Posts Tagged ‘insolvency practitioner’
Restructuring with a CVA or administration
Post lockdown, many directors will restructure their companies using insolvency procedures, most likely administration or a company voluntary arrangement (CVA). The Government recently introduced a moratorium facility, which offers 20 to 40 days of protection from creditors. But a director who opts for this will undoubtedly find themselves considering a CVA or administration once the…
Read MoreInsolvency solutions for directors under pressure
Post lockdown, plenty of directors will realise that placing their companies into a statutory insolvency procedure is probably their best restructuring solution. Last month, the Government introduced a moratorium procedure that provides companies with up to 40 days of protection from creditors. This new facility will prove useful to many. However, it doesn’t really matter…
Read MoreHMRC Exhausted from Issuing Winding-Up Petitions
Last month’s revelation that HMRC resources are stretched so thinly the tax collector is no longer able to supply insolvency practitioners (IPs) with data, is a sure sign the British economy is bankrupt.
Read More£200,000 Chantrey Vellacott Thief Should Have Gone to Prison
Garry Hacker, an insolvency practitioner who stole over £200,000 from clients and insolvency estates and put the money into his accounts, has been sacked from veteran accountancy firm Chantrey Vellacott and had his licence removed. At a disciplinary tribunal hearing led by the Institute of Chartered Accountants in England and Wales (ICAEW), Hacker admitted transferring…
Read MoreTake Control of Your Business before Creditors Do
If your business is in financial trouble, the earlier you address the problem, the more doors will be open for you to find a solution. The longer you leave it those doors will begin to close. Prompt action can prevent creditors from losing patience and issuing you with a winding up petition; leaving your business…
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.…
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