LATEST NEWS
Weekly articles on all the important news right here
How to deal with disputed invoices
Dealing with disputed invoices can be challenging, especially if your customer is squabbling simply to avoid payment. The most important thing is to take time to understand what the dispute is. Then, isolate and seek to resolve the issue as quickly as possible. If you believe the dispute is bogus, explain your reasons and press…
123 Pay: Business document review
Insolvency and Law’s latest offering, 123 Pay, is a credit management service that reviews your trading documents to help your company get paid quicker. Let I&L review and evaluate your trading documents. Send us your written estimates/quotations; sales contracts/orders; delivery notes; invoices and reminders to ensure they’re robust and fit for purpose. This element of…
Stat Ds and undisputed, but overdue invoices
Issuing a Statutory Demand (or Stat D) is an effective way to encourage prompt payment of overdue invoices and debts, but it’s not the only method. A Stat D is a formal document requesting payment of an outstanding debt within 21 days. By issuing one, you give creditors another 3 weeks to pay a debt…
CCJs, winding-up petitions and undisputed debts
Sometimes, you may need to issue a County Court Judgment (CCJ) or a Winding-Up Petition on an insolvent company that owes you money. But what’s the difference? County Court Judgments usually come about when a company refuses to pay an overdue debt. The creditor (claimant) who’s owed money commences proceedings by visiting the Government’s website,…
CVA bubble bursts for Bury FC creditors
Creditors and fans of Bury FC learned a harsh lesson about Company Voluntary Arrangements (CVAs) last month when the team became the first to drop out of the English Football League (EFL) in 27 years. The club’s supporters, including local MP James Frith, are calling for an inquiry into the CVA arranged in July 2019…
What do you know about misfeasance?
Although I&L‘s clients are mostly creditors, some of our work involves supporting, defending and representing company directors accused of misfeasance, and other wrongdoings. We advise whoever needs help. It’s not our role to determine whether someone is guilty of misfeasance, and in many instances our client has proved to be the innocent party. Misfeasance is…
How to react to a HMRC winding-up order
Being served with a Winding-up Petition from Her Majesty’s Revenue and Customs (HMRC) is a daunting prospect that requires a swift response. If you receive a petition, HMRC will obtain a court order forcing your company into Compulsory Liquidation unless you pay the taxes you owe. According to the Insolvency Rules of England and Wales…
Tips for collecting long-standing debts
Earlier this year, I&L received a phone call from a distressed subcontractor (subbie). They claimed that for months, West Midlands construction firm the Shaylor Group had been ignoring their requests for payment of an overdue invoice. After a brief consultation, they instructed us to recover the debt on their behalf. Although we were made to…
CVL boost in England leads to 5-year insolvency high
Between April and June 2019, the number of companies entering insolvency procedures reached a 5-year high, boosted by company voluntary liquidations (CVLs). According to the Insolvency Service, 4,321 companies fell into insolvency during the 2nd quarter of 2019. In England and Wales, this was driven by CVLs, which increased 6.7% compared with the first 3…
Statutory Demand vs Pre-action letter
Pre-action letters and Statutory Demands (also known as Stat Ds) are useful tools for chasing longstanding and undisputed debts. But how do they differ? Firstly, the names of the participants involved. Whoever issues the Statutory Demand is an ‘applicant,’ but the sender of pre-action letter is a ‘claimant’. Likewise, the recipient of Stat D is…