Administration
New reforms are great, but who protects 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…
Read MoreInsolvency & Law Shortlisted for “Insolvency and Restructuring Firm of the Year 2016″ award
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…
Read MoreWhy 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.…
Read MoreHow 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…
Read MoreF1 Racing Team Lotus, faces creditor pressure with a winding up petition
Big Insolvency news this week as one of the leading Formula 1 teams, Lotus, has been issued with a creditors winding up petition. Lotus were summoned to appear in the Companies Court on Monday 6th July and managed to have the hearing delayed for 2 weeks, so they can have some time to negotiate with…
Read MoreInsolvency Regulation in Desperate Need of a Revamp
In July 2010, I called for an urgent review of insolvency regulation, and more than two years later there is little evidence to suggest much has changed.
Read More