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Company boss ‘repeat offender’ disqualified for 11 years

A court has banned a Telford-based double glazing director for a further 11 years after he was caught running a company while already disqualified Gary Kelvin Link, 41, received an 11-year disqualification order from District Judge Keyser Telford County Court after he was found to be acting as a company director despite already being disqualified. …

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Fresh Attempt To Rescue Women’s Fashion Chain ‘Select’

Administrators have begun another attempt to save High Street clothing chain Select and its 1,800 employees’ jobs. Select went into administration on 10 May after a period of poor sales, putting 169 UK stores at risk. Administrators have proposed a second company voluntary arrangement (CVA) to try to cut costs. No immediate store closures or …

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Return of Crown Preference ‘could have significant impact on availability of funds’

Chancellor Philip Hammond decision to give HMRC secondary preferential creditor status for taxes collected on its behalf in all insolvency situations is likely to have a significant negative impact on lending in the UK, according to global advisory advisor Duff & Phelps. In a return to the pre-Enterprise Act 2002 era, the Chancellor announced in …

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Jamie Oliver’s Restaurant Business Collapses

Around 1,000 workers have been made redundant after celebrity chef Jamie Oliver’s restaurant chain collapsed into administration following failed attempts to secure additional investment. Jamie’s Italian has appointed KPMG as administrators, the company has confirmed, and 23 of the brand’s 25 sites have closed. HSBC, which is the company’s main bank lender, is facing a …

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Marketing Company enters Company Administration saving jobs

The Problem Presented A marketing company’s accountant approached us as their client was receiving pressure from HMRC concerning their outstanding PAYE and corporation tax. The company was experiencing financial difficulty after investing large sums of money into their marketing pitches which turned out to be unsuccessful in winning them new business. The directors wanted to …

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Arcadia Group going into administration

How unpaid invoices are affecting outstanding VAT bills

According to the Asset Based Finance Association (ABFA), UK SMEs are currently owed a combined total of £67billion in unpaid invoices. ABFA’s research suggests that British SMES now have to wait longer for their invoices to be paid than they did back in 2009, at the height of the recession. This represents an increase of …

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Understanding Liquidation; Solvent and Insolvent

Many people hear the word liquidation and automatically think it is a negative process for businesses that are in trouble and suffering from insolvency through the fault of the directors. This article is going to explain the different reasons as to why insolvency occurs and highlight just how helpful a liquidation process can be for …

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