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...
Read more...Moore Stephens an accounting and advisory network has published a report quoting there has been a 10% rise in the number of businesses liquidated in 2018. With an increase from 13,010 cases in 2017 to 14,270 in 2018, there is a clear...
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An IT consultant from Basingstoke has been disqualified and barred from acting as a company director for 8 years after wrongful behaviour including paying himself £40k when the business was insolvent. Investigating the failure of management...
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During May to July earlier this year, The Insolvency Service held a consultation on the reform of the UK’s insolvency regime and has now published a summary of the responses. The Government sought opinion from a wide range of organisations and...
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The Financial Times has recently reported on the findings Euler Hermes, the world’s largest trade credit insurer, which insures companies against the risk that creditors will not be able to pay their debts. Ludovic Subran of Euler Hermes...
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In conjunction with HM Treasury, the Insolvency Service has imposed a new fee structure for bankruptcies and compulsory liquidations which came into force on 21 July 2016. The objective behind the new fee structure is for the Insolvency Service to...
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Ian Morton the director of a Widnes firm has been disqualified from acting as a director for eight years for failing to keep adequate accounting records to keep track of stock. A disqualification order such as this also prohibits the guilty party...
Read more...Lack of clear objectives Successful organisations have clearly focused and communicated objectives that enable everyone in the organisation to pull in the same direction. Poor business planning Business planning should cover aspects such as...
Read more...The short answer is “No”, but the long answer is “Yes, it is possible but care needs to be taken to follow the rules or you may face criminal proceedings and become personally liable for the new company’s liabilities”. S.216 of the...
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