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How Do You Issue a Winding Up Petition?
A Winding Up Petition (WUP) is the most serious action that can be taken against a company and usually is only issued if a creditor is determined to recover an undisputed debt or put the company out of business because the debtor company is believed to be insolvent. The creditor will issue a statutory demand,…
JJB 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.…
To Sell or Not to Sell: When is a Good Time to Cash In on Your Assets?
If you’ve been served with a winding up petition, selling your assets should be seriously considered as a viable option to help save your business. In fact, if selling your assets is an option, the sooner you do so the better and preferably before a winding up petition have been presented against your company. If…
Premiership Football is a Rich Man’s Sport
Despite the popularity of football in England and the huge sums the sport generates, several well established clubs are facing liquidation just days before the 2010/2011 season is due to commence. The reason Portsmouth FC, Cardiff City and Southend United are all on the verge of bankruptcy is simple: these clubs’ expenses exceed their…
Cardiff 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…
Insolvency Practitioners to be Independently Regulated – About Time
Last week, the Office of Fair Trading (OFT) released a report criticising the insolvency industry and calling for the establishment of a complaints body to regulate practitioners. The report found that, on average, insolvency practitioners (IPs) earn fees of up to 20pc of the assets available when firms are wound up. A large part of…
Pre 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…
How Are Winding Up Petitions Dismissed and Withdrawn?
Cardiff City Football Club was celebrating last week after having their winding-up petition dismissed at the High Court.The Bluebirds settled their £1.9m tax bill with Her Majesty’s Revenue and Customs (HMRC) on Wednesday following seven months of financial turmoil.
RMJ 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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