Often, after a company has gone bust, it would appear to the outside word that the director of that company simply starts up again and trades using the same or similar name as the defunct company. The director does this by incorporating a phoenix...
Read more...Being a director of a company is a responsible job. A director is bound by several statutory and non-statutory obligations, duties and restrictions under the common law as well as the Companies Act 2006 ("the Act"). Under the insolvency Act 1986...
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Wrongful trading is a type of civil wrong found in UK insolvency law, under Section 214 Insolvency Act 1986. It was introduced to enable contributions to be obtained for the benefit of creditors from those responsible for mismanagement of the...
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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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From 6th April 2017 the new insolvency rules come into effect, these changes will no doubt have significant impact on the Insolvency profession. The changes have been brought about to increase creditor engagement and to streamline the profession....
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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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In conjunction with HM Treasury, the Insolvency Service has imposed a new fee structure for bankruptcies and compulsory liquidations which came into force on 21 July 2016. The objective behind the new fee structure is for the Insolvency Service to...
Read more...The government has made an announcement that it is proposing a 3 month moratorium (see definition below) from creditor action for insolvent or near-insolvent companies. R3 has welcomed this proposal having made their own suggestions...
Read more...The 6th of April saw the next big change in Bankruptcy Rules since the change in the required minimum debt level from £750 to £5,000 back in October last year. This latest change means when you will no longer have to go to court to apply for your...
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