Chocolate Coins….
UncategorizedThe Christmas Elves have made an early delivery to Redman Nichols Butler. If you are in need of a “chocolate fix” prior to Christmas please drop us an email and the Elves (John or Andrew) will send some out to you…..
Insolvency News – The end of HMRC tax clearances in solvent liquidations
UncategorizedHMRC will shortly be informing the entire UK insolvency profession that they will no longer be giving tax clearance in solvent liquidation cases (“MVLs”). The notion of HMRC providing tax clearance in MVLs was based not on any legal or best practice obligation but rather a custom or unwritten consensus built up over time between […]
Guide for directors @ the Director Information Hub
NewsThe Insolvency Service have provided a really useful information hub for directors and potential future directors on your duties and responsibilities and also identifying the risks of insolvency. The information hub is also relevant to anyone involved in running or managing an organisation such as a trustee of a charity or being involved in the […]
Insolvency News – Restructuring Plans – can they be used in the SME marketplace ?
NewsWhat is a restructuring plan ? It is a compromise or arrangement entered into by a company and its creditors. They were introduced into law at the height of the Covid-19 pandemic within the Corporate Insolvency and Governance Act 2020. Whilst it is very early days and there is as yet little case law on […]
Ten top tips for directors who are thinking of causing their company to enter into an insolvency process and who want as stress free process as possible
NewsEnsure the company’s accounting records are brought up to date. Take professional advice from the company’s accountants and / or solicitors – remember they have experience with other clients that have been there before. Be honest with yourself and identify matters that the insolvency practitioner may well have concerns about before the insolvency button is […]
Insolvency News – Regulation of firms as well as individual licensed insolvency practitioners is finally about to arrive.
NewsSince 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?
NewsAlexander 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 […]
Bankruptcy and the matrimonial home – the 3 year “use it or lose it” rule
NewsSection 283A of the Insolvency Act 1986 provides that a trustee in bankruptcy has three years to take steps to realise an interest in a property which is the home of a bankrupt, a bankrupt’s spouse or their civil partner, or their former spouse or civil partner. If a trustee fails to take steps to […]
Seeking Offers for the Business, Work in Progress and Assets
NewsIcon 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 […]
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