CVA
Insolvency & Law Shortlisted for “Insolvency and Restructuring Firm of the Year 2016″ award
London-based magazine Finance Monthly, which is distributed to more than 100,000 readers across the globe, recently shortlisted Insolvency & Law (I&L) in the category of British ‘Insolvency and Restructuring firm of the year, as part of the eighth annual Finance Monthly Global Awards. To celebrate the nomination, below, I&L director Peter Murray shares his thoughts…
Read MoreWhy winding up petitions are more efficient than county courts
We recently spoke with a client who for the previous three months had been chasing a customer with an outstanding invoice of just over £50,000. The client was considering litigation in the county court to retrieve the money and I suggested that a quicker and more cost-effective route might be to issue a winding-up petition.…
Read MoreHow to ensure your winding up petition is not dismissed or withdrawn
Some time ago, we presented a winding up petition to a company that owed one of our clients £50k. Upon receipt, the respondent company threatened to apply for a court injunction to restrain us from proceeding and dismiss the petition on the grounds the debt was disputed. The respondent company falsely alleged that £49k of…
Read MoreTop 5 Solutions for Dealing with HMRC Winding-up Petitions
In June 2010, we posted an article explaining how to get winding up petitions dismissed and withdrawn and another, five months later, revealing how HM Revenue and Customs (HMRC) was responsible for issuing the vast majority of winding up petitions in Britain.
Read MoreOlympics 2012 Builder’s CVA is Attempt to Hide Insolvency
A construction firm that helped build the London 2012 athletes’ village has been forced to file for a Company Voluntary Arrangement (CVA), just three months after the Olympics.
Read MoreInsolvency Regulation in Desperate Need of a Revamp
In July 2010, I called for an urgent review of insolvency regulation, and more than two years later there is little evidence to suggest much has changed.
Read MoreRemedies for Struggling Directors: CVAs and Renegotiating with Creditors
Company directors experiencing financial difficulties often consider terminating agreements and contracts to reduce the burden of their debts. A director in this position must avoid delaying decisions and rectify the situation as soon as possible; otherwise the business will experience a rapid decline in trade and become insolvent. Reducing staff and rented equipment will lower costs,…
Read MoreInsolvency Fees and Charges: Honda Dispute Highlights Need for Reform
A recent court ruling into the conduct of administrators at BDO and PKF highlights the need for an independent review into insolvency practitioners (IPs) and their regulations – something I’ve been blogging about for many months. The dispute centred on Formula One team Super Aguri whose directors appointed three joint administrators from PKF following the…
Read MoreSuits You Administration is a Sign of Things to Come
British clothing retailer Suits You has collapsed into administration just eight months after entering a company voluntary arrangement (CVA), which aimed to save the Leeds-based business. Administrators Zolfo Cooper said they would wind down loss-making stores, but support the chain’s successful branches and sell as much of the business and assets as possible. The firm’s…
Read MoreA Winding UP Petition Doesn’t Have to Signal the End of Your Business
The vast majority of winding up petitions heard in British courts over the past 12 months were presented by HMRC and usually relate to VAT, PAYE arrears or failure of a Time to Pay arrangement. However, receiving a winding up petition from HMRC doesn’t necessarily signal the end of your business. Usually, petitions are preceded…
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