Northumberland Living Developments: Allegations and Challenges

Northumberland Living

Northumberland Living, In West Chevington Farm, Druridge Bay, is a development poised for completion. Only to be stalled by an apparent unforeseen historical conveyancing issue. The repercussions extend beyond construction delays, with disgruntled purchasers raising concerns about alleged delayed interest payments. This scenario, unfortunately, mirrors another development: Ashbrookes. They also use Castle Trust Management and…

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Are liquidation committees necessary?

Liquidation committees provide transparency and help to protect creditors' rights in liquidation procedures

Sometimes when a company is wound up via compulsory liquidation or creditors’ voluntary liquidation (CVL) a liquidation committee is formed to monitor the liquidator’s activities and look after creditors’ interests. Without liquidation committees, liquidators could do as they please and put their own interests over those of creditors. The establishment of a committee gives creditors…

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Benefits of a creditors’ committee

Benefits 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…

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How to make the most of creditors’ meetings (part 2)

Creditors must be proactive in creditors' meetings

Creditors in a statutory insolvency procedure must request and attend a physical creditors’ meeting if they want to assert any significant influence. A meeting of creditors normally takes place shortly after a company becomes insolvent. There creditors get the chance to: Hear an explanation of why the business failed   Appoint an insolvency practitioner (IP) Agree…

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How to make the most of creditors’ meetings

Creditors must be proactive in creditors' meetings

Most creditors assume they’ve lost all their money when a customer enters a formal insolvency procedure. That’s because few creditors understand how much they can influence an insolvency procedure by actively engaging at Creditors’ Meetings. Creditors’ Meetings usually take place between 1 and 10 weeks after a company declares insolvency. At this meeting, creditors are:…

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Congratulations to Arcadia’s CVA creditors

Creditors of a business that has recently entered a company voluntary arrangement (CVA) would be wise to follow the example set last month by the creditors of waning fashion retailer Arcadia. Arcadia’s creditors did well to encourage Sir Philip Green and his wife to part with more money than they’d intended. Simply by standing up…

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