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...Read more
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...Read more
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...Read more
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...Read more
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...Read more
2 May 2019: The Insolvency Service have released the above and below is a summary of their findings:Read more
- The total number of company insolvencies were 4,187, up from 3,983 for the same period last year.
- 67.4% of all company insolvencies were creditors’ voluntary liquidations with compulsory liquidations accounting for 19.6%, these are terminal insolvency procedures for...
24 April 2019: HMRC is claiming the direct recovery of debt powers (granted in March 2016) to recover money owed directly from individuals’ bank and building society accounts have raised £178m of tax revenue between April 2016 and December 2018. It is reported that HMRC only took action by removing money directly from a...Read more
17 April 2019: The BRI Coventry office recently welcomed participants to their bi-annual pool tournament (held every Spring and Autumn) to do battle and establish which local professional was best with a cue in their hand. 32 players took their chances and the person with the most wins in the group stages progressed to the quarter...Read more
10 April 2019: The insolvency Service has reported on the 10th anniversary of DRO. The Insolvency Service state that £2.3 billion worth of debt has been written off in DRO with 254,000 individuals successfully entering this procedure. The average level of debt per DRO is £9,400. A DRO is an insolvency procedure, often described as a...Read more
5 April 2019: At BRI Business Recovery and Insolvency, we pride ourselves in providing the right advice first time, every time even though the advice may not be what the recipient wants to receive. BRI’s Northampton Office are dealing with an insolvent liquidation whereby, prior to our formal engagement, we identified potential transactions to...Read more
1 April 2019: We have recently seen an increase in enquiries from businesses that are financially struggling due to the ill health of the directors and senior staff members. Due to health reasons these members have not been able to give the business the time and attention it needs. Recently, a director came to us stating...Read more
22 March 2019: It is with great delight that we announce the success of Dan Smith in passing the Joint Insolvency Examination Board exams. The two exams, one on personal insolvency and the other corporate insolvency, are sat once a year and test the boundaries of knowledge on all aspects of insolvency. The handful of complex...Read more