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 […]
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 […]
Clarks, the iconic shoemaker / retailer proposed a Company Voluntary Arrangement (CVA) last week, but landlords are not happy with the terms which will state that their rents will be based on turnover. Around third of their shops will be on zero rent and any arrears accrued during the pandemic will be written off. Clarks […]
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 […]
It has just been announced that the furlough scheme has been extended until March 2021. In a statement to the House of Commons this morning, Sunak said “Our highest priority remains the same; to protect jobs and livelihoods. Given the significant economic uncertainty, we can announce today that the furlough scheme will be extended until […]
Steph Coulter has been with Redman Nichols Butler for 20 years now! Congratulations Steph – you deserve a medal!! Nice cake!!
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 […]
Banks are getting nervous about recovering monies from the bounce back loan scheme and are starting to enlist the help of debt collection firms. Banks have lent almost £40bn to some 1.3m companies and although the loans have been backed by the Government 100%, the banks will have to show that they have taken every step […]
The director of a payroll company has been disqualified from being a director, setting up or managing a company after giving an undertaking for eight years. Having set up a payroll services company, S Jonas Solutions, Jonas Stankevicious placed the company into creditors voluntary liquidation only a few months later. Mr Stankevicious misdemeanor was flagged […]
Claims Management Companies (CMCs) are firms which write to directors of limited companies that have entered into an insolvency process. They offer to assist the directors with their claim from the Redundancy Payments Service (RPS). However, these companies take a percentage of the payout. Directors are advised to claim redundancy payments (if applicable) through the […]
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