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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…

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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…

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Unsecured creditors

In a controversial speech to the  Insolvency Practitioner’s Association  earlier this year, Court of Appeal judge Lord Justice Jackson (best-known for his 2010 report into civil litigation costs) made several recommendations, which Justice Secretary Michael Gove has already begun to implement. As a result, from 1 April 2016, unsuccessful defendants will no longer be held…

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Insolvency and Restructuring Firm of the Year

London-based magazine Finance Monthly, which is distributed to more than 100,000 readers across the globe, recently shortlisted Insolvency & Law (I&L) in the category of British ‘Insolvency and Restructuring firm of the year, as part of the  eighth annual Finance Monthly Global Awards. To celebrate the nomination, below, I&L director Peter Murray shares his thoughts…

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Why winding up petitions are more efficient than county courts

We recently spoke with a client who for the previous three months had been chasing a customer with an outstanding invoice of just over £50,000. The client was considering litigation in the county court to retrieve the money and I suggested that a quicker and more cost-effective route might be to issue a winding-up petition.…

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How should builders and tradesmen collect overdue debts?

According to figures released by the Office of National Statistics, the building and construction industry contracted 1.9% in the third quarter of 2015, which suggests contractors will be tightening their belts this year as the market becomes more competitive. This is particularly bad news for roofers, plumbers and other subcontractors (‘subbies’). Why? Because in a…

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