Bankruptcy Restriction Orders (“BROs”) Introduction A BRO can be applied for within one year of the Bankruptcy Order being made or after one year with the permission of the Court. Only the Official Receiver or the Secretary of State can...
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First quarter of 2017 reveals an increase in insolvencies. The most recent Insolvency statistics have been distributed by the Insolvency Service for the first quarter of 2017. Company Insolvencies They demonstrate an expansion in total...
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We often get asked when dealing with creditors in insolvency situations, what the order of priority is for payments. Who ranks above whom? Where does the bank and HMRC rank? If the bank has security, do employees rank ahead of them? The simplest...
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Circumstances change and can unfortunately lead to financial difficulties. In some cases, particularly for sole traders when it looks like there is no way out, an Individual Voluntary Arrangement (IVA) may be a suitable alternative to...
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Following the Brexit vote earlier this year restaurants have been put under pressure as costs have increased due to the fall in the pound. It is estimated that a total of 5,570 restaurant companies have at least a 30% chance of going insolvent...
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An accountant has failed in an appeal against a three year disqualification. The director was banned from being a company director after he paid trade creditors but not HM Revenue and Customs (HMRC) when his business went into...
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An IT consultant from Basingstoke has been disqualified and barred from acting as a company director for 8 years after wrongful behaviour including paying himself £40k when the business was insolvent. Investigating the failure of management...
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During May to July earlier this year, The Insolvency Service held a consultation on the reform of the UK’s insolvency regime and has now published a summary of the responses. The Government sought opinion from a wide range of organisations and...
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The Financial Times has recently reported on the findings Euler Hermes, the world’s largest trade credit insurer, which insures companies against the risk that creditors will not be able to pay their debts. Ludovic Subran of Euler Hermes...
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Retail insolvencies have filled the business news over recent years as a steady stream of household names folded. Online competition, together with an uncertain economy, has been cited as the main causes. So with the growth of online shopping...
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