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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Posted By: bretts_admin_access_account on 23rd March 2017
From 6th April 2017 the new insolvency rules come into effect, these changes will no doubt have significant impact on the Insolvency profession. The changes have been brought about to increase creditor engagement and to streamline the profession....
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Posted By: bretts_admin_access_account on 30th June 2016
The government has made an announcement that it is proposing a 3 month moratorium (see definition below) from creditor action for insolvent or near-insolvent companies. R3 has welcomed this proposal having made their own suggestions...
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Posted By: bretts_admin_access_account on 13th June 2013
If you do not pay your taxes HM Revenue and Customs will consider taking enforcement action as detailed below: Legally taking possession of goods (Distraint) - possession of goods for sale at public auction, Summary Proceedings in the...
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Posted By: bretts_admin_access_account on 13th June 2013
Attachment of Earnings You can ask the court to send an order to the person’s employer, to take money from wages to pay the debt. Freeze assets or money in an account The court can freeze money in the person’s bank or building society...
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Posted By: bretts_admin_access_account on 13th June 2013
There are various classes of creditor and there is a specific order in which they must be paid when an Insolvency Practitioner has funds to distribute This list places the classes of creditor in order of priority with the first listed being the...
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