Administration
Winding Up Petitions Increase, But Are They Being Served Correctly?
Winding up petitions issued by creditors against firms based in Central London increased by 39 per cent in October 2010 compared with 10.5 percent in the rest of the country, a new study has revealed. The increase is simply a reflection of the government cutbacks and will probably continue throughout 2011. It’s also evidence that…
Read MoreWhy Have HMRC’s Time to Pay Schemes Plummeted? It’s All Politics, Darling
Official figures have revealed a rapid drop in the number of Time to Pay (TTP) schemes approved by HM Revenue & Customs (HMRC) in the past few months. The business support scheme introduced by the Labour government at the start of the recession to support struggling firms was initially overwhelmed, with 82,000 arrangements granted in…
Read MoreSuits You Administration is a Sign of Things to Come
British clothing retailer Suits You has collapsed into administration just eight months after entering a company voluntary arrangement (CVA), which aimed to save the Leeds-based business. Administrators Zolfo Cooper said they would wind down loss-making stores, but support the chain’s successful branches and sell as much of the business and assets as possible. The firm’s…
Read MoreIs the Activroll Case Another Example of HMRC Abusing Their Powers?
It appears that a successful Scotland-based payroll company, which describes itself as one of the country’s fastest growing businesses, has become the latest victim of HMRC’s aggressive collection procedures. Last month, bosses at Activroll, which employs around 100 staff and has offices in the US and Australia, were shocked to discover a public notice in…
Read MoreLiverpool FC Still on Rocky Ground Despite Buyout
Fans celebrating the takeover of Liverpool should be concerned that new owner John W Henry never offered a written guarantee promising not to load the football club with debt. Before the buyout, Henry and his 16 partners in New England Sports Ventures (NESV) made verbal commitments agreeing to pay £200m owed to Royal Bank of…
Read MoreDoomed Businesses Reliant Upon Public Sector Only Have Themselves to Blame
A new study by insolvency trade body R3 has found that almost 10% (148,000) of small businesses fear they could become insolvent if they lose public sector contracts. But any businesses largely dependent on the public sector have only themselves to blame if they become insolvent due to the imminent cuts ahead. Whilst you can…
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