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Unsecured creditors

New reforms are great, but who protects unsecured creditors?

By admin | 19/07/2016

In a controversial speech to the  Insolvency Practitioner’s Association  earlier this year, Court of Appeal judge Lord Justice Jackson (best-known for his 2010 report into civil litigation costs) made several recommendations, which Justice Secretary Michael Gove has already begun to implement. As a result, from 1 April 2016, unsuccessful defendants will no longer be held…

Sir Philip Green BHS

Did Sir Philip Green asset-strip BHS and cause its collapse?

By admin | 11/07/2016

Giving evidence to a government inquiry recently, Sir Philip Green claimed to have worked diligently to avoid one of his best-known retail brands going into liquidation. Nevertheless, the Insolvency Service must establish if Sir Philip had asset-stripped BHS and caused its collapse. Last month, fashion tycoon Sir Philip appeared before the  Business, Innovation and Skills…

Insolvency and Restructuring Firm of the Year

Insolvency & Law Shortlisted for “Insolvency and Restructuring Firm of the Year 2016″ award

By admin | 06/07/2016

London-based magazine Finance Monthly, which is distributed to more than 100,000 readers across the globe, recently shortlisted Insolvency & Law (I&L) in the category of British ‘Insolvency and Restructuring firm of the year, as part of the  eighth annual Finance Monthly Global Awards. To celebrate the nomination, below, I&L director Peter Murray shares his thoughts…

Why winding up petitions are more efficient than county courts

Why winding up petitions are more efficient than county courts

By admin | 14/04/2016

We recently spoke with a client who for the previous three months had been chasing a customer with an outstanding invoice of just over £50,000. The client was considering litigation in the county court to retrieve the money and I suggested that a quicker and more cost-effective route might be to issue a winding-up petition.…

Ensure your winding up petition is not dismissed

How to ensure your winding up petition is not dismissed or withdrawn

By admin | 30/03/2016

Some time ago, we presented a winding up petition to a company that owed one of our clients £50k. Upon receipt, the respondent company threatened to apply for a court injunction to restrain us from proceeding and dismiss the petition on the grounds the debt was disputed. The respondent company falsely alleged that £49k of…

How should builders and tradesmen collect overdue debts?

How should builders and tradesmen collect overdue debts?

By admin | 22/02/2016

According to figures released by the Office of National Statistics, the building and construction industry contracted 1.9% in the third quarter of 2015, which suggests contractors will be tightening their belts this year as the market becomes more competitive. This is particularly bad news for roofers, plumbers and other subcontractors (‘subbies’). Why? Because in a…

Late invoice payments

Construction sector suffers the most as UK SME’s are owed £67bn in unpaid invoices.

By admin | 29/09/2015

According to a report published by the ABFA (Assets Based Finance Association) the UK SME’s are owed over £67.4billion in unpaid invoices. This figure which is up 8% from last year and a huge 36% from 2011 is considered conservative as it was taken from only 180,000 SME’s across the country who have submitted detailed annual accounts.…

Small business debts

Small Business Commissioner to help firms recover billions of pounds from late payments

By admin | 18/08/2015

The government is planning a big shake up in the world of small business debt. Anna Soulby (Minister of Small Business Enterprise) has announced that she is opening a new role in her cabinet for a Small Business Commissioner, whose main responsibility would be to bring about reform in the way large businesses have historically…

UK Construction debt recovery

The UK construction industry writes off £2bn annually of bad debt

By admin | 29/07/2015

According to a report released earlier this year from Bibby Financial Services, the UK construction industry has a very serious problem managing its bad debts. Just over 70% of small, medium and large UK construction firms write off an average of £10,000 per year. Often firms have to write off the debt completely, settle with…

creditors winding up petition

Rugby super league team issued a creditors winding up petition

By admin | 21/07/2015

It appears that top flight sports teams are not immune to becoming caught up in Insolvency proceedings. Salford City Reds or the Red Devils as known by rugby fans, who currently sit mid table of the Rugby Super League, have been hit with a winding up petition from creditor, Konica Minolta, and have a court…