The Waiting Game
At BRI we like to be able to close cases promptly, assuming all I’s have been dotted and T’s crossed, in order to avoid the need for unnecessary annual meetings. Having said that we are only now closing a Bankruptcy case which we opened in 1998. Not quite a record, but, being some 16 years later than our normal objective which is “to close cases within 15 months”, this might appear to have been a bad result.
Not the case. We are proud to have received a letter from a creditor which says “We think you have worked wonders so far in securing payments of 30p, 18p, 13p and 24p and anything further will be even more icing on the cake” is a delight. We are happy to report that we are sending a further dividend of 13.19p was sent to all creditors taking the total dividend paid to unsecured creditors up to 98.19p in the pound, a distribution of £611,010.27 in addition to which preferential creditors were paid in full a total of £26,765.99.
A “cliff hanger” of an evening...
The BRI team in Milton Keynes hosted an event at the indoor Big Rock Climbing Centre on Wednesday 19 November 2014. The group had mixed climbing abilities ranging from complete beginners to some guests boasting more than 20 years of climbing experience.
There was a growing buzz of excitement and apprehension as guests, not least the novices amongst us, nervously eyed up the imposing walls which were up to 11 metres high. After a vigorous warm up, it was time to climb. Getting to the top was optional, but getting down was mandatory.
One by one we clawed our way up the walls, it soon became clear that many of the guests (and hosts!) had discovered a new love in rock climbing! There was a swelling pride in the room as several new climbers reached the top of the wall for the first time (certainly pushing themselves well beyond their comfort zones). Meanwhile, our handful of expert climbers were keen to show off their skills and to share their knowledge (although there were no “dyno moves” on show). Moreover, there was a sense that many were thrilled to finally be attending a networking event that catered for the sport they love.
For those who felt brave enough at the end of the session, there was an opportunity to graduate to bouldering - low level climbing without rope(!).
It was a thoroughly enjoyable evening, during which we learned that rock climbing is a complex pursuit, but that with the right information and guidance, rapid gains can be made - not a million miles away from the world of business!
It's not over until the final whistle!
On a freezing cold Friday evening, BRI Business Recovery and Insolvency's Milton Keynes office ("BRI") (along with team mates made up of some local accountants and solicitors) took to the field to play a 5 a side match against Metro Bank Plc.
The cold weather clearly had taken effect, as BRI froze from kick off and soon found themselves 5-1 down by half time, with things looking bleak for the second half! Metro Bank's very own Jose Mourinhos' watched on with beaming smiles (also known as Raj Chahal and Mike Adamson).
As the second half commenced the weather became even colder, however, BRI managed to warm their spirits by playing some great football ("tic tac style").
Two late goals from BRI earned a well deserved 9-9 draw to the disbelief of Metro Bank (and some BRI team members). "Fergie Time" certainly helped BRI out on this occasion.
At the immediate post match conference; Tom Guthrie and Marco Piacquadio of BRI (once they had caught their breath) announced that they were delighted with the end result and the fact that they were still (just about) able to run around for an hour without the need of medical assistance.
A future rematch is being planned, at which BRI hope to improve on their solid previous effort and perhaps even start playing from kick off the next time around.
Alan's commitment is recognised by the Prince's Trust
We have previously reported that Alan Limb, from BRI's Southampton office, is a Volunteer Business Mentor for the Prince's Trust. Alan has performed this role since 2001 and has supported 9 young people in that time who have started their own business with the Trust's help.
This commitment was recognised by the Prince's Trust at the South East Values Awards 2014, which were announced at a ceremony in Southampton on 15th October 2014. Alan received the Empowering Award, having been nominated by his current Mentee, Huxley Hunt, a Magician from the Isle of Wight. Huxley offered the following testimonial when he suggested Alan for the Award:
“The second definition of this word (empowering) is - 'make (someone) stronger and more confident, especially in controlling their life and claiming their rights.' And this is exactly what Alan does for me. I know I can be fully honest with him about all aspects of my business and beyond and I know I will get a very level headed, grounded opinion that I trust and respect. It has often been said that I am a Catherine Wheel, when I need to be a Rocket, meaning there is a lot of energy going off in all directions, when I should be focusing all my efforts in one direction... Alan (and his ears and advice) keeps me on the right path. Thank You Alan, for everything”.
Alan said, "I am deeply touched to receive this Award. I am delighted that Huxley views my input so positively. His desire to succeed and his willingness to learn makes him a pleasure to work with."
Midland International (Hire) Services Limited t/a Midland International Motorhomes (in liquidation)
John Rimmer and Peter Windatt were appointed as joint liquidators of Midland International Motorhomes in August 2013. The company had traded from premises on the outskirts of Coventry since the 1980s. The company initially offered marquee hire services but by a chance encounter in the USA the company moved into the business of importing and selling American and European motorhome vehicles. The company traded successfully throughout the 1990s and the 2000s and secured lucrative contracts with the sole UK selling rights to a number of American models. Unfortunately, due to the downturn in the UK economy and the resultant reduction in consumer spending, the company suffered. Numerous options were explored but it became apparent that the company had no alternative but to cease trading in order that the position did not worsen for the company's creditors. The joint liquidators realised the company's assets and are pleased to report that the preferential creditors (employee wage arrears and holiday pay) have been paid in full, the liability to the company's bank has been discharged in full plus interest (thereby releasing the directors from any personal liability) and a dividend of 12.27 pence in the pound has been paid to unsecured creditors.
Chris Green t/a Chris Green Plumbing - IVA
The joint supervisors are pleased to report that a dividend of 92.71 pence in the pound has been declared and paid to creditors following the successful completion of Mr Green's individual voluntary arrangement. This dividend exceeded the amount originally anticipated in the IVA proposal. Mr Green is a self-employed plumber and it is anticipated that he will now be able to move forward successfully having brought his personal affairs into line.
It's a boy!
We are delighted to welcome Tom Guthrie to BRI. Tom is a qualified chartered certified accountant and a licensed insolvency practitioner. He will be based in the firm's Milton Keynes office.
Tom has over 10 years experience and has worked with clients in a wide variety of industries and sectors, including construction, printing, retail, automotive, manufacturing and intellectual property. He has assisted many distressed companies, helping them to find the most appropriate solution in their individual circumstances. Through the constructive use of informal and formal insolvency procedures, Tom is able to implement rescue plans for the benefit of the whole range of stakeholders impacted by the threat of insolvency.
Tom commented “when acting for management, creditors and other stakeholders, I find my practical and open approach is critical for resolving financial problems. I strive to avoid using formal insolvency procedures where possible as this will generally lead to a better outcome for all parties”.
He has a particular interest in dealing with intellectual property (such as patents, trademarks, copyright, design rights, know-how, etc.) in insolvency situations. The threat of insolvency can have devastating consequences on the value associated with a company's intellectual property and his expertise in this area means he is particularly able to focus on preserving the value of the company's intangible assets.
Peter Windatt, Director of BRI commented “Tom is an excellent addition to BRI and his experience will add even more strength to both BRI and the Milton Keynes team. The Milton Keynes office is currently on the move within the Woodlands Business Park and Tom's arrival is the kick-start needed for the re-launch of BRI's Milton Keynes presence following a period of change”
If you would like to meet with Tom or seek his guidance and assistance in relation to any insolvency matters, then please contact him on 01908 576853.
After months of excitement, training and trepidation, the day had finally arrived. The River Rat Race , held in London for the first time, promised to be a gruelling test of strength and stamina. We had read all about it and we were finally going to experience it for ourselves.
The energy in the ExCel centre was electric from the moment we entered. It gave us that extra belief that we could face whatever the upcoming challenges were going to be.
With the start of our wave we were off; running, jumping over hurdles and dancing our way through tyres. Soon we were out of the building and onto Royal Victoria Dock. When we weren't going up and down what felt like endless flights of stairs and running across bridges, we were swimming, jumping, sliding and diving into the Thames, then clambering out using cargo nets and ropes. The kayaking section brought welcome relief to the legs but not so much for our arms and shoulders! At several points during the course we felt like we were being put through a military boot camp!
The race brought out a fantastic atmosphere of camaraderie as complete strangers hoisted each other over 6ft walls and cheered encouragement to each other before plunging 20ft into the Thames! It was an amazing experience, made all the better knowing that as a result of your generosity, we have raised a total of £1,585 for Shelter!
John Rimmer of BRI Business Recovery and Insolvency, and Joint Liquidator of Ian Neale Construction Group Limited - in liquidation, is pleased to report that the stadium and land situated at Liberty Way, Nuneaton has been sold to a private limited company. Nuneaton Town Football Club remain as tenant at the stadium and, hopefully, this sale will help to secure their future. BRI Business Recovery and Insolvency wish the club every success moving forward.
Unity Leisure/Northampton Leisure Trust (Trilogy)
Peter Windatt’s name was put forward as a possible new director/trustee of the above organisation by Doug Iles of local firm Friday Legal (who has now become chairman of the trust). Peter has now been accepted as a member of the board (it is a company limited by guarantee and a registered charity - the role is unpaid). The following describes what the trust is all about:-
We are a progressive charitable company that seeks to inspire people to have a healthy and active lifestyle. We run four centres within Northampton with over 10,000 members and around 1 million visits per annum. Our gyms are equipped with the best equipment money can buy and membership gives you so much more than our competitors. We are always looking to improve the service we offer and aim to make Northampton a great place to live.
Peter was able to comment “I train at the Duston site, teaching Kempo Karate, twice a week and was heavily involved in getting it raised from the ruins following 12 + years of closure (it is the former British Timken Sports and Social Club). I am delighted to be able to take part in helping to manage what are tremendous facilities for the health .and wellbeing of the people of Northampton.”
The other sites are at Danes Camp, The Mounts, Lings Forum and Lings Cinema.
Cabair International (UK) Limited
Rebecca Dacre and Peter Windatt were appointed liquidators of Cabair International (UK) Limited in March 2012. The company had started trading only a few months earlier, having purchased the business and assets of the Cabair College of Air Training (which had gone into administration some months earlier). Students of the company came from all over the world to learn to fly, hoping to go into careers as commercial pilots. Unfortunately many students were left significantly out of pocket when the company folded, as they had paid for their training up front. The liquidators sold the assets including several flight simulators, and are pleased to confirm that a dividend of 100 pence in the pound has been paid to preferential creditors, and a dividend of 7.7 pence in the pound has been paid to unsecured creditors (including students). The liquidation has now completed.
Peter Windatt retires from Joint Insolvency Examinations Board
Following the JIEB Graduation celebrations on Friday 13th June 2014 Peter Windatt has retired from this examinations Board a year after stepping down as Chairman and following a little over 10 years of service.
Peter has represented the ACCA, his own professional body, on the board since shortly after retiring from ACCA's council. New Chairman, Stephen Allinson, said to the graduates:-
"... this occasion gives me an opportunity to thank very publicly my predecessor, Peter Windatt. Peter has stepped down from the Board after considerable service and I, for one, have very much valued his calm authority over recent years and the efficient and consensual way in which he has led us. I wish him well in his "retirement"".
BRI River Rat Racers Supporting Shelter!
Every year, Shelter provides free help and advice to more than 3 million vulnerable families living in inadequate or unsafe housing, as well as those at risk of losing their homes altogether. Shelter also campaigns central and local government to improve the lives of families facing bad housing and homelessness.
In May 2014, Shelter reported that 4,000 households in England are at risk of losing their home every week amid high housing costs and a shortage of affordable homes. The charity has warned that despite reports of a recovering economy, many families are still struggling to keep their heads above water and may still yet hit danger levels when interest rates begin to rise.
At BRI we believe that having a safe and comfortable home is a basic human right that is at the core of a stable and healthy society. A proper home gives families and especially children, a decent chance in life.
BRI are preparing to take on the River Rat Race, a wet and wild 10km urban water obstacle course at London's Excel Centre on 16 August 2014 in support of Shelter. The course will include running, swimming, a 20 foot dock jump, kayaking and a variety of water obstacles along the way!!
Please show your support for Shelter by sponsoring the BRI team using the link below:
We will report back with some (perhaps embarrassing) pictures from the day and hopefully tales of survival and success!
Thank you for your sponsorship!
Property Professionals + Limited (in Liquidation)
Update to creditors, April 2014:-
Further to previous updates, the joint liquidators are pleased to report that they have been successful in obtaining two offers of funding in order that the liquidation can be progressed by fully investigating potential legal action with a view to realising funds for the benefit of creditors. The joint liquidators will shortly be convening a meeting of the creditors committee in order to provide the members of the committee with full details of the offers of funding and to seek their instructions in respect of the same. Once the joint liquidators have discussed the offers of funding with the members of the committee and received their instructions in respect of the same, a further update will be posted to this website for the attention of the general body of creditors. The dividend prospects in this matter remain uncertain and any dividend is reliant on there being sufficient future asset realisations in the liquidation to enable a dividend to be declared.
A R Limb & P J Windatt
Peter Windatt took part in the annual Brain Tumour Research "Wear A Hat Day" on 28 March 2014 and wore a top hat to work for the day. His day included attending a networking lunch (where, by the time the photographer had framed his shot Peter had already finished his meal) - he was raising money for this great cause in loving memory of Ann Mawby, his sister in law, who died from a tumour two years ago aged only 44.
Peter set himself a modest but, he hoped, achievable target of £250. He has been blown away by the support he managed to secure and has so far raised £1,800 (720% of target) with the prospect of a little more yet to come in.
A photo of him collecting his hat (for which thanks to Miller's Formal Hire in Kingsley Park Terrace, Northampton) and wearing it both at work at his desk and at the networking lunch, are attached.
Many thanks to all who helped contribute to this worthwhile cause.
Midas Precision Metalwork Limited
We are pleased to report that in the above creditors' voluntary liquidation we have recently made a distribution to unsecured creditors in excess of 47p in the £, having already repaid preferential creditors in full.
The company commenced trading in 2004 and at the peak of trade, employed 19 people in a profitable business turning over £2.2 million. Order volume decreased dramatically and unexpectedly in 2012, and, without being able to see a "light at the end of the tunnel", the directors took timely steps to close the business before significant losses were incurred. It is thanks to their swift action and the quality of the company's assets, which achieved better than anticipated sales values, that we have been able to make such a positive return to creditors.
Briant Curtaining Limited
We are saddened to report that a well and long established Coventry firm ceased trading on 10 March, 2014. Prior to this, all avenues to rescue the business as a going concern were explored but to no avail. The company entered into creditors' voluntary liquidation on 27 March, 2014.
Briant Curtaining Limited manufactured and sold commercial and domestic curtains and soft furnishings from their long term trading premises on Albany Road, Earlsdon. The company was initially established as a partnership in 1975 before becoming a limited company in 1981 in order to obtain financial funding and greater market credibility.
In its 40+ years of service the company gained an excellent reputation for its hands on and personal service delivered to its clients. During its lifetime the company secured lucrative overseas contracts which saw them work in hotels, royal palaces and on cruise ships.
We have assisted the directors, employees, creditors and shareholder through what are very difficult times. We hope to have made a difficult liquidation process as painless as possible for all of those involved.
BRI conjures up an impressive total
Alan Limb, of BRI's Southampton Office, has volunteered as a Business Mentor for the Prince's Trust's Enterprise Programme since 2001, supporting a total of 9 young people in starting their own business during that period. Alan put that experience to good use recently when BRI attended a conference in a hotel at Gatwick Airport. His current Mentee is Huxley Hunt who has set up in business as a Magician and who Alan has assisted for the past 12 months. Huxley worked on the BRI stand at the conference, impressing attendees with his close up magic and amazing card tricks. He was also booked by the conference organisers to entertain attendees during drinks before the conference dinner where a larger audience was equally absorbed by Huxley's performance.
The conference organisers suggested that the Prince's Trust should be the nominated charity for the dinner. Alan addressed the 200 attendees, explained more about the Prince's Trust's work and invited those present to make a donation. This resulted in the extremely generous total of £1,538 being collected and Huxley received a round of applause for his efforts throughout the day. Alan said, "I believe that the Prince's Trust is an excellent organisation. It supports young people who haven't had the best start in life and helps them overcome that setback by giving them the skills to find work or start their own business. Being a Volunteer Business Mentor for the Enterprise Programme is extremely rewarding. As my day job involves working with people whose business hasn't succeeded, this experience is useful in helping my Mentees avoid achieving the same result in their businesses. Huxley Hunt is the most impressive Mentee that I have assisted to date. He has been receptive to my input over the past year and his performance at the conference was superb. He received positive feedback from everyone who witnessed his polished performances throughout the day and I'm sure that he will enjoy the success in business that he undoubtedly deserves."