first annual increase since 2010.
Numbers from the London Gazette indicate that 1,174 companies or groups were placed into administration in the UK during 2016, compared with a 15 year
Section 127 of the Insolvency Act 1986 (“The Act”) applies to transactions entered into by a company between the date of issue of a winding
The introduction of the new Insolvency Rules on 6 April 2017 will bring significant protocol changes for creditors as well as for the Insolvency Profession.
As the UK negotiates a deal for Brexit with Europe, this could have a negative effect on the restaurant trade. Recent reports suggest that as
A number of businesses use the VAT Flat Rate Scheme (‘FRS’) because it is designed to simplify record keeping and make it easier to work
Research has been carried out by Opus Restructuring, a restructuring and insolvency firm, using data provided by Company Watch, a financial analytics company, into the
It has recently been reported that – continuing a trend that commenced in 2014 – young women made up the majority of personal insolvencies in
You may recall our news item in August providing a summary of the likely noteworthy changes anticipated in the forthcoming introduction of the new Insolvency
Economists are predicting that as the rising oil prices push up the price of petrol, inflation will increase sharply potentially as high as 3% in
The number of businesses that have had their assets seized by HMRC has more than doubled in the past year according to a recent study
We all know a registered office is a legal requirement for corporate bodies (typically limited companies and limited liability partnerships) in the UK. Its sole
We have recently dealt with the liquidation of a company whose business model relied on customers pre-paying for the goods in advance. The circumstances highlight
After persistent lobbying, the government has now published a set of rules on whether directors are required to be enrolled in company auto-enrolment schemes. The
Recent studies have shown that more than a quarter of Small and Medium Enterprises (‘SMEs’) in the UK suffer from bad debt. Indeed, in the
As you may already be aware, the existing Insolvency Rules have been under review for some time as Insolvency was the subject of a government
The largest section of the British economy, the services industry, has recently endured a substantial monthly decline, the rate of which was the highest since
The Enterprise Act 2002 (‘EA’) brought in a number of changes for bankruptcy, most significantly that the typical duration of the restrictions on a bankrupt
A review undertaken by the Law Commission has made recommendations on the way consumer deposits and retail vouchers should be treated following the insolvency of
Timeline 24 June 2016 – The United Kingdom votes to leave the EU; the value of sterling falls to its lowest level since 1985, the
According to a poll conducted by the Institute of Chartered Accountants of Scotland, 4 out of 5 SMEs are not optimistic surrounding the future of
It has recently been reported that the raft of fees applied by the Insolvency Service, to personal and company insolvencies, are changing from 21 July
Now that the news of the outcome of the Brexit vote has had time to sink in, urgent consideration should be given by senior management
The consequences of a vote for Britain to leave the European Union seems to have an immediate economic effect. The value of the pound has
The backbone of the economy of UK plc is supported by a large number of owner managed, small to medium, enterprises many of them limited
On 14 March 2016 a Winding-up Order was made by the High Court in England to put WSB Investment Ltd; a company which formerly traded
The Department for Business, Innovation and Skills has launched proposals for changes to the insolvency regime, including a three-month moratorium from creditor action and a
Weak productivity and increased costs such as; the national living wage, apprenticeship levy and pension auto-enrolment have curbed employers’ willingness to raise salaries. Even though
It was recently reported on this site that, in a bid to try and turn its financial fortunes around, British Home Stores (‘BHS’) was proposing
The Association of British Insurers (ABI) most recent Trade Credit Insurance survey has shown a 19% increase in the number of claims from the previous
The Insolvency Service recently reported on the circumstances resulting in a director disqualification of eight and a half years, a substantial period albeit by way
Falling UK retail sales in recent months together with average store prices being lower in March than a year earlier indicate that inflation in the
The Insolvency Service has announced changes to the way Insolvency Practitioners submit conduct reports on directors. From 6 April 2016, they will be delivered to