Latest News

Gov.uk released an interesting article today (26 Feb 2020), outlining the case of a Bankrupt continuing to run a company after being disqualified; we’ve reproduced the article for you to read hereunder …

“Altrincham bankrupt who continued to run interior design, manufacture and project management company despite being banned has been jailed for six months.

Michael Christopher McVey (49), from Altrincham, appeared at Manchester Crown Court on Friday 14 February 2020 after he was charged with one count of managing a company while bankrupt.

The Peer to Peer Finance News (18 Feb 2020), indicated that UK consumer debt has risen to £225bn; the content is an interesting read, so we’ve extracted the piece here-under for you:-

“Outstanding consumer credit lending in the UK rose to £225bn last year, with five million Brits weighed down by more than £10,000 of debt, new data has shown.

The Guardian business news (30 Jan 2020), reported a 6% increase in Personal Insolvency - the highest annual total since 2010 based on figures recently released by the government’s Insolvency Services.

The report claims that the steep rise in Insolvency is mainly due to low-income households relying on expensive consumer debt at an increasing rate over the past decade and were now vulnerable to unexpected hard times.

The January 2020 technical update from the Association of Business Recovery Professionals - R3 interestingly talks about the September 2019 review (published Dec 2019), into the Disguised Remuneration Loan Charge, the content is shared below, for informational purposes ….

R3 Technical Alert dated 6 January 2020 reads…

We are delighted to announce that with effect from January 2020, Mike Rose and M1 Insolvency will be joining Blades.

It will be very much ‘business as usual’ and we are all looking forward to working together to deliver our normal high level of service.

Some interesting statistics have recently been published by the Insolvency Service and analysed by the Chair of R3, the trade association for insolvency practitioners, one of which relates to insolvency trends for women. The 2018 statistics show that just over 54% of insolvencies involved a woman- up from 30% in 2000.

On 22 May 2019 the High Court ordered British Steel Limited into compulsory liquidation. The Official Receiver was appointed as liquidator.

Banks have been urged to create local "banking hubs" for customers if there is a threat to the last branch in town.

We received an Interesting piece from GOV.UK update this morning (publication date: 8 May 2019)

The article reported that “Directors of a company offering Costa Rican plantation investments are banned after withdrawing millions in tax from a scheme they knew was being investigated by HMRC.

The first Debt Relief Order or DRO was approved a decade ago.  According to recent government figures, an astonishing £2.3 billion of debt relief has been granted, helping more than a quarter of a million people out of debt.

There are some key dates looming in April which need to be borne in mind if you have outstanding loans with your company, and which fall under H M Revenue and Customs (“HMRC”) disguised remuneration schemes. These include employee benefit trusts (“EBT’s”) and contractor loan schemes, to name but two.

Welcome to our new website which we hope will be both useful and informative. We will be publishing regular news items which we hope will be of interest and of course we are always ready to assist any clients or potential clients who are experiencing problems.