SimplePie: Demo

Licensed Insolvency Practitioners - For help & advice on business insolvency law

Navigating Insolvency Risks 27 Feb 2025, 11:14 am

Navigating Insolvency Risks Following the Upcoming National Insurance Contribution Increase

Strike Off Application v Creditors Voluntary Liquidation Update 11 Jan 2025, 12:17 pm

Given the new landscape we are all living and working in due to Covid-19, I wanted to update a blog that we first produced over four years ago, which looked at the benefits and drawbacks of a Creditors Voluntary Liquidation ("CVL") versus a Strike Off Application.

Phoenix Companies and a new Statement of Insolvency Practice 13 11 Jan 2025, 12:11 pm

With a revised Statement of Insolvency Practice Number 13 (“SIP 13”) becoming effective on the 30 April 2021, it is a good time to review the topic of phoenix companies as SIP 13 deals with the disposal of assets to connected parties.

New Updates for Debt Relief Orders 11 Jan 2025, 12:07 pm

On the 10 May 2021 the Government published it's response to the Debt Relief Order (DRO) consultation on raising the threshold for the three monetary eligibility requirements that an individual must meet before being able to obtain a DRO.

Personal Guarantees 11 Jan 2025, 12:00 pm

What is a Personal Guarantee?
Before Making a Personal Guarantee
Repayment Options

Wrongful Trading - Does it Work? 11 Jan 2025, 11:54 am

Wrongful Trading – The Ronseal Test – Does It Do What It Says On The Tin?

What is the Impact of the Coronavirus on Insolvency 11 Jan 2025, 11:50 am

We are currently living and working in unprecedented times with the nationwide lockdown and the financial impact of the Coronavirus still developing.

So much is happening, so quickly, that it is hard to keep up, particularly if you are having to advise clients on the impact of the Coronavirus and the options open to them and their business.

Accordingly, I am going to give a brief overview of a few of the issues in this blog.

What is a LPA Receiver or Fixed Charge Receiver? 11 Jan 2025, 11:47 am

A Law of Property Act Receiver, or LPA Receiver, is appointed under Section 109 of The Law of Property Act 1925 when a Lender, or mortgagee, is entitled to exercise the power of sale granted under the Law of Property Act 1925. What that means in plain English, is that if the borrower, or mortgagor, has breached the terms of their mortgage, then the Lender’s power of sale will have arisen, which means they can appoint a LPA Receiver.

Employment Law v Insolvency Law – Who Wins? 11 Jan 2025, 11:46 am

There has always been a conflict between insolvency law and employment law, each with their own rules, and differing priorities. This is particularly so in respect of Administrations, where whether or not to pre-package a sale continues to divide opinion.

Employee Claims In Insolvency - Part 1 11 Jan 2025, 11:43 am

Following the recent case of Palmer v Northern Derbyshire Magistrates' Court, where the Administrators were facing potential criminal prosecution through their failure to file a HR1 form; now would be a good idea to produce a two part blog on Employee Claims. This is the first blog and it will deal with what claims the employees have...

Debt Relief Orders (DRO) 11 Jan 2025, 11:35 am

A Debt Order (DRO) is an insolvency measure designed as an alternative to bankruptcy, for debtors who are struggling to meet their liabilities, and have either very few, or no tangible assets.

Repayment of Bounce Back Loan and Bounce Back Loan Scheme Abuse 11 Jan 2025, 11:34 am

What is a Bounce Back Loan?
What are Bounce Back Loans for?
Repaying a Bounce Back Loan
Bounce Back Loans and Insolvency
Misconduct

What is the the Prescribed Part 11 Jan 2025, 11:02 am

What is the Prescribed Part and how does it affect formal insolvencies?

First Compensation Order has been made 11 Jan 2025, 10:55 am

In 2015 the Government brought in new legislation to enable The Insolvency Service to seek Compensation Orders against directors of insolvent companies who have been disqualified as acting as a director, and whose conduct has caused a loss to one or more creditors.

First Bounce Back Loan Criminal Conviction 11 Jan 2025, 10:45 am

On Friday 24 June 2022, The Insolvency Service obtained their first criminal prosecution for Bounce Back Loan fraud against Mr Abdulrazag Zagroba.

HMRC Releases New Guidance on Tax Debts due to Coronavirus 11 Jan 2025, 10:38 am

On the 13 August 2020 HMRC issued new guidance on how they treat customers with a tax debt...

New Procedures & Measures are Coming... 9 Jan 2025, 6:29 am

The Corporate Insolvency and Governance Act 2020 received Royal Assent last night and came into force at midnight.

What is Members’ Voluntary Liquidation? 25 Apr 2024, 11:38 am

A company does not have to be insolvent in order to be placed into liquidation. Shareholders can choose to place a Company into a Members’ Voluntary Liquidation (MVL)

What Is A Creditors Voluntary Liquidation (CVL)? 19 Apr 2024, 10:17 am

A Creditors Voluntary Liquidation (CVL) is a voluntary process whereby the directors and shareholders of an insolvent business can place the company into liquidation.

A basic guide to LPA Receivers 16 Oct 2023, 8:49 am

An opening account on LPA Receivers.

Detailing the basics about LPA Receivers to include their duties, role and the fees that they charge.

An explanation of the different fees charged in a Creditors Voluntary Liquidation 16 Oct 2023, 8:48 am

There are different types of fees charged in a Creditors Voluntary Liquidation and in this article we attempt to clarify how and what those are

How to place a Company into Members Voluntary Liquidation 16 Oct 2023, 8:46 am

How to place a Company into Members Voluntary Liquidation

What are the Insolvency Options for an Individual? 16 Oct 2023, 8:43 am

An overview of the insolvency options open for individuals who are facing financial trouble

What do you need to do to place a Company into Creditors Voluntary Liquidation 16 Oct 2023, 8:40 am

A short, useful guide on the stages involved in placeing a Company into Creditors Voluntary Liquidation.

A Strike Off Application - a cheaper alternative to Creditors Voluntary Liquidation 16 Oct 2023, 8:39 am

What options are available to Companies that cannot afford a liquidation

Save your Company by using a Creditors Voluntary Arrangement 16 Oct 2023, 8:36 am

If a Company is facing financial trouble but thinks it would be able to trade profitably without its historic debt, a CVA may be a viable option to save it.

How to Save Your Home Prior to Bankruptcy 16 Oct 2023, 8:35 am

How to legitimately save your home when you are facing Bankruptcy

Entrepreneur's Relief and Members Voluntary Liquidation 16 Oct 2023, 8:34 am

With upcming changes to Entrepreneur's relief expected from April 2016, we look at the potential impace this has on extracting cash reserves from Companies that wish to close.

What is an Individual Voluntary Arrangement (IVA) and how do they work? 16 Oct 2023, 8:33 am

An introduction to Individual Voluntary Arrangements ("IVAs"). What they are, how they can work for you and how they're approved.

Schemes of Arrangement - what are they and how do they work 16 Oct 2023, 8:32 am

Schemes of Arrangement and their benefits

How to deal with HMRC with an IVA 16 Oct 2023, 8:31 am

Most people, who are in financial trouble and need to put forward an Individual Voluntary Arrangement, have HMRC as creditors. Here we look at the guidelines and requirements HMRC require to support your IVA.

What happens at a Section 98 Creditors Meeting 16 Oct 2023, 8:27 am

Creditors meetings are often feared by Directors. In this week's post we try to debunk some of the common myths about such meetings.

Will the Finance Bill 2016 be the end of MVLs 16 Oct 2023, 8:25 am

Will the Finance Bill 2016 be the Death Knell for MVL's

How to Deal With Winding Up Petitions 16 Oct 2023, 8:24 am

What is a Winding Up Petition ("WUP")? What does it mean for my Company? What are my options should one have been issued (or threatened to be issued) against my Company?

How to deal with your Income and Expenditure when Bankrupt 16 Oct 2023, 8:23 am

How will your income and expenditure be treated in a bankruptcy?

Director's Disqualification following Insolvency 16 Oct 2023, 8:21 am

This week we shall be focusing on the issue of Director's Disqualification in Liquidations and Administrations.

Enforcing a CCJ against my Company - What can a creditor do? 16 Oct 2023, 8:18 am

If a creditor has a County Court Judgment( "CCJ") against your Company, what can they do? We look at their options here.

How to save a Company if a creditor has issued a CCJ 16 Oct 2023, 8:13 am

If a creditor has a County Court Judgment against your Company, what are the formal insolvency options open to you?

Phoenix Companies - How do they work? 16 Oct 2023, 8:10 am

If your Company is failing, there is a legal way to purchase the business to ensure its continuity and saving of employees' jobs

What are the three Statutory exceptions to Section 216 16 Oct 2023, 8:07 am

This weeks blog

Register of Persons with Significant Control Requirement 16 Oct 2023, 8:00 am

This week we look at the new requirement introduced by Companies House since the end of June 2016 to improve the transparency of the control over a Company

New Targeted Anti Avoidance Rules for MVLs 16 Oct 2023, 7:59 am

MVLs and the new Targeted Anti Avoidance Rules that have limited the circumstances in which entrepreneur's relief can be applied

Is Brexit already effecting companies? 16 Oct 2023, 7:56 am

Are the effects of 'Brexit' already being felt in sectors of the UK?

How to appointment A Liquidator in a Compulsory Liquidation 16 Oct 2023, 7:52 am

How a Liquidator is appointed in a Compulsory Liquidation

What is Compulsory Liquidation 16 Oct 2023, 7:49 am

Hello and welcome back to this week's blog.

This week we are focusing on the Compulsory Liquidations.

What happens at a Shareholders Meeting in a CVL? 16 Oct 2023, 7:48 am

Hello and welcome back to this week's blog.

This week we are focusing on the shareholders meeting in a creditors voluntary liquidation.

What are Transactions at an Undervalue and Preferences? 16 Oct 2023, 7:47 am

Hello and welcome back for this week's blog.

This week we will be looking at potential problems that Directors of insolvent Companies run into in their final months of trading, which all liquidators have a statutory duty to recover.

Liquidation versus Strike Off Application - What are the Benefits 16 Oct 2023, 7:44 am

This blog looks at the benefits and drawbacks of the different procedures to bring the life of your Company to an end.

Are you having Cashflow issues following the Liquidation of Carillion? 16 Oct 2023, 7:39 am

The placing of Carillion into Compulsory Liquidation on the 15 January 2018 has come as a shock to many, with a lot of people believing that Carillion was too big to fail.

Purnells win Insolvency Team of the year at the Credit Awards 16 Oct 2023, 7:36 am

In May of this year Purnells won the award for Corporate Restructuring & Insolvency Team of the Year at the Credit Awards 2018, the national award ceremony for the credit industry.

HM Revenue & Customs ("HMRC") to Become a Preferential Creditor Again 16 Oct 2023, 7:35 am

It always used to be the case that HMRC were a preferential creditor and as such were next in line to receive dividends after secured creditors.

This changed in 2002 under the Enterprise Act and HMRC agreed to become unsecured creditors and rank side by side with other unsecured creditors.

When are Directors personally liable? 16 Oct 2023, 7:33 am

Tax Abuse and Insolvency & What to Expect in the Future.

New Guide To Members Voluntary Liquidations 16 Oct 2023, 7:31 am

Here at Purnells we have released our "new" Guide To Members Voluntary Liquidations...

Purnells Win Twice At The ACQ Global Awards 2018 16 Oct 2023, 7:31 am

House of Lords report on HMRC’s powers when dealing with Tax Avoidance 16 Oct 2023, 7:30 am

Continuing on from my latest series of blogs regarding HMRC and their greater powers to tackle tax avoidance a recent House of Lords Report on HMRC’s powers to tackle tax avoidance makes interesting reading.

The Procedure Used to Place a Company into Creditors Voluntary Liquidation 16 Oct 2023, 7:26 am

A Creditors Voluntary Liquidation is essentially an insolvent liquidation where the Company does not have the necessary funds to pay all creditors in full and the directors have decided themselves to place it into liquidation.

R3 Technical Alert re Crown Preferential Status 16 Oct 2023, 7:24 am

The Return of Crown Preference - On 11 July 2019

Chris Parkman obtains TRI 250 Membership 16 Oct 2023, 7:21 am

Chris Parkman, Licensed Insolvency Practitioner and Managing Director of Purnells, has been selected to be part of the TRI 250 for a second year in a row.

Finalists for The TRI Awards 2019 16 Oct 2023, 7:20 am

Government announces Independent Loan Charge Review 16 Oct 2023, 7:18 am

The Government has announced that it has commissioned an independent review of the loan charge scheme.

How Purnells are making a difference in the local community 16 Oct 2023, 7:13 am

Purnells are pleased to announce that we are working with Dorchester Youth and Community Centre.

Consultation into Insolvency Corporate Governance 16 Oct 2023, 7:09 am

The Government are looking to make some reforms to the Insolvency Legislation and within the Government’s Insolvency Corporate Governance Consultation two new insolvency procedures were proposed which will provide directors and Insolvency Practitioners with more options.

Can Directors Duties Can Survive Insolvency? 16 Oct 2023, 7:08 am

A few weeks ago the Courts handed down Judgment in Systems Building Services Group Limited [2020] EWHC 54 (Ch), which may have long reaching consequences for the Insolvency Profession, and also directors.

New Insolvency Moratorium Procedure announced 16 Oct 2023, 6:52 am

The purpose of this blog is to give a brief overview of the new Moratorium procedure.

Finance Act 2020 coming into effect 16 Oct 2023, 6:49 am

With so many more important things going on with the Coronavirus Pandemic it may have been missed that the Finance Act 2020 received Royal Assent on 22 July 2020.

Coronavirus (COVID-19) Guidance Issued for Protocol IVA’s 16 Oct 2023, 6:47 am

The Government has recently released guidance on how Individual Voluntary Arrangements (“IVA's”) should be handled during the Coronavirus (COVID-19) pandemic so as to provide options to consumers who are struggling to adhere to the terms of their arrangements.

The R3 Standard Form for COVID-19 Company Voluntary Arrangements - CVAs 16 Oct 2023, 6:46 am

The Association of Business Recovery Professionals (“R3”) has recently released a standard form for a Covid-19 Company Voluntary Arrangement (“CVA”) Proposal together with a set of accompanying Covid-19 Standard Conditions.

Pre-Pack Reforms Announced 16 Oct 2023, 6:45 am

The Government has recently announced that new reforms are to be made in respect of pre-packaged sale agreements in Administrations, which are often called “Pre-Packs”.

How are Employee Claims treated in Insolvency 16 Oct 2023, 6:39 am

Unfortunately when a Company finds itself in an insolvent situation, it generally means that its employees will be dismissed without them being paid everything that they are entitled to.

Insolvency: A guide to who gets paid first? 16 Oct 2023, 6:36 am

In Insolvency proceedings there is a set hierarchy to be followed when paying out dividends to the various classes of creditors...

How and Why to place a Company into Members Voluntary Liquidation - MVL 16 Oct 2023, 6:31 am

A Members Voluntary Liquidation, or MVL, is an insolvency process for solvent companies, where all creditors will be paid in full and the surplus assets are distributed to the shareholders, often with advantageous tax benefits.

With the Chancellor looking at ways to raise taxes due to the Coronavirus Pandemic, many directors and shareholders of owner managed businesses are taking the view that it is better to get their hard-earned funds out of their businesses before any changes, and potential increases in tax, are made.

What is a Company Voluntary Arrangement, or CVA, and How it Can Help Your Company? 16 Oct 2023, 6:26 am

A Company Voluntary Arrangement, or CVA for short, is a legally binding agreement between the Company and its creditors, which is designed to allow the Company to continue to trade while it sorts out its financial problems.

Extension on Business Support Measures Update 16 Oct 2023, 6:16 am

Extension to Restrictions on Winding Up Petitions & Commercial Evictions...

Pre-Packaged Administration Reforms are on the way 13 Oct 2023, 9:18 am

On 8 October 2020, the Government published its report to improve the transparency of pre-pack sales in administrations. This report was accompanied by a set of draft regulations to increase independent scrutiny of sales to connected parties.

What to do if your Company has had a CCJ made against it 13 Oct 2023, 9:11 am

If your company has had a County Court Judgment, or CCJ, made against it, then the creditor who obtained the judgment has several different options available to them to enforce that judgment.

End of Temporary Insolvency Measures 13 Oct 2023, 9:10 am

The temporary measures brought in to support businesses from insolvency during the pandemic are due to be phased out from 1 October and the Insolvency Service have issued the following information...

Purnells are again Finalists for the 2021 TRI Awards... 13 Oct 2023, 9:07 am

We are thrilled to announce that Purnells are again Finalists for the 2021 TRI Awards in the category of: TRI Company Award for Business Continuity 2021.

Rising Insolvency Figures 13 Oct 2023, 9:06 am

The latest figures from the Insolvency Service show that the number of company insolvencies in England and Wales rose by 18.7% in November 2021 to a total of 1,674 compared to October 2021’s total of 1,410, and increased by 87.9% compared to November 2020’s figure of 891.

Purnells Have Done It Again! 13 Oct 2023, 9:05 am

We have been awarded ‘Best Insolvency Advisory Boutique Firm 2021’ in the UK Finance Awards 2021…

Employee Claims In Insolvency - Part 2 13 Oct 2023, 8:58 am

Following the recent case of Palmer v Northern Derbyshire Magistrates' Court where the Administrators were facing criminal prosecution through failure to file a HR1 form; now would be a good idea to produce a two part blog on Employee Claims.

This is the second blog and it will look at the obligations of employers to consult with their staff when facing potential redundancies...

Abuse of The Bounce Back Loan Scheme 13 Oct 2023, 8:57 am

Last month the Times featured an article about how “suitcases filled with cash from taxpayer-backed Covid loans were seized at the border as people tried to smuggle them out of the country.”

Purnells DEV