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CVA bubble bursts for Bury FC creditors
Creditors and fans of Bury FC learned a harsh lesson about Company Voluntary Arrangements (CVAs) last month when the team became the first to drop out of the English Football League (EFL) in 27 years. The club’s supporters, including local MP James Frith, are calling for an inquiry into the CVA arranged in July 2019…
Read MoreWhat do you know about misfeasance?
Although I&L‘s clients are mostly creditors, some of our work involves supporting, defending and representing company directors accused of misfeasance, and other wrongdoings. We advise whoever needs help. It’s not our role to determine whether someone is guilty of misfeasance, and in many instances our client has proved to be the innocent party. Misfeasance is…
Read MoreHow to react to a HMRC winding-up order
Being served with a Winding-up Petition from Her Majesty’s Revenue and Customs (HMRC) is a daunting prospect that requires a swift response. If you receive a petition, HMRC will obtain a court order forcing your company into Compulsory Liquidation unless you pay the taxes you owe. According to the Insolvency Rules of England and Wales…
Read MoreTips for collecting long-standing debts
Earlier this year, I&L received a phone call from a distressed subcontractor (subbie). They claimed that for months, West Midlands construction firm the Shaylor Group had been ignoring their requests for payment of an overdue invoice. After a brief consultation, they instructed us to recover the debt on their behalf. Although we were made to…
Read MoreCVL boost in England leads to 5-year insolvency high
Between April and June 2019, the number of companies entering insolvency procedures reached a 5-year high, boosted by company voluntary liquidations (CVLs). According to the Insolvency Service, 4,321 companies fell into insolvency during the 2nd quarter of 2019. In England and Wales, this was driven by CVLs, which increased 6.7% compared with the first 3…
Read MoreStatutory Demand vs Pre-action letter
Pre-action letters and Statutory Demands (also known as Stat Ds) are useful tools for chasing longstanding and undisputed debts. But how do they differ? Firstly, the names of the participants involved. Whoever issues the Statutory Demand is an ‘applicant,’ but the sender of pre-action letter is a ‘claimant’. Likewise, the recipient of Stat D is…
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