9 April 2020: Winding-up hearings are no longer being adjourned: The Insolvency and Companies Court has responded rapidly to the current situation and intends to progress with winding-up hearings remotely, either by telephone or video call applications, as opposed to adjourning them. Whilst it is the petitioning creditor’s obligation to keep the debtor informed...

8 April 2020: During these unprecedented times, cash flow management is key for businesses to survive. Collecting the outstanding monies owed to the company may be a struggle as so many businesses are going to be impacted. However, stringent planning is required where future output is going to reduce due to the lockdown and...

2 April 2020: A director's loan account records the amount of money that is owed to the company by its director(s) or vice versa. When a company is facing financial difficulty due to a loss of customers, increase in payment demands that the company cannot afford to pay or other cash flow concerns, the...

27 March 2020: We are dealing with a Company Voluntary Arrangement (“CVA”) and are holding significant funds due to be distributed in the future to the creditors in this instance. A CVA is a contractual agreement with creditors with numerous terms and conditions attached. The major creditor in this matter is HMRC, whose claim...

25 March 2020: On 23 March 2020, an Insolvency and Companies Court Judge set out the Court’s emergency response to managing winding-up hearings during the current lockdown. It was decided that the general winding-up list cannot presently be conducted remotely and that existing winding-up petitions should be adjourned to ensure the safety of all....

19 March 2020:  There were of course a raft of changes announced in the new Budget on 11 March but one of the more significant in our line of work was that the partial return of Crown preference will be delayed to 1 December 2020.  This had been expected to come in to force for...

12 March 2020: Contact was made with our Milton Keynes office by the director of a Company who had been placed into solvent liquidation more than two years prior. For those not in the know, a solvent liquidation is known as a Members’ Voluntary Liquidation (“MVL”) and, here at BRI, we generally aim to...

9 March 2020: A great evening was had by all at BRI’s annual quiz, which was held at the Marriott hotel in Northampton on Thursday 5 March 2020. We had yet another amazing turn-out with 36 teams of 4 taking part. After an hour or so of testing questions, a music round, a couple of picture...

4 March 2020: In the recent matter of System Building Services Group Limited (in liquidation) the Court confirmed that a director’s fiduciary duties continued after the appointment of an administrator or liquidator and the subsequent purchase by the sole director/shareholder of a company asset from the office holder was held to be in breach...

19 February 2020:  With Members Voluntary Liquidations (“MVL”) (solvent liquidations), making up a significant proportion of the formal appointments currently being taken across the 6 BRI offices,  we often find ourselves pitching against low fee quotes found on the Internet. A recent e-mail received from a competitor by a referring accountant was forwarded to us. We...

14 February 2020: A company with a long trading history in the Milton Keynes area was recently referred to us due to mounting cash flow issues. During an initial meeting with us it became apparent that a liquidation process was, unfortunately, the most suitable way forward for them. So, what were the lessons to be...

4 February 2020: Roses are red, grass is green, after 11^th of March, Entrepreneurs’ Relief may no longer be seen. The next Budget will be held on 11 March 2020 and it is expected that the Government will deliver on its manifesto commitment to review and reform Entrepreneurs’ Relief. This could result in shareholders’ distributions in...