19 August 2019: We were asked, by an accountant who knows trusts and likes us, to talk with a client who had hit a wrinkle along the road as a result of suing a client for work done and not paid for (at £6,000) who, in response, counter-sued for almost £85k. The client had...

12 August 2019: A recent rescue enquiry gave our Milton Keynes BRI office opportunity to flex the grey matter with respect to finding a solution to the not uncommon issue of a company having both successful and unsuccessful elements to its business. The particular company ran cafés/restaurants and had two premises. One café was...

24 July 2019:  The Hitchin office has seen an increase in disputes between company directors/shareholders in owner managed businesses. Director disputes can put extreme pressure on a business and its financials; in some cases this can lead to the company falling into insolvency. When a company is insolvent, directors have certain duties and obligations. One of...

18 July 2019: Nobody sets up in business with the goal of putting their company into liquidation. A significant proportion of our clients have hit a bump in the road and need some corrective action to stay in business. However, at the other end of the spectrum are the successful entrepreneurs. Those whose business has...

10 July 2019: Most company directors will have the belief that by setting up a limited company they will have set a limit on their own liabilities. However, a decision in a recent court case resulted in the directors of a company being found liable for creditor claims in tort due to their actions...

5 July 2019: The above are formal insolvency procedures to try and enhance the return to creditors and avoid bankruptcy for an individual and either administration or liquidation for a company. Both an IVA and CVA need significant thought and planning and will require the advice and assistance of a qualified Insolvency Practitioner...

2 July 2019:  We last reported that the government is proposing a two month breathing space to struggling debtors. It has now also been reported that small businesses owe HMRC £14bn in taxes. The amount of uncollected tax has hit £35bn, with small businesses accounting for the largest percentage of the tax gap at £14bn...

19 June 2019:  The Government has announced proposals to help those struggling with serious debt by providing a new two-month “breathing space”, during which they cannot be pursued by debt collectors and bailiffs.  Those eligible will also see interest, fees and charges frozen.  All contact with a debtor relating to repayment demands would be prevented...

13 June 2019:  If a company is insolvent, a director has a fiduciary duty to act in the best interests of the company creditors. Human nature being what it is, this doesn’t exclude the director from feeling a sense of ‘but what about me’? First and foremost it is worth repeating that the duty of directors...

3 June 2019:  BRI Business Recovery and Insolvency’s Northampton Office is to shortly conclude the administration of a very complicated and time consuming creditors’ voluntary liquidation. Having been appointed in early 2014, BRI are pleased to report that asset realisations have been such that unsecured creditors will receive a total sum of £475,000, which will equate...

23 May 2019:  It has been reported that six people have been arrested over the promotion of fraudulent schemes that were designed to avoid paying loan charges. Disguised remuneration loans received by employees that remain outstanding on 5 April 2019 are known as loan charges, on which HMRC have been asking for tax to be paid. The...

14 May 2019:  BRI’s Coventry office achieved recent success in getting a proposal for a Company Voluntary Arrangement (“CVA”) approved by 95% of creditors.  The company in question is a large local employer with a sound reputation and excellent prospects.  The company faced tough trading issues following a downturn in the automotive industry compounded at...