Administration
Is 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…
Read MoreMiss Sixty Judge Calls for Improved Insolvency Practitioner Regulation
In July, I suggested there should be an urgent review of how insolvency practitioners (IPs) are regulated and following a high-profile complaint by a judge it has become evident there are many others who share this opinion. Earlier this month, during an appeal against a Company Voluntary Agreement (CVA) for Sixty UK – owners of…
Read MorePortsmouth Defeat HMRC in Landmark Legal Case
As I mentioned in an earlier blog, the reason most football clubs are facing financial difficulties is simple: their expenses exceed their income. Portsmouth FC are no exception and currently facing an uphill struggle to remain solvent. However, their battle became a little easier earlier this month after a high court judge rejected claims by…
Read MoreWhat is an Insolvency Practitioner?
An insolvency practitioner (IP) has several roles and under the Insolvency Act 1986 can act as a liquidator, administrator, nominee and supervisor in matters relating to bankruptcy. They are authorised by the Secretary of State for Trade & Industry, the Insolvency Practitioners Association (IPA) or one of the other bodies recognised under the Insolvency Act.…
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