We have offices in Northampton, Banbury, Coventry, Hitchin, Milton Keynes 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

News

  • A different type of business meeting

    1 June 2020:  Whilst BRI Business Recovery and Insolvency are providing advice to many individuals and company directors via conference calls and video meetings, one of the management team took the opportunity to provide advice, whilst observing social distancing rules, by meeting a director in a park (where they  both…
  • Greatest Recession and the list of shops that can reopen and when

    26 May 2020:  The Government last week published a list of shops that can now reopen immediately. https://www.gov.uk/government/publications/further-businesses-and-premises-to-close/further-businesses-and-premises-to-close-guidance To support these businesses, the Government have also published back to work guidance and a business recovery strategy. Outdoor markets and car showrooms can reopen from 1 June 2020 and all other…
  • Insolvency shake up

    21 May 2020:  The much-anticipated (at least to those of us in the industry) Corporate Insolvency and Governance Bill has just been released and is expected to progress through Parliament shortly.  The Bill has been designed to help the economy recover, protect jobs, and give companies the best chance of…
  • Health and Wealth (and how we can help)

    15 May 2020:  As we enter the first week under new government guidance and the eighth week since the beginning of lockdown, I think it is fair to say that many of us are facing one of the most challenging periods we can remember both personally and professionally. We are…
  • Flattening of the curve in liquidation numbers

    4 May 2020:  It has been reported that there has been a decrease in both creditors’ voluntary liquidations (“CVL”)   and compulsory liquidations since the UK went into lock down – see graphs below. The decrease in compulsory liquidations is no doubt as a direct result of HMRC not issuing winding-up…
  • Businesses re-opening – Resilience and the Road to Recovery

    28 April 2020: As Matt Hancock, Secretary of State for Health and Social Care, announces that he is happy with some businesses re-opening, decision making for directors during these challenging time is immense. There are many businesses that stopped trading at the end of March to safeguard their staff, as…
  • Freeing up cash in a Company Voluntary Arrangement (“CVA”)

    21 April 2020: At BRI Business Recovery and Insolvency we recently approached a client of ours that is in a CVA to discuss the impact of the coronavirus upon their business. It was clear that prior to the outbreak business was growing with a strong order book and profits. However,…
  • The suspension of the Wrongful Trading provision – What is Wrongful Trading?

    15 April 2020:  The law states “where a director knew, or ought to have concluded that there was no reasonable prospect that the company would avoid going into insolvent liquidation” (Section 214, IA86) Simply put; Wrongful Trading is a way of holding directors personally liable for company debts incurred after…
  • Further update on winding-up petitions

    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…
  • COVID-19 and cash flow

    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…
  • Covid-19 and director’s loan accounts

    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…
  • Urgent payment to HMRC – much needed funds!

    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…
  • Block adjournment of winding-up petitions

    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…
  • Not so fast…

    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…
  • Buy Cheap, Buy Twice?

    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,…