Findings from R3’s latest ‘zombie companies’ survey (August 2014), show that the number of companies just paying the interest on their debts has increased from 103,000 in November 2013 to 154,000 in August 2014. This is the highest number of...
Read more...Zombie companies are businesses that, although generating cash, are unable to attract enough investment to start paying off their debts. After covering running costs, fixed costs (wages, rates, rent) they only have enough funds left to pay off the...
Read more...The last people who may become aware of the closure of a company are quite often the employees, the very people who have been tirelessly working to keep things moving.Employees, often living hand to mouth, suddenly have no income. This can have...
Read more...The company we have recently been called to advise has traded profitably in past years and continues to do so. In 2011 the company took part in a tax avoidance scheme which was disclosed to HMRC under the DOTAS regime and given a scheme number. ...
Read more...R3, one of our recognised professional bodies, recently undertook a survey on personal debt matters. Here are their key findings: More than 40% of the population is struggling to payday as a result of the rising cost of living and half of the...
Read more...BANKRUPTCY INDIVIDUAL VOLUNTARY ARRANGEMENT (IVA) Advice Free from Bretts Business Recovery Free from Bretts Business Recovery Bank Account Frozen initially and likely to lose if overdrawn May be retained provided...
Read more...Summary of remedies available on tenant Insolvency Potential options Administration Voluntary Liquidation Compulsory Liquidation CVA/IVA Distraint for rent Prohibited Possible Prohibited without permission of the Court Prohibited if landlord...
Read more...1. Management Information Ensure you have some and that you understand what it means. At the very least ensure that you know what cash you have in the bank, your debtors and your creditors at any point in time. Employ a bookkeeper if...
Read more...For Other Advisors We work closely with many other professional advisors. If you are an accountant, solicitor, bank, IFA or other professional Bretts Business Recovery will be happy to speak with you to discuss any client problems. Bretts also help...
Read more...Advice for Directors When a company becomes insolvent the directors, if continuing to trade, need to do so with care to avoid any claim for Wrongful Trading being brought against them. Bretts Business Recovery can advise on the legal and fiduciary...
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