Budget 2021 – behind the headlines…

In his Budget on Wednesday, Rishi introduced a number of new measures which did not make the headlines but we thought they were worth highlighting. No-interest Loans scheme pilot – The Government will pilot a scheme which will provide up to £3.8m of funding to help vulnerable consumers who would benefit from affordable short-term credit […]

Capital Gains Tax – no change!

In his budget today Rishi made no changes to Capital Gains Tax (CGT).  Good news for those wishing to close a solvent company down to get the cash out by way of a Members Voluntary Liquidation! At Redman Nichols Butler our MVLs are from £995 + VAT + Disbursements. For more information on bankruptcy, liquidation, […]

Furlough

It seems that the number of firms taking advantage of the furlough scheme increased in January to the highest level since July 2020, with York being amongst the most reliant areas in the country. In addition, according to data published by the Office for National Statistics, the percentage of businesses currently trading is around 71%, […]

An interesting bankruptcy case

Covid-19 is being blamed (amongst other things) for mental health issues.  A recent case served as a warning to petitioning creditors to do their homework before issuing proceedings. In Kumar v Hellard [2021] EWHC 181 (Ch). A petitioning creditor issued bankruptcy proceedings against Mr Kumar.  There was evidence that Mr Kumar was suffering from Alzheimer’s […]

Kids Company founder and former trustees escape disqualification!

Colourful character Camilla Batmanghelidjh, the founder of Kids Company, and seven of the trustees have escaped disqualification, after being cleared of any wrongdoing. Kids Company, a charity which was largely funded by the Government, closed its doors in 2015 amid accusations of money being misappropriated, sexual abuse and mis management. However, in January this year, […]

Bounce back loans – banks freezing accounts!

It was reported last year that taxpayers face a bill of around £26bn because of fraud and defaults with Bounce Back Loans (BBLs). Very few checks were carried out when the bank were distributing the BBLs. Banks are now being proactive and where they suspect the BBL has been fraudulently obtained, they are freezing bank […]