Posts Tagged ‘debt’
Why chase failed SMEs for unpaid Bounce Back debt?
The Insolvency Service recently announced plans to investigate business owners who close down companies without repaying the government’s Bounce Back Loan Scheme (BBLS) debts. Considering the chronology of events, and state of the economy, such a strategy seems unjust. Here’s why… The implementation, abandonment, and then reinstatement of lockdown restrictions caught business owners, and most…
Read MoreCongested courts the only option for debt enforcement
While the restricted use of statutory demands and winding-up petitions will provide a lifeline for many struggling companies, the move also forces creditors chasing overdue debts into an already overburdened court system. As it stands, the only remedy to enforce payment of a debt is through a High Court enforcement officer. You may send out…
Read MoreStat demands and winding-up petitions post Covid-19
The Government’s decision to suspend the filing of Statutory Demands and Winding-up Petitions is a huge blow for creditors seeking to collect payment of outstanding debts. As a result of the Corporate Insolvency and Governance Act, a creditor’s only debt enforcement remedies are through the county court via either a bailiff or a third-party debt…
Read MoreInformal Corporate Insolvency Debt Costs Creditors £5bn Every Year
An investigation into millions of collapsed British companies has found that every year, around £5bn of unpaid ‘hidden debt’ is left behind by businesses that close down without going through any formal insolvency procedure.
Read MoreHMRC Exhausted from Issuing Winding-Up Petitions
Last month’s revelation that HMRC resources are stretched so thinly the tax collector is no longer able to supply insolvency practitioners (IPs) with data, is a sure sign the British economy is bankrupt.
Read MoreWhy Didn’t Insolvency Service Prosecute MG Rover’s Phoenix Four?
The former directors of MG Rover Group (MGRG), who pocketed over £40 million as the company spiralled into administration, should have been punished with lengthy disqualifications forcing them into early retirement and out of business management. Instead, Peter Beale, John Towers, Nick Stephenson and John Edwards – known as the ‘Phoenix Four’ – received bans…
Read More