News Topic: UK Insolvency

Responding to the question raised in my last post,  New law, insolvency regulation and the rescue culture , a former colleague, Paul  Brindley, believes that the rescue culture has lost its way:   Chris ... Read full article

After examining the use of pre-packs as an insolvency tool, the government has abandoned the idea of legislating to give notice to creditors in all pre-packs and concluded that: "Pre-pack sales can offer a flexible and speedy means of business rescue ... Read full article

The UK insolvency regime began preparing for the 21st century with the Cork Report in 1982. That led directly to the Insolvency Act 1986, introducing the rescue mechanisms of administration and voluntary arrangements. Major refinements followed with the ... Read full article

The government consultation Reform of the Process to Apply for Bankruptcy and Compulsory Winding Up , which proposes adjudication by Insolvency Service staff rather than a court hearing of most petitions for bankruptcy and companies winding-up, has begun ... Read full article

The failure of directors to notify the company, in accordance with Paragraph 26, Schedule B1, Insolvency Act 1986, of their intention to appoint administrators does not necessarily render the administrators' appointment invalid. In two carefully ... Read full article

Financial Support Directions and Contribution Notices issued by The Pensions Regulator after a target company has gone into administration give rise to liabilities that rank as administration expenses under Rule 2.67(1)(f) Insolvency Rules 1986 . So found ... Read full article

Insolvency Lawyers' Association's Response to the draft Insolvency (Amendment) (No.2) Rules 2011 I thoroughly endorse the Insolvency Lawyers' Association's response to the Government's proposed amendments to the law on pre-pack ... Read full article

Statistics recently issued by HMRC for the Business Payments Support Service (BPSS) since its inception confirm there has been a 45% drop in the number of arrangements approved for the first nine months of 2010 compared to the same period of 2009, whilst ... Read full article

HMRC recently issued statistics for the Business Payment Support Service for the three months ended March 2011, their headlines, as you would expect, are the level of support they have provided to date and the reducing level of applications received since ... Read full article

Directors appointing administrators under paragraph 22(2), Schedule B1, Insolvency Act 1986 must give notice of intention to appoint to the company (pursuant to paragraph 26(2) , Schedule B1, Insolvency Act 1986 and Rule 2.20(2)(d), Ins ... Read full article

In a statement on insolvency practitioner regulation today (20.12.11) The Minister for Employment Relations, Consumers and Postal Affairs [and Insolvency] recognised strong stakeholder support for an independent single regulator. ... Read full article

 The Insolvency Service is still "in listening mode" in relation to its February 2011 Consultation on Reforms to the Regulation of Insolvency Practitioners , according to a presentation on 15 June by its Director of Policy, even though the ... Read full article

With continuing demand for its quality gravure printed products, the insolvency of the UK branch of a European network gives rise to an investment opportunity. With orders still to fulfil, cessation of trade was due to a lack of funds to buy consumables – ... Read full article

In his quest for economic stimulus in the Autumn Statement , George Osborne failed to drive banks and borrowers to put the assets and resources of moribund businesses to good use. ... Read full article

The latest GDP figures released this morning by the Office of National Statistics show a contraction of the UK's economy for the last quarter of 2010 by 0.5%.This is despite forecasters expecting growth of between 0.2%-0.6%. ... Read full article

A liquidator’s investigation into a family company resulted in the liquidator pursuing the directors (and other family members as de facto directors) for repayment of overdrawn loan accounts as well as compensation for misfeasance and breach of fiduciary ... Read full article

HMRC’s latest comment concerning ‘Time to Pay’ (TTP) arrangements has stated that TTP will not be available where companies are paying out dividends to their shareholders. It is HMRC’s opinion that the cash should be used to pay tax before paying ... Read full article

Restructuring & Insolvency is an integral part of Mercer & Hole’s business. A very busy period when our core skills of constructive use of insolvency procedures, stressed corporate advisory work and solvent restructuring have been in high demand, ... Read full article