Insolvency News – Regulation of firms as well as individual licensed insolvency practitioners is finally about to arrive.

Since the Insolvency Act 1986 became law, the regulation of the insolvency profession was directed at individual licensed insolvency practitioners – it is they and not who they may work for that were regulated.  Over the years, we have seen a number of organisations set up that provide insolvency / turnaround and related services and […]

Director’s loan account or a director’s moan account?

Alexander Lauren Associates Limited (“the company”) was placed into liquidation in 2012. The directors owed the company in excess of £1 million via their directors’ loan accounts (“DLA”). The directors reached a settlement with the liquidator whereby they would repay £100,000 in settlement of their DLAs. The company / its liquidators released the balance of […]

Seeking Offers for the Business, Work in Progress and Assets

Icon Office Design Limited (In Administration)Trading premises: Junction Close, Green Lane, Featherstone Industrial Park WF7 6ER. The company designs and manufactures a huge range of products for the modern workplace from everyday office screens to high end acoustic furniture. The assets for sale include; Large Stocks of Timber, Fabric, Ironmongery and Extruded Aluminium CNC Machinery […]

PROJECT OFFICE: Seeking Offers for the Business, Work in Progress and Assets

West Yorkshire Office Design and Manufacturing Company. The company designs and manufacture a large range of products for the modern workplace. Large Stocks of Timber, Fabric, Ironmongery and Extruded Aluminium CNC Machinery Orderbook of around £500,000 Inc VAT (no deposits held) Experienced workforce of 15 Leasehold Property The Company holds two trademarks. Financial reports and […]

Urgent technical release – litigation funders may have had the rug pulled from under them – at least for the moment.

Following the recent Supreme Court decision of R (on the application of PACCAR Inc and others) (Appellants) v Competition Appeal Tribunal and others (Respondents) (supremecourt.uk) [2023] UKSC 28, litigation funding agreements whereby the funder is entitled to recover a percentage of any damages recovered by their client, constitute damages-based agreements and so are unlawful and unenforceable unless […]

Litigation funding – directors and their advisors – beware

In 2011, Manolete Partners Plc became the first litigation funder to enter the insolvency marketplace.  They provide funding to enable insolvency practitioners to pursue claims in insolvency cases where there are no or limited estate funds to pursue such claims and creditors (due to their inevitable apathy) are unwilling to provide that funding. Since then, […]

HMRC 1 – Director – 0

Mr Wagstaff was the sole director of a company. At the date of liquidation, HMRC were owed £273,000 in respect of National Insurance (“NI”). The company had only paid £11,000 of NI in the five years prior to the liquidation. HMRC issued a Personal Liability Notice (“PLN”) against Mr Wagstaff on the basis that the […]