Administration
Miss Sixty Judge Calls for Improved Insolvency Practitioner Regulation
In July, I suggested there should be an urgent review of how insolvency practitioners (IPs) are regulated and following a high-profile complaint by a judge it has become evident there are many others who share this opinion. Earlier this month, during an appeal against a Company Voluntary Agreement (CVA) for Sixty UK – owners of…
Read MorePortsmouth Defeat HMRC in Landmark Legal Case
As I mentioned in an earlier blog, the reason most football clubs are facing financial difficulties is simple: their expenses exceed their income. Portsmouth FC are no exception and currently facing an uphill struggle to remain solvent. However, their battle became a little easier earlier this month after a high court judge rejected claims by…
Read MoreWhat is an Insolvency Practitioner?
An insolvency practitioner (IP) has several roles and under the Insolvency Act 1986 can act as a liquidator, administrator, nominee and supervisor in matters relating to bankruptcy. They are authorised by the Secretary of State for Trade & Industry, the Insolvency Practitioners Association (IPA) or one of the other bodies recognised under the Insolvency Act.…
Read MoreHow Do You Protect Yourself as a Director When Your Company Has Been Liquidated?
After a company is liquidated either through a Creditors Voluntary Liquidation (CVL) or compulsorily winding up by the court, the actions of the directors during the previous 12 months usually come under careful scrutiny. If the liquidator (or official receiver) believes the director(s) in question did not act in accordance with their duties, they can…
Read MoreJJB Sports Complete Company Voluntary Arrangement
JJB Sports owners are ‘delighted’ to have concluded their company voluntary arrangement (CVA) last month. The sports equipment retailer entered into a CVA with creditors and shareholders in May 2009 to avoid collapse. But what is a CVA? Companies apply for CVAs when they’re overwhelmed by debt liability and, as a result, unable to trade.…
Read MoreCardiff City Are Latest Victims of Premier League Financial Woes
Executives at Cardiff City have revealed they were unable to pay players’ wages last month due to financial difficulties. It is expected the players will be paid this week, but make no mistake, the dangers facing a company that fails to pay staff wages should not be underestimated. Cardiff City escaped a winding-up petition at…
Read MorePre Pack Administration Can Be a Stress-Free Zone
When a director decides they’re better off without their company’s liabilities and wants to move their assets to a new company, a pre pack sale is a viable legal option. Pre pack administration can be sought after a company is served with a winding up petition or when insolvency threatens. The pre pack process takes…
Read MoreRMJ Administration Boils Down to Facts and Law
It’s sad to hear the Refugee and Migrant Justice (RMJ) charity has gone into administration. RMJ Chair Paul Gray says 10,000 asylum seekers and migrants – 900 of them children – could be left without legal representation.
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