News and Blog

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

End of Temporary Insolvency Measures

End of Temporary Insolvency Measures

The temporary measures brought in to support businesses from insolvency during the pandemic are due to be phased out from 1 October and the Insolvency Service have issued the following information...

Posted: 14/09/2021

What To Do if Your Company has a CCJ Against it

What To Do if Your Company has a CCJ Against it

If your company has had a County Court Judgment, or CCJ, made against it, then the creditor who obtained the judgment has several different options available to them to enforce that judgment.

Posted: 16/07/2021

Extension on Business Support Measures

Extension on Business Support Measures

Extension to Restrictions on Winding Up Petitions & Commercial Evictions...

Posted: 21/06/2021

Strike Off Application v Creditors Voluntary Liquidation

Strike Off Application v Creditors Voluntary Liquidation

Given the new landscape we are all living and working in due to Covid-19, I wanted to update a blog that we first produced over four years ago, which looked at the benefits and drawbacks of a Creditors Voluntary Liquidation ("CVL") versus a Strike Off Application.

Posted: 08/06/2021

The New Updates on Debt Relief Orders

The New Updates on Debt Relief Orders

On the 10 May 2021 the Government published it's response to the Debt Relief Order (DRO) consultation on raising the threshold for the three monetary eligibility requirements that an individual must meet before being able to obtain a DRO.

Posted: 14/05/2021

What is a Company Voluntary Arrangement ("CVA") and How it Can Help Your Company?

What is a Company Voluntary Arrangement ("CVA") and How it Can Help Your Company?

A Company Voluntary Arrangement, or CVA for short, is a legally binding agreement between the Company and its creditors, which is designed to allow the Company to continue to trade while it sorts out its financial problems.

Posted: 07/05/2021

Phoenix Companies and Statement of Insolvency Practice 13 (“SIP 13”)

Phoenix Companies and Statement of Insolvency Practice 13 (“SIP 13”)

With a revised Statement of Insolvency Practice Number 13 (“SIP 13”) becoming effective on the 30 April 2021, it is a good time to review the topic of phoenix companies as SIP 13 deals with the disposal of assets to connected parties.

Posted: 14/04/2021

Pre-Packaged Administration Reforms

Pre-Packaged Administration Reforms

On 8 October 2020, the Government published its report to improve the transparency of pre-pack sales in administrations. This report was accompanied by a set of draft regulations to increase independent scrutiny of sales to connected parties.

Posted: 03/03/2021

How and Why to place a Company into Members Voluntary Liquidation ("MVL")

How and Why to place a Company into Members Voluntary Liquidation ("MVL")

A Members Voluntary Liquidation, or MVL, is an insolvency process for solvent companies, where all creditors will be paid in full and the surplus assets are distributed to the shareholders, often with advantageous tax benefits.

With the Chancellor looking at ways to raise taxes due to the Coronavirus Pandemic, many directors and shareholders of owner managed businesses are taking the view that it is better to get their hard-earned funds out of their businesses before any changes, and potential increases in tax, are made.

Posted: 02/02/2021

Insolvency: Who Gets Paid First?

Insolvency: Who Gets Paid First?

In Insolvency proceedings there is a set hierarchy to be followed when paying out dividends to the various classes of creditors...

Posted: 19/01/2021

Employee Claims In Insolvency

Employee Claims In Insolvency

Unfortunately when a Company finds itself in an insolvent situation, it generally means that its employees will be dismissed without them being paid everything that they are entitled to.

Posted: 11/12/2020

Pre-Pack Reforms

Pre-Pack Reforms

The Government has recently announced that new reforms are to be made in respect of pre-packaged sale agreements in Administrations, which are often called “Pre-Packs”.

Posted: 23/11/2020