Bankruptcy
Suits 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 MoreSmall Businesses Dependent on Public Sector Bank On Xmas Boost for Survival in 2011
An analysis of the government’s recent spending review suggests that George Osborne’s attempts to reduce the UK’s budget deficit of £155 billion will have a devastating impact on smaller suppliers dependent on public sector contracts. According to Andrew Burn of accountancy firm KPMG: ‘For smaller businesses the overall impact is likely to be negative, leading…
Read MoreHow Inland Revenue Use Winding Up Petitions to Collect Tax
I have said before that an increasing number of organisations are using winding up petitions to recover debts, but did you know HM Revenue and Customs (HMRC) is the biggest culprit? According to figures released by the National Audit Office Report earlier this year, the amount of corporation tax, unpaid income and VAT owed to…
Read MoreRise in businesses surviving the recession? Load of rubbish!
The British Government is perhaps one of the biggest costs to UK plc. During the 2007 bank bailout, Her Majesty’s Treasury turned the banks’ private debt into a public liability. Suddenly, billions of pounds went from private to public ownership as the banks’ debt was transferred into the Government’s account. The Treasury is owned by…
Read MoreHow Do You Protect Yourself as a Director When Your Company Has Been Liquidated?
After a company is liquidated either through a Creditors Voluntary Liquidation (CVL) or compulsorily winding up by the court, the actions of the directors during the previous 12 months usually come under careful scrutiny. If the liquidator (or official receiver) believes the director(s) in question did not act in accordance with their duties, they can…
Read MorePremiership Football is a Rich Man’s Sport
Despite the popularity of football in England and the huge sums the sport generates, several well established clubs are facing liquidation just days before the 2010/2011 season is due to commence. The reason Portsmouth FC, Cardiff City and Southend United are all on the verge of bankruptcy is simple: these clubs’ expenses exceed their…
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