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Individual insolvencies – boys v girls!

The insolvency service has recently published individual insolvency figures by location, age and gender. The North East is faring poorly, in all but this area individual insolvency numbers have fallen. For the very first time the individual insolvency rate for women is higher than for men.  It seems that more women have had Debt Relief […]

Rising tide of personal insolvencies…..

It has recently been reported that although personal insolvency numbers are falling substancially, certain areas are still struggling and particularly coastal areas! The North East, North West and Wales in particular are hotspots for personal insolvency, which has been attributed to austerity cuts which continue to hit public sector workers. It is important for anyboby […]

Solicitor handed 15 year bankruptcy restriction!

In the Exeter County Court, Simon Michael Armitage, a solicitor, has been given a 15 year bankruptcy restriction order for various accounting misdemeanors including misappropriating funds from his client accounts, overcharging and falsifying records in an attempt to cover up his actions. Mr Armitage petitioned for his own bankruptcy and the order was made on […]

Directors banned for unexplained payments!

The Insolvency Service are investigating the directors of Nationwide Electrical Safety Limited as it became clear that around £1m of unexplained payments had been made to them and connected companies shortly before a company voluntary arrangement (CVA) failed and the firm went into liquidation. The company’s records failed to properly explain the payments therefore the […]

Redundancy – new limits on a weeks pay!

The Employment Rights (increase of limits) Order came into force on 6 April 2015. Rights protected under the Employment Rights Act 1996 are: The limit on the weekly amount payable under the insolvency provisions of the Act is increased to £475 The limit on the statutory guanantee payment payable to employees laid off work is […]

A useful website for creditors!

R3, the insolvency worlds governing body, has launched a new website which provides useful information for unsecured creditors. The new site provides a step-by-step guide to the insolvency process for those creditors and small businesses that may not be familiar with all the jargon. The address is www.creditorinsolvencyguide.co.uk It is important for anybody facing financial […]

Redman Nichols Butler annual ppparty!!

Redman Nichols Butler held our annual Hull party at The Deep on Thursday 12 March.  We invited guests to meet the new colony of Gentoo Penguins.  Although the penguins were nice and lively and playing up to the attention they were getting at the start of the event, they soon got tired and went to […]

Changes to Debt Relief Orders!

The Debt Relief Order (DRO) was introduced to help individuals in financial strife, with low levels of debt and no assets, to avoid bankruptcy.  People with under £15,000 of debt and little or no assets could apply for a DRO.  From 1 October 2015, the Government will increase the level of debt to £20,000 giving […]