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Joint liquidators of a Hull based plant hire business

On 18 September 2009, Andrew Nichols and John Butler were appointed joint liquidators of a Hull based plant hire business.

The liquidation is being dealt with by Andrew Nichols at our Driffield office.  Andrew regularly advises businesses in East Yorkshire and East Coast areas.

A copy of the annual report is available to download from this website.  Any creditors who have not received the appropriate code to enable them to download the report or who have not received a copy in the post can obtain either by ringing Jacqui Park at our Driffield office on 01377 257788.

It is important for anybody facing financial difficulties, whether personally, directors of limited companies or partnerships, to seek advice from a licensed insolvency practitioner as soon as possible.

To take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at one of our offices in Driffield, Scunthorpe or York.  Alternatively we can meet clients at their premises or those of their professional advisor.

Redman Nichols Butler has been established in Driffield for 17 years now and specialises in advising SME businesses in the whole of East and North Yorkshire and North East Lincolnshire.  The Redman Nichols Butler Driffield office address is Maclaren House, Skerne Road, Driffield, East Yorkshire, YO25 6PN

Bankruptcy tourism – not as easy as you think!

Th High Court has recently dismissed two bankruptcy petitions made by Irish nationals who could not convince the court that their centre’s of main interest (COMI) were in England.

In the matter of Brian O’Donnell & Mary Patricia O’Donnell v The Governor and Company of the Bank of Ireland [2012] EWCH 3749 (Ch) (21 December 2012), the High Court was asked to consider bankruptcy petitions from two Irish Nationals.

The High Court dismissed the petitions on the grounds that the petitioner’s COMI was not in England.

In making its decision, the High Court made it clear that English Courts will not be persueded to grant bankruptcy orders when it is cear that a person’s COMI is not in England.

We have seen increasing amounts of bankruptcy tourism as people from overseas are wishing to take advantage of our more lenient bankruptcy regimes.  In Ireland for example, the bankruptcy period is, at the moment 12 years, although this is set to be reduced to 3 years shortly which will reduce the amount of petitions at least from Ireland.  In England, the bankrupt is automatically discharged after one year.

it is important for anybody facing financial difficulties, whether personally, drectors of limited companies or partnerships, to seek advice from a licensed insolvency practitioner as soon as possible.

To take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professioals in our Driffield, Scunthorpe or York offices.

Redman Nichols Butler has had a York office for nearly five years now and specialises in advising SME businesses in York and North Yorkshire.  The Redman Nichols Butler York office address is Westminster Business Centre, Nether Poppleton, York, YO26 6RB.

Update from a Driffield based insolvency practitioner!

On 21 September 2012, Andrew Nichols and John Butler of Redman Nichols Butler were appointed joint liquidators of a Scarborough based restaurant / bar.

The liquidation is being dealt with by Andrew Nichols at our Driffield office.  Andrew regularly advises businesses in East Yorkshire and the East Coast areas.

A copy of the annual report is now available to download from this website.  Any creditors who have not received the appropriate code to enable them to download the report, or who have not received a copy in the post, can obtain either by ringing Jacqui Park at our Driffield office on 01377 257788.

It is important for anybody facing financial difficulties, whether personally, directors of limited companies or partnerships, to seek advice from a licensed inslvency practitioner as soon as possible.

To take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at one of our offices in Driffield, Scunthorpe or York.  Alternatively, we can meet clients at their premises or those of their professional advisor.

Redman Nichols Butler has been extablished in Driffield for 17 years now and specialses in advising SME businesses in the whole of East and North Yorkshire and North East Lincolnshire.  The Redman Nichols Butler Driffield office address is Maclaren House, Skerne Road, Driffield, East Yorkshire, YO25 6PN.

Latest Insolvency Figures!

The Insolvency Service have recently published the insolvency figures for the third quarter of 2013.

Corporate Insolvencies

The figures show that there has been a slight decrease in the number of corporate insolvencies on the previous quarter in England and Wales.

The number of comapny liquidations for the third quarter of 2013 is 3,875, of which 964 were compulsory liquidations and 2,911 were creditors’ voluntary liquidations.

There was an increase in the number of receiverships from 192 to 253, and a decrease in the amount of administrations from 622 to 544.  Company Voluntary Arrangement numbers have also decreased from 160 to 152 in the third quarter of 2013.

Personal Insolvencies

There has been an increase in the number of personal insolvencies, the number for the third quarter of 2013 was 26,030, 6,004 of which wre bankruptcies and 13,394 were individual voluntary arrangements.  The number of debt relief orders made has decreased, there were 6,632 in the third quarter of 2013.

it is important for anybody facing financial difficulties, whether personally, directors of limited companies or partnerships, to seek advice from a licensed insolvency practitioner as soon as possible.

To take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals in our Driffield, Scunthorpe or York offices.

Redman Nichols Butler has had a Scunthorpe office for nearly 3 years now.  Mark Neumegen, who heads up the Scunthorpe office regularly advises businesses in Scunthorpe, Grimsby and all over North East Lincolnshire areas on all manner of insolvency and turnaround issues.  The Scunthorpe office address is Suite 8b, Normanby Gateway, Lysaghts Way, Scunthorpe, DN15 9YG.

Funding the recovery….beware of liberating pension funds

Members of the public are continually being targeted by companies encouraging them to tap into their pension and release a percentage of the pot early.

Some of these companies are even sending text messages to people over 55 encouraging them to access a percentage of their pension calling them ‘pension liberation schemes’.  These schemes are especially tempting to those in financial difficulty or those businesses who are desperately seeking working capital.

The costs of “liberating” your pension can be astronomical!!!

The pension liberation companies can charge up to 20% for liberating your pension fund.

In addition, H M Revenue and Customs may be entitled to take up to 70% of the amount liberated.  There is a tax incentive to save in a pension, but the tax man gives nothing away for free and so there are tax rules about when and how you can take the pension.

Many of these schemes are a sham and our advice to anybody considering taking a lump sum out of their pension early is to take financial advice from a trusted professional.

It is important for anybody facing financial difficulties, whether personally, directors of limited companies or partnerships, to seek advice from a licensed insolvency practitioner as soon as possible.

To take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.

Redman Nichols Butler has had a Scunthorpe office for nearly three years now and specialises in advising SME businesses in Scunthorpe, Grimsby and Louth.  The Redman Nichols Butler Scunthorpe office address is Normanby Gateway Lysaghts Way, Scunthorpe, DN15 9YG.

Merry Christmas and Happy New Year

We would like to wish all visitors to our site a very Merry Christmas and a Happy New Year!

Please note that the office will be open throughout the Christmas period with the exception of Christmas Day, Boxing Day and New Years Day.

Bank accounts for bankrupts – it could get easier!

One of the problems facing bankrupts is the fact that many banks will not let them open accounts.

Since September 2012, only Barclays bank has offered a basic account to undischarged bankrupts.  This makes it difficult for bankrupts to manage their finances properly in terms of wages, paying bills and even obtaining benefits.

Historically, banks have been nervous of allowing bankrupts to open accounts for fear of being sued if the bankrupt spends money on which their creditors may have a claim.

However, the Government has recognised that life has to go on for bankrupts and is in the process of changing insolvency law to provide that the banks will not be liable.

Although this change will not make it compulsory for banks to allow accounts to be opened, it is thought that most banks will take a commercial view and offer basic services to bankrupts.

It is important for anybody facing financial difficulties, whetrher personally, directors of limited companies or partnerships, to seek advice from a licensed insolvency practitioner as soon as possible.

We have insolvency professionals who regularly give advice to people in York, North and East Yorkshire and North Lincolnshire.  To take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at one of our offices in Driffield, Scunthorpe or York.

Mark Neumegen of the Scunthorpe office of Redman Nichols Butler regularly advices businesses and individuals in financial difficulty in the Scunthorpe, Grimsby, Lincoln, Sleaford and North East Lincolnshire area.