News and Blog

What's happening in the world of insolvency and company rescue

The Queen’s Portraitist who Stole £50,000

The Queen’s Portraitist who Stole £50,000

  1. Who is Darren Baker?
  2. Misconduct
  3. Implications of Being Disqualified as a Director

Posted: 21/04/2023

Understanding Director’s Loan Accounts

Understanding Director’s Loan Accounts

  1. What is a Director’s Loan?
  2. Lending Your Company Money
  3. Overdrawn Director’s Loans
  4. Loan Accounts and Liquidation

Posted: 26/02/2023

Repayment of Bounce Back Loan and Bounce Back Loan Scheme Abuse

Repayment of Bounce Back Loan and Bounce Back Loan Scheme Abuse

  • What is a Bounce Back Loan?
  • What are Bounce Back Loans for?
  • Repaying a Bounce Back Loan
  • Bounce Back Loans and Insolvency
  • Misconduct

Posted: 19/01/2023

First Bounce Back Loan Criminal Conviction

First Bounce Back Loan Criminal Conviction

On Friday 24 June 2022, The Insolvency Service obtained their first criminal prosecution for Bounce Back Loan fraud against Mr Abdulrazag Zagroba.

Posted: 05/08/2022

Abuse of The Bounce Back Loan Scheme

Abuse of The Bounce Back Loan Scheme

Last month the Times featured an article about how “suitcases filled with cash from taxpayer-backed Covid loans were seized at the border as people tried to smuggle them out of the country.”

Posted: 01/06/2022

Employee Claims In Insolvency - Part 2

Employee Claims In Insolvency - Part 2

Following the recent case of Palmer v Northern Derbyshire Magistrates' Court where the Administrators were facing criminal prosecution through failure to file a HR1 form; now would be a good idea to produce a two part blog on Employee Claims. 

This is the second blog and it will look at the obligations of employers to consult with their staff when facing potential redundancies...

Posted: 19/04/2022

Employee Claims In Insolvency - Part 1

Employee Claims In Insolvency - Part 1

Following the recent case of Palmer v Northern Derbyshire Magistrates' Court, where the Administrators were facing potential criminal prosecution through their failure to file a HR1 form; now would be a good idea to produce a two part blog on Employee Claims.  This is the first blog and it will deal with what claims the employees have...

Posted: 08/04/2022

Employment Law v Insolvency Law – Who Wins?

Employment Law v Insolvency Law – Who Wins?

There has always been a conflict between insolvency law and employment law, each with their own rules, and differing priorities.  This is particularly so in respect of Administrations, where whether or not to pre-package a sale continues to divide opinion.

Posted: 24/01/2022

Purnells Have Done It Again!

Purnells Have Done It Again!

We have been awarded ‘Best Insolvency Advisory Boutique Firm 2021’ in the UK Finance Awards 2021…

Posted: 17/01/2022

Rising Insolvency Figures

Rising Insolvency Figures

The latest figures from the Insolvency Service show that the number of company insolvencies in England and Wales rose by 18.7% in November 2021 to a total of 1,674 compared to October 2021’s total of 1,410, and increased by 87.9% compared to November 2020’s figure of 891.

Posted: 06/01/2022

Purnells are again Finalists for the 2021 TRI Awards...

Purnells are again Finalists for the 2021 TRI Awards...

We are thrilled to announce that Purnells are again Finalists for the 2021 TRI Awards in the category of: TRI Company Award for Business Continuity 2021.

Posted: 10/11/2021

What is a LPA Receiver or Fixed Charge Receiver?

What is a LPA Receiver or Fixed Charge Receiver?

A Law of Property Act Receiver, or LPA Receiver, is appointed under Section 109 of The Law of Property Act 1925 when a Lender, or mortgagee, is entitled to exercise the power of sale granted under the Law of Property Act 1925.  What that means in plain English, is that if the borrower, or mortgagor, has breached the terms of their mortgage, then the Lender’s power of sale will have arisen, which means they can appoint a LPA Receiver.

Posted: 08/11/2021