Pre-pack sales to connected parties in administrations

Just a reminder that the legislation concerning sales to connected parties in pre-pack situations is now in force. The legislation includes provisions to refer any such sale to an independent evaluator who will inspect / sanction the transaction. Alternatively, the administrator could also seek creditor approval should the sale take place withing 8 weeks of […]

Buy now – pay later!

Citizens Advice and other debt advice charities are getting increasingly concerned over the buy now pay later (bnpl) culture that is now being offered by many high street stores. It is reported that around 45% of 18 – 34-year olds have used this payment option over the last 12 months. Firms make it easy by […]

Pouring oil on troubled waters!

After the resignation of two of its law firms, it seems that Essar Oil UK is in trouble. The firm owns Britain’s second largest oil refinery and supplies around 16% of the countries transport fuels. In addition, Lloyds Banking Group’s covenant waiver expired at the end of last month meaning that Essar will have to […]

Peacocks – ruffling feathers!

Fashion retailer Peacocks, another high street victim of the pandemic, went into administration late last year. It was hoped that a buyer would be found pre administration but the deadline passed and no buyer was found. However, in a deal done with the administrators, one the senior executives of the former owner has bought the […]

Insolvency Statistics – March 2021

The Insolvency Service have today released the statistics for March 2021 There were 992 company insolvencies in March 2021, which was a drop of20% on March 2020, when there were 1,236. There were 1,591 debt relief orders granted and 1,028 bankruptcies, around a 31% decrease on the March 2020 figures. Redman Nichols Butler can now […]

Tax day…..by the way ……

On 23 March 2021, the Treasury published a series of tax documents and consultations. Despite what many feared, the Treasury do not appear to be targeting Capital Gain Tax yet. This will be welcome news to many business owners and if you have any clients considering a solvent liquidation please give us a call. Interestingly, […]

Bounce back loans

Rishi has extended the amount of time businesses have to repay their Government backed loans, from six to ten years, under his ‘pay as you grow’ initiative. Although these loans were interest free for the first year, repayments will be beginning to kick in soon and bearing in mind that we are still in lockdown […]

Cost effective liquidations

The past year has been difficult for everybody. There is no doubt that many businesses will be seeking financial advice.  We have put systems in place to deal with small business insolvent liquidations quickly and efficiently and from £1,995 + VAT + disbursements.  Our MVLs start at £995 + VAT + disbursements. And no, this […]

Directors to face increased regulations…

Kwasi Kwarteng has caused a stir amongst directors of Aim-listed companies by tightening their regulatory standards, in an attempt to ‘restore confidence in companies’ following the collapse of some high-profile businesses. The long-awaited white paper, which is now in the 16 week consultation stage, is designed to put more responsibility onto the directors of these […]