The BRI Northampton 12th annual quiz evening
The BRI team in Northampton hosted their 12th annual quiz event at the Marriott Hotel, Eagle Drive, Northampton, NN4 7HW on Wednesday 25 March 2015.
Once again, we had a great show of support with over 140 fellow professionals attending. Feedback suggests the event was another success.
Over the course of a couple of hours, the teams enjoyed a variety of rounds on a number of topics leading to an extremely close battle for the top 3 places.
Peter Windatt and Lauren Auburn were the quizmasters for the evening whilst the rest of the BRI team - John Warburton, Ian Cooke, Julie Foster, Donna Haycock, Adam King, Bob McDonald and Joss Gilbert made sure that projectors, audio, marking, score keeping and the general timekeeping of the entire evening ran without a hitch.
The final scores of the top three teams were very close (just one point between each place). In third place we had solicitors Tollers LLP. In second place we had Cottons Accountants LLP and the winners of the evening were accountants Cobley Desborough.
A great time was had by all and BRI are grateful to those firms for supporting the quiz that evening. We would again like to thank all who took part.
We look forward to welcoming you all again next year.
W T Cragg & Co Limited ("WTC") - (in liquidation)
Peter Windatt was appointed Joint Liquidator of WTC in December 2012. WTC's origins date back to 1946 and it traded successfully for many years. Unfortunately, due to the long and deep recession, the Company had to cease trading and enter liquidation with the loss of some 24 jobs.
WTC's assets have now been realised and we are pleased to confirm that the preferential creditors (employee holiday pay and wage arrears) have been paid in full and a distribution of £142,000 has been paid to unsecured creditors resulting in a dividend of 24.6 pence in the pound.
JIEB exam success at BRI for Marco Piacquadio
BRI Business Recovery & Insolvency are delighted to announce that Marco Piacquadio passed the Joint Insolvency Examination Board (JIEB) exams, therefore gaining the required qualification to become a licensed insolvency practitioner. The JIEB exams are a formidable test of both an individuals’ practical and technical knowledge. After many month of intense study, Marco is delighted (and slightly relieved) by the news of his recent exam success.
Marco, Assistant Insolvency Manager in the Milton Keynes office, has over the last 10 years gained experience in dealing with variety of corporate and personal insolvency matters. This latest exam success will further support him in providing clients with sound, practical advice and solutions for clients that are in financial difficulty.
Tom Guthrie, who heads up the BRI Milton Keynes office said: “Marco is a valuable member of the Milton Keynes team and his latest exam success will only reinforce our commitment in providing clients the right advice, first time and every time. Congratulations Marco!”
The BRI Coventry fifth annual quiz evening
The BRI team in Coventry hosted their fifth annual quiz event at the Holiday Inn, Ryton-on-Dunsmore on Thursday 19 March, 2015.
Once again the event was fully subscribed with a diverse mix of professionals from the Coventry and Warwickshire area. Brian Coleman and John Rimmer from the Coventry office manned the microphones for the evening while the rest of the BRI team did the real work! Dan Smith and Sue Croxford, also from the Coventry office, undertook marking duties while the other BRI team members John Warburton, Peter Windatt, Donna Haycock and Anne Forward ensured that projectors, audio, answer sheets, marking and leader-board updates all ran smoothly.
The evening got off to time despite the major road works in the area so we are most grateful to our guests for factoring that into their travel plans.
Immediate feedback suggested that the questions proved a good and fair test across a broad range of subject areas.
There was the usual competitive atmosphere throughout and the focus in the room was palpable. Leader-board updates were given throughout the evening with a strong challenge at different stages mounted by a number of teams including those from Burgis & Bullock accountants, Mander Hadley solicitors, Barclays Bank, Band Hatton Button solicitors, Handelsbanken, Brindley Twist Tafft & James solicitors and HSBC Bank.
The venue again provided a most enjoyable two course hot supper with results given out immediately afterwards. The results were tight at the top and a tie breaker was required to decide the third prize spot between Mander Hadley solicitors and Burgis & Bullock accountants. It was Mander Hadley who prevailed on this occasion so congratulations to them and commiserations to Burgis & Bullock! Second spot was taken by Band Hatton Button solicitors on the back of an excellent effort in runner up spot from them and the winners on the evening were, with their ever reliable strong challenge and being one of the bookmakers’ pre-quiz favourites, the team from Handelsbanken. Well done to them and to all!
We would like to thank all who took part and we hope you had a thoroughly enjoyable evening - we certainly did and look forward to welcoming you all again next year.
The Waiting Game II
In the bankruptcy of J K Punch, we are pleased to report that a second dividend of 43.36 pence in the pound (totalling £211,333.68) was paid to non-preferential creditors on 6 January 2015. This follows the first dividend to non-preferential creditors of 50.00 pence in the pound which was paid on 2 January 2008. Non-preferential creditors have now received a total of 93.36 pence in the pound in this matter. In addition, preferential creditors received payment in full in October 2007.
Mr Punch was declared bankrupt on 29 April 1993 and therefore it is extremely pleasing that creditors have received such a good return after this long period of time. We are hopeful that there will be even more funds to pay to creditors in due course. An overage agreement was entered into in respect of a large piece of land that Mr Punch owned and due to the development of some of this land, funds of £201,800 were received in October 2014. The overage agreement remains in place until 2021 and therefore we will keep this case open in anticipation that further development will take place on the land thereby increasing its value which we can then realise for the further benefit of the non-preferential creditors. We hope to achieve payment in full for non-preferential creditors with the possibility of statutory interest also being paid on claims, albeit that this is dependant upon the owners of the land obtaining enhanced planning permissions.
Hot off the press...
Peter Windatt was asked by his regulatory professional body, the Association of Chartered Certified Accountants, if he would write an article for Contractor UK which might help guide contractors through the process of exiting from their company both when things have gone well and there is money left in the pot for the business owners, and for when things have not gone to plan and creditors are unlikely to be paid in full. The topic is quite wide ranging and was split into two articles which can be found by clicking on the following links:-
Should you have any queries in relation to the articles or on any insolvency related issue please do contact Peter or any of the BRI Management team via the head office switchboard, 01604 754352 or firstname.lastname@example.org
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.