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HMRC vs English Football: The Battle Rages On
English football clubs owed more than £22m in overdue tax to HM Revenue and Customs (HMRC) in 2010, according to figures released last week. Premier League clubs owed £8.6m, Championship clubs owed £6.4m and Football League clubs were indebted to HMRC for £7.4m. Dave Boyle, chief executive of campaign group Supporters Direct, believes the figures…
Read MoreCorporate Insolvencies to Drop Following Appeal Court Ruling
A ruling by the Supreme Court in London could lead to a reduction in corporate insolvencies and stop creditors from chasing struggling businesses. Earlier this month, the Court of Appeal rejected a lawsuit by shareholders from British finance company Eurosail who claim the firm should be liquidated after buying £650m of UK mortgage-backed bonds from…
Read MoreOffice of Fair Trading’s Insolvency Recommendations are Long Overdue
Last month, the Insolvency Service released a review paper on the regulation of insolvency practitioners (IPs) and asked the public for feedback. The consultation, which can be read here, follows an Office of Fair Trading (OFT) investigation into corporate insolvency and practitioner fees. The investigation found inconsistencies in the way complaints about IPs were handled…
Read MoreTop UK Director Sir Clive Thompson Facing Disqualification Proceedings
The Insolvency Service (IS) is to launch disqualification proceedings against one of Britain’s leading businessmen, Sir Clive Thompson, over his role in the failure of Christmas savings club Farepack, according to the Daily Mail newspaper. More than 116,000 people lost a total of £40m when Farepack collapsed in 2006 – after lending around £35m to…
Read MoreSmall Business Owners Must Think Smart to Beat Inflation and VAT Increase
The findings of last week’s Bank of England review suggest interest rates are likely to rise over the next 12 months which is particularly concerning for small business owners, still reeling from the recent increase in VAT. Just weeks before the economic review, a study by Aldermore bank found almost 30% of small businesses will…
Read MoreStruggling Business Owners Will Act Swiftly, If They Are Smart
In December, I warned that company insolvencies would soar over the next 12 months. Now, new research suggests that one million businesses are currently facing ‘financial distress’, with 850,000 UK firms currently suffering from decreased profits. Insolvency & Law provide services for companies in trouble, and businesses affected by companies in trouble i.e. creditors.
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