The latest figures for October 2020 from the Insolvency Service show that there were 672 creditors’ voluntary liquidations, 59 compulsory liquidations, 104 administrations and 31 company voluntary arrangments, in England and Wales. This was a decrease on the same period last year by 42% which can be explained by the Government support schemes, including the […]

Dominic Chappell, the man that bought BHS from former owner Sir Philip Green for £1, has been jailed for 6 years for tax evasion. Chappell funded an extravagant lifestyle with the cash he took from BHS but failed to pay over half a million to the tax man.  it didn’t help when the BHS pension problems […]

When the directors of a company place a company into a solvent liquidation (“MVL”) they have to make a statutory declaration of Solvency in front of a solicitor which states that “….having made a full inquiry into the company’s affairs and that, having done so, they have formed the opinion that the company WILL be […]

When the bounce back loan scheme was announced, some thought that the Government had not done enough to prevent fraudsters from getting their hands on cash they are not entitled to. The National Audit Office have estimated that there was the potential for taxpayers to lose around £26bn from fraud / non repayment. Fraudsters are […]

Recent research into store closures has confirmed that the pandemic has had a catastrophic effect on retailers. Although pre pandemic the retail industry was struggling with more and more people shopping online, post pandemic, from January to July 2020, around 11,000 shops closed their doors. The outlook for the future of the retail industry is […]

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The Finance Act 2020 is now law. One of the features of the Finance Act is that it introduces a new regime giving HMRC the power to issue notices to make directors of companies, together with shadow directors and certain others connected to a company, jointly and severally liable for the company’s tax liabilities. There […]

A recent dispute resolution case saw a liquidator apply to the High Court for an order to enable them to access a director’s personal Google account. The liquidator had been told by one of the directors that the Google account contained the company records, ie emails and accounts etc and that all the company business […]

A distribution in a winding up made to an individual on or after 6 April 2016 will be treated as if it were a distribution where certain conditions are met.  For the rule to apply, all of the following conditions must be met: Condition A – The individual receiving the distribution had at least a […]

We have now got some bottles of hand sanitizer to go with our masks!  Its a very handy bottle which will clip onto your keyring! If you would like one, just get in touch with Stella and she will send you one out. Stay Safe