Arcadia in trouble!

It has been reported this afternoon that The Arcadia Group is likely to appoint administrators as soon as Monday, as talks with potential lenders have broken down. Arcadia, which is Sir Philip Green’s empire and includes Dorothy Perkins, Topshop and Burtons, employ some 13,000 employees across its 500 shops, whose jobs are now at risk. […]

Assets for Sale

we are assisting the directors of a marquee hire company. The directors are selling the assets. If you would like more information, please click the ‘Assets for Sale’ button on our homepage and it will take you to the list.

Debt and Mental Health

It has been reported that some 50,000 people have been affected by HMRC’s loan charge. A recent report from the BBC highlights the impact that the loan charge is having on people’s mental health. In the report, a contractor says that he was paid as a contractor and used a company to manage his tax […]

Reduction in national insolvency numbers ….

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 […]

Bounce Back Loan arrest!

Another arrest has been made on suspicion of bounce Back Loan fraud. An address in Hoddesdon, including a lockup, was searched and £17k of cash was recovered along with a quantity of high end watches. The arrest was made on suspicion that a claim for the loan was falsely made and the money was used […]

The debt respite scheme – help for individuals in debt

Due to be introduced in May 2021, the new Debt Respite Scheme is designed to give those individuals facing financial difficulties a breathing space from their creditors, providing they have sought professional advice. Individuals will be protected during a 60 day moratorium window which protects them from most creditors taking legal action.  During the moratorium, […]

Robin Hood Rishi Capital Gains…..!!!

A review by the Office For Tax Simplification has identified that around £14bn of additional Capital Gains Taxes could be raised by “cutting exemptions and doubling rates” to more closely align the CGT rates with income tax. This potential increase in CGT will have a huge impact on anyone wanting to retire, sell or close […]

Covid Cash Crisis

A recent report from the charity Stepchange said that people falling into severe problem debt has doubled since March this year due to the pandemic. Stepchange said that he UK was “sleep-walking into a debt crisis and long-term support was needed”.  Many individuals are turning to credit cards and loans to pay for necessitates including […]

Preferential status for HMRC … trade creditors, banks and directors are out of pocket

From 1 December 2020 HMRC will once again become preferential creditors in respect of VAT, PAYE, NI, Student Loan deductions and CIS.  This will not apply to Corporation Tax or Employer National Insurance contributions. This means that HMRC will rank above secured creditors (relying on their floating charge security) and trade creditors.  The timing of […]