Pre-packs: no change after all

January 5, 2012

The government has today announced that it will not be changing the legislation on pre-packs in administrations after all. Pre-packs, or pre-packaged business sales, have always been controversial. In essence, they involve placing a company into administration and the business being immediately sold, often to the current management.

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Don’t wait until you are in deep water to get insolvency advice

January 3, 2012

A business may need insolvency advice or be considered insolvent if it doesn’t have sufficient assets to cover its debts, or it is unable to pay its debts as and when they are due. If you monitor your businesses actual performance against your budget and the cashflow forecast regularly, this will give you an early warning of potential problems. You can then take action to avoid insolvency.

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BSCR Name Christmas Charities

November 15, 2011

Rather than send Christmas cards, each year tri group (formerly Burton Sweet Corporate Recovery) makes donations to charity. This year, all members of the team were asked to nominate the charities which we will support.

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Good News for Residential Landlords

November 8, 2011

Residential landlords will no doubt welcome a recent decision from the Court of Appeal in the case of Christina Sharples v Places for People Homes Limited.

Ms Sharples held an assured tenancy under the Housing Act 1988. She fell behind with her rent, and the landlords commenced possession proceedings. Five days before the scheduled hearing of the possession proceedings, Ms Sharples filed a bankruptcy petition and was made bankrupt.

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Third Quarter Insolvency Statistics

November 4, 2011

The Insolvency Service has published the official insolvency statistics for the third quarter of 2011. In terms of company failures, the figures show:

Compulsory liquidations: 1,203 (-6.6%)
Creditors’ voluntary liquidations: 3,039 (+3.1%)
Receiverships, administrations and CVAs: 1,253 (+1.7%)

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Claims Under Personal Guarantees

August 17, 2011

The concept of limited liability is, of course, almost always rather illusory for smaller companies in particular. Invariably a bank will require personal guarantees from the directors as well as a charge over the company’s own assets. Directors and others should remember that lenders ask for guarantees for a reason, and that if a guarantee is given it should be assumed that payment will have to be made.

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FREE Seminars for Professional Advisers

August 4, 2011

The recession may have officially ended some time ago, but the UK’s economic recovery is stuttering at best, and some pundits are even speculating that a “double-dip” is not inconceivable. So professionals who are not called upon to advise clients in financial difficulties and facing the prospect of insolvency are likely to be few and far between. Consequently they will need to be alert to the pitfalls that their clients need to avoid if they are to steer clear of sanctions.

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