We have offices in Northampton, Banbury, Coventry, Hitchin, Milton Keynes, Southampton and Spalding

BRI Business Recovery and Insolvency

We are an independent company of insolvency practitioners committed to finding the right solutions for businesses and individuals in financial difficulty

Monthly Archives: August 2015

Limit Your Liability If You Offer To Help Out

28 August 2015 We were recently asked to advise a Committee of volunteers who are in charge of a seasonal business. The Committee members are also all customers of the business who had offered to help run it because somebody needed to if the business was to survive and nobody else was willing. At our meeting...
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Can your landlord take your assets in lieu of rent?

Many will recall the days of old where landlords were able to waltz into commercial premises and secure any overdue debt by distraining over assets for unpaid rents.  This often left the directors or owners of the business in a quandary.  But in this quandary you had choices:
  1. Negotiate and/or rob Peter to pay Paul and the...
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Give your business “Kerb Appeal” when you decide to sell it

Alan Limb from our Southampton office shares his thoughts on how businesses could prepare themselves for sale more effectively. There are many programmes on television these days which can help us learn how to prepare our house for sale. You are probably familiar with the concept of "Kerb Appeal", making sure that your home gives the...
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Sailing enthusiast Peter jumps in at the deep end

Having recently qualified as a Day Skipper local Insolvency Practitioner Peter Windatt refreshed his old dinghy sailing skills and volunteered to help with local charity MK Sailability, based at Caldecotte Lake. MK Sailability has been established for over 20 years, its aims are to enable persons with differing forms of disability to actively participate in the...
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Is it possible for a company to be wound up upon a disputed debt?

Even when a debt is disputed, a petition to wind the company up can still be successful. In the recent case of Astra Resources plc v Credit Veritas USA LLC [2015], the claimant (Company A) made an application to Court for an injunction to restrain a creditor (CV) from presenting a petition on the...
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Successful completion of an IVA

BRI Business Recovery and Insolvency are pleased to report that a dividend of 40.54 pence in the pound has been declared and paid to creditors in a recent individual voluntary arrangement ("IVA") in which John Rimmer and Peter Windatt acted as joint nominees and, subsequently, joint supervisors. This dividend is greater than originally anticipated...
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Still in the firing line …

One of our Insolvency Practitioners, Peter Windatt, was asked to write an article for Practical Audit and Accounting on "Why do directors get banned". The article has appeared in the August 2015 issue and can be downloaded here. The piece reviews, in particular, the disqualification of a director for "failure to follow proper...
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Pirate Golf with B-Arrrrr-Aye …

“Shiver me timbers” – BRI are pushing the boat out again with their unusual networking events. The Milton Keynes team recently hosted an evening of crazy golf at the Pirate Island Adventure Course at the Abbey Hill Golf Centre. The event was a hearty success! Non-golfers discovered hidden putting talents, whereas regular golfers floundered whilst navigating...
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Insolvency Statistics for Q2 2015

Company insolvencies in E&W decreased and are now at the lowest level since Q4 2007. It was compulsory liquidations whose numbers fell most markedly – 15.4% down on the previous quarter and 21.9% down on the same quarter of the previous year. The liquidation rate in the 12 months ending Q2 2015 was 0.45% of active...
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The Insolvency Exchange accept variation

A debtor (an accountant) entered an IVA in 2011. For four years she made monthly contributions without missing any payments. The proposal agreed by the Insolvency Exchange and others required after four years for the debtor to release equity from her home (a home in London, which had significantly increased in price) for the benefit...
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