Posts Tagged ‘Bankruptcy’
50% increase to bankruptcy and liquidation fees
Just months after lifting the temporary restrictions on winding-up petitions, the Government has revealed plans that will make it harder for thousands of SMEs and microbusinesses to collect debts and force debtors into insolvency procedures. The Insolvency Service plans to hike in the cost of two key payments later this year. Firstly, the deposit a…
Read MoreWhat makes an independent insolvency expert?
An independent insolvency expert’s job can be tough, complicated, rewarding and at times exciting. It requires the application of several abilities, including intelligence, excellent people skills and technical knowledge. The ability to assess situations and how to attack each one is paramount. Of course, deep knowledge of insolvency law is vital. Insolvency is a fast…
Read MoreIncrease in IVAs and personal insolvencies
Personal insolvencies increased dramatically in the first quarter of 2022, according to the latest Government figures. Between January and March, the Insolvency Service reported 32,305 personal insolvencies, 14% more than during the first quarter of 2021. Clearly, the effects of the Covid-19 lockdowns are in full swing. Serious financial downfalls are to be expected as…
Read MoreEnd of temporary insolvency measures
Last week, the Government withdrew the temporary insolvency measures introduced two years earlier to support businesses during the Covid-19 pandemic. Creditors could obtain winding-up petitions under the temporary legislation (enacted as part of the Corporate Insolvency and Governance Act 2020). However, the debt threshold for winding-up petitions increased to £10,000 and creditors were compelled to:…
Read MoreHow to challenge a statutory demand
Company directors, business owners, and individuals can expect to receive more statutory demands in 2022 compared to previous years. Why? Covid-19 has forced many people and companies to give more credit than usual, and making a statutory demand is the first thing they’ll do when attempting to recover overdue debts. A statutory demand is a…
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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