Liquidation
Supermarkets Beating Pubs and Bars in the UK Alcohol War
Small and independent alcohol retailers should be concerned by a new study which found the number of failing bar and pub companies has risen by over 30 per cent. According to accountancy firm Wilkins Kennedy, 130 bar and pub companies went bust during the third quarter of 2010, compared with 99 during the same period…
Read MoreCreditors Voluntary Liquidations Will Be Popular in 2011
Thousands of struggling company owners will voluntarily close their businesses this year, and most of those that do will use a Creditors Voluntary Liquidation (CVL) process. A CVL is perhaps more popular than a Compulsory Liquidation as it allows directors to put a company into liquidation with their shareholders’ approval and permission from creditors. If…
Read MoreAlways Read the Small Print of Finance Agreements – the Devil’s in the Detail
Over the past year, Yorkshire businessman Keith Elliot has launched a campaign to highlight what he claims are unscrupulous banking practices. A few years back, Elliot’s car business, Premier Motor Auctions, ran into trouble so he arranged a pre-packaged deal with accountants PwC for his bank, Lloyds TSB, to purchase a 15 per cent stake…
Read MoreWe Pay the Price When HMRC Bends Rules for Football Clubs
Accusations of corporate tax avoidance have plagued Top Shop owner Sir Philip Green and telecommunication giants Vodaphone in recent weeks, but football clubs are often the worst offenders. Take Plymouth Argyle for instance. The League One club has managed to accrue a whopping £7 million of debt including an £800,000 liability from Her Majesty’s Revenue…
Read MoreInsolvency Fees and Charges: Honda Dispute Highlights Need for Reform
A recent court ruling into the conduct of administrators at BDO and PKF highlights the need for an independent review into insolvency practitioners (IPs) and their regulations – something I’ve been blogging about for many months. The dispute centred on Formula One team Super Aguri whose directors appointed three joint administrators from PKF following the…
Read MoreImproved Business Models, Not Foreign Players, Will Save English Football
Over the past five months, I’ve posted several blogs highlighting the need for executives and club chairmen to change their business models if they want English football to maintain solvency. It seems English Football League Chairman Greg Clarke may have been following these posts and taken some of my advice as he’s embarked on an…
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