Insolvency | Mayo Wynne Baxter

Insolvency goes back to School

insolvency

In July 2016 the government launched a consultation regarding the development of an Insolvency Regime for Further Education. It was a short lived consultation lasting only four weeks leaving many interested parties concerned that the process was open for such a short time and during the period where colleges would be on their summer vacation…. Read the rest of this post (No Comments)

Effective Debt Recovery

Economic Recovery on the Mechanism of Metal Cogwheels.

It was announced earlier in the year that as of October the level of debt that an individual had to owe a single creditor before that creditor could petition for their bankruptcy was due to rise from the current level of £750 to £5,000. Although bankruptcy is not and was not designed to be a… Read the rest of this post (No Comments)

Recent court decisions about legally binding agreements between those in debt and the people they owe…

Insolvent Concept with Word on Folder.

An Individual Voluntary Arrangement (“IVA”) is a legally binding agreement between someone in debt and the people they owe money to and is supervised by an insolvency practitioner. The IVA typically lasts for five years during which time the person in debt will pay a monthly contribution into the IVA and agree to sell certain… Read the rest of this post (No Comments)

Diving at Work – Managing the Risks

U.S. Navy Deep Sea Diving Helmet

Summary A Scottish Court recently convicted the captain of a dive vessel to nine months in prison following a Health and Safety Executive (HSE) investigation into the death of a diver, who was diving for shellfish in UK inshore waters, as part of a commercial venture. The case reminds those in the UK diving industry… Read the rest of this post (No Comments)

Fundamental dishonesty

Fingers crossed behind businessmans back

Introduction The recent introduction of the Criminal Justice & Courts Act 2015, has enhanced a defendant’s ability to challenge dishonest personal injury claims. In addition to the exceptions for recovering costs in Qualified One-Way Costs Shifting (QOCS) matters, the Courts will now be compelled to strike out claims where a claimant is found to have… Read the rest of this post (No Comments)

Tenants in Administration – the Landlords options

You can put any image on the phone, or behind

Phones 4u entered Administration 15 September 2014 and ceased trading two days later immediately calling in to question the future of 560 stores and its 160 concessions. The company had approximately 5,595 staff and seemed to be represented on almost every High Street. Fortunately the Administrators have been able to report that some 140 stores… Read the rest of this post (No Comments)

Court confirms Landlords liable for business rates following a disclaimer

House

Earlier in July Mr Justice Hickinbottom in his Judgment in the case of Schroder Exempt Property Unit Trust and another v Birmingham City Council [2014] EWHC 2207 confirmed what many had already believed to be the case, namely that when a lease is disclaimed the Landlord is liable for the business rates on the premises,… Read the rest of this post (No Comments)

Mixed Messages

Graph

With every set of insolvency statistics released we seem to be receiving mixed messages. In November the Insolvency Service released figures for Q3 2013 corporate insolvencies. The figures showed a 2.6% drop in liquidations on the previous quarter and a 2% fall on the same period 2012. Other corporate insolvencies dropped 2.6% on the previous… Read the rest of this post (No Comments)

Are you winding me up!

yo yo

As the recession ends and the economy moves forward some bad habits may still linger. When the economy takes a downturn then in the absence of funding from the usual sources businesses look to extend their credit terms with suppliers by agreement or simple tardiness. Often the threat of a winding up petition is used… Read the rest of this post (No Comments)

It’s all in the packaging

Much has been discussed in the media about the use of “pre-packs” by Administrators appointed to rescue a failing business. The term “pre-pack” refers to the situation where there is a sale of all or part of a company’s business or assets which are sold in accordance with terms agreed either before or upon the… Read the rest of this post (No Comments)