Why Didn’t Insolvency Service Prosecute MG Rover’s Phoenix Four?

By admin | 14/06/2011

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…

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What’s More Important: Managing Debt or Bad Practice?

By admin | 14/01/2011

Last year, I advised a company that went bust owing £100,000. The Insolvency Service sought to have the company’s director disqualified, but he couldn’t understand why as his liabilities dwarfed the sums owed by other companies. I explained that he faced prosecution because of his conduct rather than the size of his debt. You may…

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Liverpool FC Still on Rocky Ground Despite Buyout

By admin | 04/11/2010

Fans celebrating the takeover of Liverpool should be concerned that new owner John W Henry never offered a written guarantee promising not to load the football club with debt. Before the buyout, Henry and his 16 partners in New England Sports Ventures (NESV) made verbal commitments agreeing to pay £200m owed to Royal Bank of…

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Time To Pay Arrangements Can Do More Harm Than Good

By admin | 02/09/2010

According to the most recent figures available, around 200,000 businesses have entered Time To Pay (TTP) agreements with the HM Revenue & Customs (HMRC) in the past 18 months, deferring over £5bn in taxes.   TTP arrangements allow businesses that are unable to pay taxes on their due dates to make monthly payment over a period…

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