DRO’s came into force in England and Wales on 6th April 2005. They cost £90 and are intended to be a low cost alternative to Bankruptcy. DRO’s are administered by the Official receiver and are available to debtors who: Owe less than £15,000...
Read more...An alternative to Bankruptcy is an Individual Voluntary Arrangement (IVA) which is a legally binding agreement between a debtor and his/her creditors whereby the debtor repays all or part of their debt over a fixed period of time. A debtor may make...
Read more...A Bankruptcy Order is made by the Court either on the application of a creditor who is owed over £750 or a debtor personally. The process of requesting the Court to make someone bankrupt is referred to as petitioning the Court for a Bankruptcy...
Read more...A Members’ Voluntary Liquidation is a shareholder-led process, which is a tax efficient method for bringing to an end the life of a solvent company. All creditors of the Company are paid in full and the surplus thereafter is distributed to the...
Read more...Section 110 of the Insolvency Act 1986 allows a liquidator to accept shares in a new company or companies as part or full consideration for the transfer of the whole or part of the business of the company in liquidation. This process can be used...
Read more...Administrations drop to lowest level since 2005 You may be surprised to learn that the number of companies entering administration in the first quarter of 2013 was at its lowest level since 2005. High profile retail casualties including HMV,...
Read more...Anecdotal evidence has suggested that HM Revenue & Customs have been adopting a hard line stance on businesses that fail to keep up with their payments to the Crown for some time now. Recent figures have seemed to confirm this. In the year...
Read more...A unique piece of racing history A unique piece of racing history has recently come our way in our capacity as liquidator of the Whitehouse Group Ltd. This Cooper Climax bobtail racing car was originally raced by Bill Whitehouse...
Read more...They are just as painful for small businesses Our research shows that it isn’t just the consumer who is seduced by the lure of quick and easy money to push forward plans to keep the business going. The problem occurs when this "quick and easy"...
Read more...Wrongful trading In these uncertain times, a director of a limited company needs to take extra care, especially when the company becomes unable to avoid liquidation. When a company is insolvent*, the director’s primary duty of care is to the...
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