Liquidation
Miss 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 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.…
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 MoreTo Sell or Not to Sell: When is a Good Time to Cash In on Your Assets?
If you’ve been served with a winding up petition, selling your assets should be seriously considered as a viable option to help save your business. In fact, if selling your assets is an option, the sooner you do so the better and preferably before a winding up petition have been presented against your company. If…
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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