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Unprecedented debt levels!

It has been reported that almost 40,000 Yorkshire businesses are facing financial difficulties. Although Government measures have helped, they have only put a sticking plaster on the problem and once that comes off we are likely to see a huge rise in the number of insolvencies If you have clients whose business has been affected […]

Carillion bosses face disqualification

The Insolvency Service have applied to the High Court for Disqualification orders against eight former directors of Carillion. If Obtained, the disqualification orders will prevent the directors from holding directorships from any company for up to 15 years. The Official Receiver, as part of his duties as liquidator, investigated the conduct of the directors during […]

Assets for sale

Papakata Ltd (in liquidation), Papakata South Ltd, Papakata (Scotland) Ltd Offers for the company’s assets in their entirety should be submitted to the agents, Gilbert Baitson, Before 12 noon on 22 January 2021. For further details and to submit offers on the assets please see Viewing strictly by appointment only. Lots include Clearsapan marquees, […]

250,000 businesses could close!

The Federation of Small Businesses (FSB) have reported that some 250,000 small businesses could close within the next 12 months. The FSB is calling for the Government to do more to help these small businesses and in particular those whose directors pay themselves by way of dividend rather than salary who are not getting any […]

Breaking news – Rishi is dishing out more cash

Following Boris’s lock down announcement last night, Rishi Sunak has just announced that he has £4bn to help businesses in the retail, hospitality and leisure industries. These will be one off grants of up to £k, determined by the rateable value of the business premises. There will also be a £594m disctetionary fund being made […]

Christmas Lunch

Today was different! We had our virtual Christmas lunch! Very nice but a bit lonely pulling your own cracker!! Our offices are open throughout the Christmas period with the exception of Christmas day, boxing day and New Year Day. If your business has been effected by Covid-19 or you need any information on any insolvency […]

Suspended sentence for bankrupt!

The Insolvency Service have reported that a bankrupt from Northumberland has been sentenced to six months imprisonment suspended for 12 months. Lee Davies was found guilty of trying to hide more than £33,000 which he had inherited from his father a month before his bankruptcy order was made. Mr Davies transferred half of the inheritance […]

HMRC’s preferential status may create an unexpected windfall for accountants…

With effect from 1 December 20, HMRC have become a secondary preferential creditor in insolvency proceedings. This means that HMRC rank behind the employees but ahead of any floating charge creditors such as banks and unsecured creditors. It is really important that the company’s accountants continue to assist the comp0any and the subsequently appointed insolvency […]

Insolvency Statistics – November 2020

The Insolvency Service have today released the statistics for November 2020. There were 889 company insolvencies, comprised of 767 creditors voluntary liquidations, 34 compulsory liquidations, 73 administrations and 15 company voluntary arrangements. this was a 41% decrease on the same month last year. The likely reason for the decrease is the Government measures put in […]