Creditor
Carrie James: Challenging Her Excessive Legal Costs
Many of you may be familiar with High Street GRP, a property investment company that secured over £126,000,000 from more than 1,500 Loan Note Holders. However, the situation took a negative turn when these holders stopped receiving returns. As a result, numerous individuals reached out to us for assistance in recovering their investments. Consequently, the…
Read MoreUnleashing the Power of a Statutory Demand Letter
When it comes to recovering a debt, it’s not just about making demands. It’s about following theright legal procedures to ensure your efforts are effective. That’s where the statutory demand lettercomes into play—an essential tool in the debt recovery arsenal that can pack a powerful punch. Setting the Stage: The Letter Before Action Before we…
Read MoreHardship for 100,000 SME construction firms
Almost 100,000 small to medium-sized enterprises (SMEs) in the construction industry faced serious money problems in the first quarter of 2021, a study by business rescue experts Begbies Traynor has revealed. The findings reveal that in the months leading up to 31 March, 96,067 British SME construction firms had either: County court judgments (CCJs) of…
Read MoreBenefits of a creditors’ committee
Creditors in a statutory insolvency procedure should establish a creditors’ committee if they want to influence proceedings, set the basis for the insolvency practitioner’s fees, and increase dividends for the general body of creditors. A creditors’ committee consists of 3 to 5 people who are responsible for setting the basis of the insolvency practitioner (IP)’s…
Read MoreUnderstanding your insolvency practitioner (IP) Part 2
It’s fair to say the laws surrounding the insolvency regime were written largely by and for insolvency practitioners (IPs). The legislation governing insolvencies throughout England and Wales came into force with the passing of the Insolvency Act 1986. These laws were updated 30 years later with the enactment of the Insolvency Rules 2016. The 2016…
Read MoreTips for creditors in administration
Many business owners and directors will return after lockdown to discover they’ve become creditors in a statutory insolvency procedure, most likely administration. This is because administration is an attractive solution for business owners looking to avoid incurring further debts with suppliers following Covid-19. The procedure is a rescue mechanism for asset-rich but insolvent companies and…
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