In this video from the ICAEW, Fraser, the MD of a manufacturing business, takes us on his journey from recognising when the company was getting into difficulty and seeking a specialist adviser (a licensed ICAEW insolvency practitioner) through to...
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If you pay dividends out of your company when insufficient profit/distributable reserves exist, and/or the requirements of the Companies Act 2006 are not met, such dividends are deemed as unlawful/illegal/ultra-vires. Therefore, dividend payments...
Read more...When the decision is taken to liquidate, it is a reluctant acceptance that nothing more can be done. Employees face redundancy, quite often, without notice. To find oneself unemployed without any notice and, subsequently without an income, can be...
Read more...We recently reported how in our experience we have seen HMRC increasingly use its powers to pursue directors personally to recover revenue. Schedule 41 of the Finance Act allows HMRC to seek recovery of lost revenue personally from an officer of...
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In an insolvency case which chief Investigator Cheryl Lambert described as “one of the most bizarre cases” she had ever come across a director faked his own death to avoid disqualification. Bradley Trevor Silver, also known as Bradley Silva,...
Read more...Often, after a company has gone bust, it would appear to the outside word that the director of that company simply starts up again and trades using the same or similar name as the defunct company. The director does this by incorporating a phoenix...
Read more...Being a director of a company is a responsible job. A director is bound by several statutory and non-statutory obligations, duties and restrictions under the common law as well as the Companies Act 2006 ("the Act"). Under the insolvency Act 1986...
Read more...Part of the Bretts Business Recovery’s ethos has always been to help the local business community. As insolvency practitioners and business recovery specialists we often see the common pitfalls experienced by businesses but we also see what can...
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Wrongful trading is a type of civil wrong found in UK insolvency law, under Section 214 Insolvency Act 1986. It was introduced to enable contributions to be obtained for the benefit of creditors from those responsible for mismanagement of the...
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Having recently incorporated the business of Saud & Co, insolvency practitioners in Bexleyheath, Bretts are continuing their expansion efforts. Bretts Business Recovery is delighted to announce they will be opening a new office in Essex....
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