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Director disqualification: the how and why

The reason for director disqualification is still unclear to many people. For the avoidance of doubt, having a company liquidation recorded against you doesn’t not automatically prevent you from acting as a director. Rather than being dealt with by the insolvency act, director disqualification is dealt with under the Company Director Disqualification Act 1986 as there are reasons for disqualification outside of insolvency. What does director disqualification mean? Director disqualification has the following consequences: Prohibition from acting as a director of a company or LLP which is registered or trades in the UK. Prohibition from taking part in the promotion formation or management of a company or LLP. Inability to act as an insolvency practitioner. Restrictions on acting as a solicitor, barrister or accountant.

Changes to insolvency law: Need to know basis

The final article in this series covers off a number of ways processing of information will occur under the new rules and also acts as a coverall for a few of the miscellaneous provisions which are also of import.   Statement of affairs Along with all of the other statutory forms, there will be a significant change to the information provided in the statement of affairs. It has been identified that as the statement of affairs is an item of public record and is at risk of divulging personal data which some parties would prefer not to be published. Accordingly the new rules state that employee and customer details should be set out in a separate table and this will not be placed on the public record. Instead there will be […]

Changes to insolvency law: saving trees

A lot of work in insolvency has historically involved sending pages and pages of documents through the post which to many will have very little meaning. The good news is, this now all encouraged to be sent by e-mail. Use of electronic communication The changes in the Insolvency Rules in 2010 allowed for Insolvency Practitioners to send out notices and information by e-mail. This was only allowable where creditors had specifically consented to the Insolvency Practitioner that they were happy to receive communication by e-mail. The consent procedure was often disregarded by creditors and therefore resulted in the standard practice of all information continuing to be sent by post. The changes to the rules means that where a creditor […]

Under pressure from creditors? Understand their rights and yours

If your company is struggling on a financial level, you might find that keeping up with the debts you have to pay back to your creditors is difficult – if not impossible. When you end up behind on your payments, the chances are you’re going to experience some communication with the people you owe money to, and it’s important that you maintain direct and honest contact with your creditors if you want to avoid the strain of extra pressure. While it’s fair to say that pressure from creditors can be a huge burden to business owners, knowing what your rights are, and what your creditors are allowed to do, can be important when it comes to managing the situation. Remember – ignoring the issue is never the answer. What rights do creditors have? Creditors have a number of tools at their disposal designed to help them recover the money they are owed. For […]
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    Business debt advice: 17 tips to avoid becoming an insolvent company

Business debt advice: 17 tips to avoid becoming an insolvent company

  Running a company is stressful. Business is full of peaks and troughs and, no matter how experienced we think are, sometimes it’s tough to see the wood for the trees. If you’re currently running your own business and it’s either in debt or you’re concerned about staying out of the red, then you’re not alone. Thousands of businesses struggle to make ends meet. And when insolvency issues start to show up on the horizon, they can often get in the way of a good enterprise. Luckily, this article contains some great business debt advice for you; advice on avoiding unnecessary debt and keeping costs down. We’ve got 17 highly actionable tips that you can use today to help you avoid becoming an insolvent company. With a million-and-one jobs to do, It’s incredibly easy to take your eye off the ball. Before you know it, creditors, debtors and the taxman are all requiring your immediate attention. So […]
By |September 28th, 2015|Uncategorized|0 Comments

Is the construction industry on the mend?

What is the Construction Industry up to? The construction industry in Britain has been on its knees for a long time, but with 4% year-on-year growth forecasts, are things looking up? As the construction industry emerges from the shadows of the recession, there are clear signs that there’s a golden future ahead for all concerned. Despite the optimism, some concerns remain. Repair and maintenance work isn’t growing well and, as such, most of the positive forecasts surround house building and infrastructure developments. The building of new properties has been a particular issue for the whole of the UK, not just the construction industry. There is a huge housing shortage in the UK, yet the population of the UK is obviously increasing. The fact is, Britain is caught up in the worst housing crisis of recent times. Demand is outstripping supply, particularly in London, but this issue presents an opportunity in itself. The government is […]

Debt Problems in the Restaurant trade.

The UK is out of recession, with the British economy slowly recovering and showing positive signs of growth. But a number of businesses are still feeling the effects of recession. Indeed, many are nevertheless suffering from insolvency. Although insolvency rates are generally declining, do our restaurants have reason for optimism? Well, the expert opinions on this matter are quite polarised. The answer seems to be both yes and no. Looking broadly at the numbers, the foodservice industry is growing, just like many other sectors. The value of the market is expected to grow from 2-3%, depending on your source of information. The foodservice industry is undoubtedly heading back to pre-recession levels. But for the small and medium owners, there are increasing levels of debt problems in the restaurant trade.  Debt Problems in the Restaurant Insolvency in the restaurant trade has actually risen by 15% in the past 12 months. While increased consumer spending […]
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    Debt problems for Pub Owners – is there any help on the horizon?

Debt problems for Pub Owners – is there any help on the horizon?

Pubs & Debt Problems The British pub industry has been suffering for a long time. In fact, as financial bad luck stories go, with about 29 pubs closing in the UK every week, it’s one of the most shocking.  If you were to plot the number of pubs in operating in the UK on a graph, you’d see a very clear, steady and sharp decline. There were 99,000 pubs in 1905, 75,000 in 1969 and 48,000 in 2013. The problems go deeper than just numbers though. Even as recently as 2000, there was still an interest in meeting socially in a pub. The recession clearly didn’t help, but in 2015, we can point to taxes, rules and cultural shifts as the major factors that are hurting British pubs. News of unpaid debts, unreliable supplies, administration and debt restructuring are two-a-penny in this market. Can anything be done? Alcohol has had some dreadful […]

CCJs – What Can I Do?

You’ll liable to have a County Court Judgment if someone or a business applies to Court for money owed by you to them. In many instances CCJ are incorrectly registered, however once they have been, it can be quite time consuming and potentially expensive to have them removed. However, there are ways of heading off the distress a CCJ can bring… Below I’ve listed 5 different ways to stop CCJs from being made. However, for those unlucky enough to have CCJs registered against them or their business, I have also listed Four Ways of Dealing with CCJs (once registered).   Five Ways of Avoiding CCJs There are two distinct times when you can act. Prior to having CCJs registered, you will receive an application – this is your early warning, and you may be able to head a CCJ off at this stage.   You can pay in full. Choosing this options means that you don’t have […]

CCJ – What is it?

Have you been handed a CCJ? Are you worried about what it might mean? CCJ stands for County Court Judgment. When a person or business thinks that you owe them money, they can apply to the County Court for a judgment that will help them claim their funds. People or businesses usually apply for a CCJ when the debtor is ignoring their letters or calls, or if they can’t agree on a debt (or repayment schedule). The person or business behind the County Court Judgment can’t just apply for a CCJ whenever they want. They need to warn the debtor first via default notice or a ‘letter before action’. Understanding the significance of a CCJ is vital. When someone applies for a CCJ, the court investigates the issue. So here’s the point – if you’ve received a CCJ then the courts have already decided that you do indeed owe the money in […]