The Director of a company which was to provide rare earth metals to clients has been disqualified from acting as a director for 10 years. Mr Elisha Zinyama, Director of Rare Earth Metal Exchange Limited was found to have failed to procure the metals for which payment had been made.  In addition, the company continued […]

It is sometimes difficult to get your money out of a bad debtor, even when you have a County Court Judgment (CCJ) against the debtor. However, as long as you have the details of the debtor’s employer, you can apply for an attachment of earnings.  You will complete a Court standard form and the Court […]

In his Summer Budget the Chancellor announced significant increases to the taxation of dividends. This increase in the rate of tax is supposed to create a level playing field between trading via a company versus an unincorporated business. You may have clients who no longer wish to trade through a limited company, perhaps because of […]

The insolvency service has recently published individual insolvency figures by location, age and gender. The North East is faring poorly, in all but this area individual insolvency numbers have fallen. For the very first time the individual insolvency rate for women is higher than for men.  It seems that more women have had Debt Relief […]

It has recently been reported that although personal insolvency numbers are falling substancially, certain areas are still struggling and particularly coastal areas! The North East, North West and Wales in particular are hotspots for personal insolvency, which has been attributed to austerity cuts which continue to hit public sector workers. It is important for anyboby […]

In the Exeter County Court, Simon Michael Armitage, a solicitor, has been given a 15 year bankruptcy restriction order for various accounting misdemeanors including misappropriating funds from his client accounts, overcharging and falsifying records in an attempt to cover up his actions. Mr Armitage petitioned for his own bankruptcy and the order was made on […]

In an attempt to reduce the amount of tax payers money needed to fund the justice system, the Government have decided to increase fees of civil and commercial cases by up to 600%! Although the fee hike is for claims of over £10k, (the fee for claims below £10k will not change) business owners with […]

The Insolvency Service are investigating the directors of Nationwide Electrical Safety Limited as it became clear that around £1m of unexplained payments had been made to them and connected companies shortly before a company voluntary arrangement (CVA) failed and the firm went into liquidation. The company’s records failed to properly explain the payments therefore the […]

The Employment Rights (increase of limits) Order came into force on 6 April 2015. Rights protected under the Employment Rights Act 1996 are: The limit on the weekly amount payable under the insolvency provisions of the Act is increased to £475 The limit on the statutory guanantee payment payable to employees laid off work is […]

R3, the insolvency worlds governing body, has launched a new website which provides useful information for unsecured creditors. The new site provides a step-by-step guide to the insolvency process for those creditors and small businesses that may not be familiar with all the jargon. The address is www.creditorinsolvencyguide.co.uk It is important for anybody facing financial […]