Posted By: Bretts Business Recovery Ltd on 9th November 2022
The Debt Respite Scheme is the official name for Breathing Space, a government programme that grants those individuals in debt a break from the stress of missed payments and a chance to catch up financially. If you’re struggling to pay off your...
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Posted By: Bretts Business Recovery Ltd on 19th August 2022
Figures from Gov.uk show that there are close to 5 million incorporated businesses operating in the UK today. More sobering figures show that 1 in 5 or 20% of newly incorporated businesses will fail in the first year. There are a number of reasons...
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Posted By: Bretts Business Recovery Ltd on 10th November 2021
A construction company, Pazhar Zvezdy Ltd, was wound-up in the public interest in the High Court earlier this year. The company traded as a residential and commercial construction company, but, following complaints,...
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Posted By: Bretts Business Recovery Ltd on 13th October 2021
We have come across a growing trend of subcontractors who are facing financial difficulty, and in some cases becoming insolvent, because of unexpected and at times unwarranted or invalid Pay Less Notices (PLNs) issued by main contractors....
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Posted By: Bretts Business Recovery Ltd on 7th July 2021
As R3 launch their Directors’ guide to getting #Backtobusiness, we’ve also been thinking about the importance of reviewing your business and knowing when to seek professional advice. Having worked with financially distressed businesses for...
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Posted By: Bretts Business Recovery Ltd on 13th November 2020
BACKGROUND: An established chain of beauty salons sought our advice after a culmination of specific and extraordinary trading issues resulted in severe cash flow problems. The Company assets were secured against a long-term loan and a bank...
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Posted By: Bretts Business Recovery Ltd on 30th September 2020
A legally binding agreement between a company (“CVA”), partnership (“PVA”) or an individual (“IVA”) and their unsecured creditors to repay all or part of their debt over a fixed period of time. Negotiating more time to pay your debts...
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Posted By: Bretts Business Recovery Ltd on 30th July 2020
The Finance Act 2020 received Royal Assent on 22 July, confirming that from 1 December 2020 HMRC will become a secondary preferential creditor in insolvencies. This is a disappointing announcement for the insolvency industry which believes the...
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Posted By: Bretts Business Recovery Ltd on 4th May 2020
Claims for financial support may be deemed fraudulent if the company was already in trouble when making claims and then later enters into an insolvency process. Insolvency practitioners (IPs) have been advised to remain alert to potentially...
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Posted By: bretts_admin_access_account on 22nd May 2017
We often get asked when dealing with creditors in insolvency situations, what the order of priority is for payments. Who ranks above whom? Where does the bank and HMRC rank? If the bank has security, do employees rank ahead of them? The simplest...
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