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Everyday in the UK
“You must be busy?” – I’ve heard this so many times in the last year. The fact is that insolvency numbers are significantly down.
Striking Numbers February 2021
Everyday in the UK
Roland, AKA “Roly” or “Radiator Dog” took up his position in January and has already made a big impression on the office policy of unattended biscuits and sandwiches. As you can see from the picture, he’s also in charge of toilet rolls.
By Tim Corfield
Everyday in the UK
Personal Debt in the UK
Prior to The Enterprise Act of 2002 the Crown enjoyed a preference in the ranking of their debt over unsecured creditors when a company entered insolvency proceedings. With few exceptions, up to 1st December 2020 the position has been that Crown debt (VAT, PAYE and Corporation Tax) ranks as an unsecured creditor equally with other unsecured creditors (trade creditors, unsecured loans, etc).
Everyday in the UK
Personal Debt in the UK
Everyday in the UK
Personal Debt in the UK
“I’d like you to liquidate my company” Henry said “I had a catering contact for a hotel that’s been suspended indefinitely. The staff I had have all left and I don’t owe them anything. I’m broke but there are no other creditors other than the bounce back loan”.
The population of the UK grew by an estimated 990 people a day between 2018 and 2019.
“I want you to liquidate my company. How much will you charge?”
Everyday in the UK...
Personal debt in the UK
“What could go wrong with such a simple business” their financial adviser had said to them. So, they decided to trade as a partnership....
What is an IVA and how does it work?
A creditors' voluntary liquidation (CVL) is a voluntary process initially instigated by a company’s directors.
These days I’m constantly being asked “You must be busy?”
I reply “Not as busy as you might think!”
A members’ voluntary liquidation (MVL) is the most tax efficient way of closing a company and the shareholders realising the assets when the company has ceased to trade.
“My company has just received a £50,000 Bounce Back Loan. My 5 staff are furloughed. There aren’t any assets or liabilities (other than £25,000 due as directors dividend/directors’ loan account). I’m not sure when or whether I’m going to start trading again. Can I draw the £25,000 that the company owes me?”
An insolvency practitioner is a licensed professional who can provide essential guidance on matters of both company and individual insolvency.
I don’t know about you, but I still wake up most mornings thinking about that nasty nightmare I’ve just had
If there is one thing about corporate insolvency that every professional advisor needs to know, it is a rough understanding of section 216 of the Insolvency Act 1986.
I was recently invited into a board meeting by the company accountant...
Stanley called me last week “I think I’m going to need your help again, Tim” he started. Griffin & King had liquidated a company of his a few years ago.
Mike, a solicitor I've known for around 20 years called me a couple of months ago...
Would you go to an unqualified physician for a surgical operation? No.
We come across this time and time and time again. Directors or business people not seeking adequate guidance when they are making a major decision with their business, or seeking business debt solutions.
How many times have I heard that when discussing business debt advice? More than ever I could remember!
Recently Tina called me to arrange a meeting to discuss the financial problems with her company...
Should a taxi driver (without any employees) be operating within a limited company or be self- employed?...
Company Voluntary Arrangements - Could We Make Use Of Them?...
An Individual Voluntary Arrangement (IVA) is a formal insolvency procedure under the Insolvency Act 1986...
A couple of months ago I told you about Tim Corfield running the London Marathon this year....
Most successful businesses have an accountant or a ‘beanie’ very close – and a successful relationship will last for years and help the business evolve...
Whenever I hear a discussion in the media about personal debt I hear the names of 'debt charities'....
Take advice from us without delay....
It will be his retirement Marathon…..probably!...
My Company is Insolvent - would I be able to buy back the tools and equipment?...
What is a Company Voluntary Arrangement?...
I had a call recently from Stan who told me he was director of a security company and clearly distressed about things...
True Story: Creditors Voluntary Liquidation / Individual Voluntary Arrangement by Janet Peacock
Your Creditors Voluntary Liquidation (CVL) questions answered....
Your Creditors Voluntary Liquidation questions answered....
We have written this helpful guide containing Voluntary Liquidation FAQ’s....
If you have a client running a business how do you quickly know if the business is insolvent or may be close to being insolvent?
We had a call recently from Bridget. Bridget and her husband, Steve had been in an Individual Voluntary Arrangement (IVA) for two years....
Going The Extra Mile!
Mr Neverwrong negotiated the purchase of a coffee shop business around 2 years ago through his limited company (he owns all the shares)....
If there is one thing about corporate insolvency that every professional advisor needs to know, it is a rough understanding of section 216 of the Insolvency Act 1986....
There are significant differences between the position of a partner (or member) of an LLP (Limited Liability Partnership) and a director of a limited company...
We were recently contacted by Steve who ran three clubs in the West Midland area. Two of those clubs were running at a loss but the other was running at a healthy profit....
Often when I ask a director (who is also a shareholder) about his 'remuneration package' he says that it’s made up of two elements....
Individual Voluntary Arrangement explained – your questions answered...
Here is a short guide to understanding what is an IVA (Individual Voluntary Arrangement)....
I was recently invited into a board meeting by the company accountant, Alan, to take instructions for a Pre-Pack Administration.....
Your Company Liquidation Questions Answered....
I received a call from a director, Terry, who had been recommended to call us because his company was insolvent and facing creditor pressure "I need you to liquidate my company."....
What are the Liquidation procedures for an Insolvent company? Find out more....
Business Turnaround or Business Continuity....
IVAs or Individual Voluntary Arrangements allow you to make arrangements with the people you owe money to so you can reach a final legally binding settlement....
Personal Individual Voluntary Arrangements or IVA’s are an alternative solution to bankruptcy....
What is a Creditors Voluntary Liquidation (CVL)? How can this help you?
What is a Company Voluntary Arrangement (CVA)? How can this help you?
We all know what an Individual Voluntary Arrangement or IVA is. It’s an alternative to bankruptcy, which in certain circumstances does work better for the debtor....
Anyone who's ever run a business knows the answer to this question!
It's stating the obvious. But, often, at a time when they are given the guarantor (usually a director) doesn't think clearly enough about the consequences of these being called upon....
What is a Members Voluntary Liquidation MVL? How can this process help you?
We often see directors in receipt of excessive remuneration packages. At what point could they be challenged by a liquidator as a transaction at an undervalue and therefore repayable?....
We often get involved in the sale of an insolvent business or get asked questions from potential purchasers or their professional advisers. Here are a few points...
To celebrate his final year at Stirling University Matt Corfield has brought together a team of volunteers from his fellow students to travel to Bangalore in May to coach football to children at the Parikrma Foundation....
New rules come into force from 6th April 2017 which are a major overhaul aimed at updating present insolvency procedures that have been in force since the Insolvency Rules 1986....
In December 2016, Tim Corfield of Griffin and King, was approached by a transportation business in desperate need of bringing their affairs to a conclusion...
A recent failure of a health spa (Creditors Voluntary Liquidation) where vouchers were purchased as gifts (both directly with the company and via third party providers) but not redeemed before the company ceased to trade highlights the protection that is offered by paying with “plastic”....
In December 2016 Griffin & King were approached by a menswear manufacturer and retailer...
If anybody is struggling to pay HMRC or any other debt please contact us today on 0843 783 2770...
Griffin and King would like to wish you a Merry Christmas and a Happy New Year!....
I was listening to “Wake up to money” a few days ago and heard an interesting story....
Would you like to join one of the busiest, well established and successful firms in the Midlands?...
Current legislation will be replaced by new consolidated rules, The Insolvency Service has announced. A move to reflect modern business practice....
Research carried out by R3 has suggested that three out of every four British firms are yet to feel any impact, positive or negative, from this year’s Brexit vote....
According to The Insolvency Service there was a two percent rise during the third quarter of 2016 on the three months prior. An estimated 3,633 companies failed....
The Royal Bank of Scotland are projecting that they will have to refund SMEs £400m that were referred to, and claimed to be pushed into administration by, its Global Restructuring Group (GRG)....
Swansea City FC and Southampton FC are top of the league when it comes to paying their invoices’ on time and having a good credit rating with suppliers....
In October the UK construction industry enjoyed a healthy rise in business activity...
A ruling by the London employment tribunal has meant that previously self-employed Uber taxi drivers now have the right to be classed as workers....
It is now possible for people experiencing unmanageable debts to now, rather than go through courts, they apply for Bankruptcy online....
The British Banking Association (BBA) have warned that large banks are preparing to relocate and leave the UK in early next year over fears around Brexit....
Analysts believe that Britain's economy will grow faster this year than was predicted even before the referendum took place earlier this year....
You may spot the connection if you follow football. Slovenia v England and Inverness v Rangers....
More than 100 small businesses will launch a £1bn lawsuit against Royal Bank of Scotland over allegations that they were mistreated by its turnaround division....
The Co-operative Bank is set to give top executives pay rises, despite the lender's huge losses, in order to side step Mark Carney's ban on paying their staff bonuses...
There were 3848 winding up petitions in 2015 (compared to 3074 in 2014) issued by HMRC against companies unable to pay their tax bills. This represents a huge rise of 13%!...
The last three months has seen more British companies issuing profit warnings than in any second quarter since the financial crisis began in 2008...
In 2015-16 the Financial Service Ombudsman recorded an 86% increase in complaints about credit reference agencies from the previous year...
The travel company, Lowcost Travel, which called in the Administrators on Friday night will formally liquidate its main holiday business as early as next week....
Britain's economy has gone into reverse since last month's Brexit vote, figures are set to show this week....
The Bank of England is set to slash interest rates this week, possibly to as low as zero, as it looks to cushion the blow to the economy as a result of Brexit....
Towns that voted in favour of leaving the EU last month are among the first to be effected as manufacturing jobs are being lost....
A recent survey carried out by R3 (the trade body of the insolvency professionals) into the dealings of insolvency practitioners with HMRC makes for some very disappointing reading.
In 2015/16 there were 1,208 director disqualifications compared to 1,210 in 2014/15 – an increase of two!....
Accountants often say to me “I'm not sure what to say to a client when his business enters the murky world of insolvency and starts asking tricky questions like ....
Insolvency Ahead! A Recent Court Case.
Good Job From The Insolvency Profession!
Looking At The Whole Picture!
“That's What My Accountant Told Me To Do!”
IVA providers - they're all the same aren't they?
UK Personal Debt - Some Interesting Facts…
I’ve also been at Griffin & King for 30 years later this year. Where’s that gone?
Recent figures show that the number of the self-employed has soared to an all time high.
Failure to prepare? Prepare to fail! – Part 2!!
How quickly can a creditors’ voluntary liquidation process start?
The process can be started immediately. The directors need to sign a resolution to appoint an Insolvency Practitioner to prepare a statement of affairs and to call a creditors meeting. In practice, there may be certain things that delay the commencement of the process....
We come across many struggling or failed businesses and talk to many business owners. So we think we are well placed to give a few tips on this subject.
Failure to prepare? Prepare to fail!
How Can a Creditor Challenge Be Included in an IVA?
Acute Cashflow Problem Companies On The Increase!
A CVA is an insolvency procedure that can be used by a company to deal with financial difficulties. This article explains in more detail as to how a CVA could assist.
What is a Partnership Voluntary Arrangement? How can it help you?
Company Voluntary Arrangements – could we make more use of them?
What is an Administration? How can this help you?
What is a Pre-pack Administration? How can this help you?
Double, triple or just the single? (We talk recession)
Going the extra mile!
Who wants to be self-employed?
HMRC Gets Tough! Companies Beware – Winding up petitions increase!
Access to Bank Accounts Made Easier for Bankrupts
