As someone who might be owed money one of the first questions you may ask yourself is am I a creditor in this liquidation? You are a creditor if the company owes you money. You may be owed money because you: supplied goods or services to the company. made loans to the company. paid for […]… Continue Reading
To help protect businesses from insolvency, several changes were introduced under the Corporate Insolvency and Governance Act (2020) (Coronavirus) including the restriction of statutory demands and winding-up petitions which have previously been extended on a number of occasions up until end of 29th June 2021, means winding up petitions are prohibited if the statutory demand served was between […]… Continue Reading
The increased threat from scam and fraudulent activity has prompted Companies House (21st June 2021) to provide updated guidance on What to do if you think you’ve spotted a scam pretending to be from Companies House, giving stark examples of scam emails, letters and telephone calls. Companies House report examples that include businesses and individuals being contacted and […]… Continue Reading
The Insolvency Service has announced the High Court’s decision to wind up rogue recovery service Global Investigations and Recoveries Limited (17 May 2021). The Government press release published 2 June 2021[1], states that Global Investigations and Recoveries Ltd failed to ‘co-operate with the Insolvency Service’s enquiries and did not deliver any accounting or trading records. Investigators […]… Continue Reading
Every year, thousands of insolvency notices are sent to creditors of companies that are subject to some sort of formal insolvency procedure. In our experience, these notices are either disregarded or treated with apathy due to the general perception that the insolvency of a customer will lead to a full debt write off and dividend […]… Continue Reading
Today (Tues 11th May 2021) following consultation by the courts on the alignment of court fees. The online discount received for any work issued through MCOL (money claims online) is to be cancelled from the 18th May 2021. From that date all online court fees will be increased to the current standard paper fee. The new fee […]… Continue Reading
To a business recovery and insolvency expert it may be obvious that a company is heading towards financial difficulty or even insolvency proceedings. A creditor however may not see the warning signs when a business owner is “putting their head in the sand” and avoiding the reality of the situation. Insolvency is not an instant […]… Continue Reading
This week (25th March 2021) the government has updated the Corporate Insolvency and Governance Act by extending the moratorium period for issuing winding up petitions and statutory demands, against companies, to the 29th June 2021 in order to relieve pressure being placed on businesses dealing with coronavirus. To help protect businesses from insolvency a number of changes were introduced […]… Continue Reading
The government has this week (16 March 2021) announced the appointment of Liz Barclay as Small Business Commissioner to ‘spearhead the national effort to crackdown on delayed invoices – which cause thousands of small businesses to close every year.’[1] The government press statement announced Liz Barclay as the first female Small Business Commissioner to take […]… Continue Reading
New statistics on company and individual insolvencies in England and Wales for February 2021 have been released by the Government Insolvency Service and reports that since the start of the first UK lockdown the overall numbers of company insolvencies have remained low compared to pre-pandemic levels. The overall reduction in company insolvencies is in part driven by the […]… Continue Reading
