• Pre-Pack Administrations and ‘The Pre-Pack Pool’ – Change on the horizon

    Pre-Packing refers to the practice of arranging the sale of a business, either in whole or in part, prior to the company entering into formal insolvency. The proposed sale is then executed on the appointment of an administrator and often the creditors of that company have no knowledge of the transaction until the deal is done. Although common practice, the process is not legislated for within current statute but developed entirely through market practice. On 16 June 2014, Teresa Graham published her long anticipated report to The Rt Hon Vince Cable MP who was then the Secretary of State for Business Innovation and Skills. The report, commonly referred to as ...

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  • New government faces potential ‘debt hangover’

    Figures published today by the Insolvency Service show that personal insolvencies in England and Wales decreased again in the first quarter of this year to 20,826 a reduction of 18.6% on the same period 12 months ago. This figure comprises 4,209 bankruptcies, 6,213 debt relief orders (DROs), and 10,405 Individual Voluntary Arrangements (IVAs). Company liquidations in the first quarter of this year also decreased to 4,052, a 1.3% reduction on the previous quarter and 11.3% lower than the same quarter in 2014. Bev Budsworth, managing director of The Debt Advisor, commented: “Today’s continued decline in insolvencies, shows that corporate insolvency is now at its lowest level since 2008 and ...

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  • WILL CVA SAVE 151 YEAR OLD ENGINEERING BUSINESS?

    The team at The Business Debt Advisor were consulted in late March 2015 to review the financial position of a company based in Derbyshire employing 30+ staff which undertakes large engineering projects for a range of industries. Funders to the business had recommended the business seek insolvency advice as the company was struggling to adhere to a time to pay plan set up with the Revenue. The company’s struggles could be traced back to 2013 when it sustained a large bad debt in excess of £100k. Additionally £40k of work in progress had to be written off when a long established customer went into administration. The bad debt crippled ...

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  • “Does 'British Summer Time' affect Businesses?”

    The clocks are due to "spring forward" on the 29 March 2015 and business owners will find that not only have they lost an hour they may spend a further hour amending their till and alarm systems! But what positive effects can business owners look forward to with this extra hour of sunlight? Within this blog, Molly Monks, the Corporate Insolvency Manager at The Business Debt Advisor, looks at how British Summer Time ("BST") has a positive effect on businesses. What triggered Daylight Saving Time (BST")? The origin of BST is highly debated whether it was invented by "the First American"; Benjamin Franklin in 1784, or the astronomer...

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  • BLUE MONKEY GAMING UPDATE ON ROT

    BLUE MONKEY GAMING UPDATE ON ROT Further to the November 2014 Insolvency Practitioners Associations guidance paper on Retention of Title Claims and Molly Monks subsequent blog “What is Retention of Title?”, a recent case has examined the scope of what an office holder (Liquidator/Administrator etc) duties are (or not as the case may be) in relation to Retention of Title Claims. Here, Molly Monks, the Corporate Insolvency Manager at The Business Debt Advisor, provides a synopsis of the case and what this means for suppliers who use this clause. The case 'Blue Monkey Gaming Limited V Hudson & Others' is a recent (2014) case where a £4M ...

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  • Tesco to close 43 stores

    Tesco have announced they are to close 43 unprofitable stores amid faltering profits and caution from investors. The stores being closed primarily fall into the ‘Express’ labelled smaller stores of the brand. Plans have also been announced to delay or cancel the openings of 49 ‘large’ Tesco Extra stores. The chain have also began a major restructure of spending by ending their pension scheme for staff, making cuts of £250m pounds and reducing overheads by 30%. Tesco have moved quickly to instil confidence in their investors amid a bad 2014, which saw an investigation into their accounts, as well as falling sales in store and outrage at the chaos ...

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  • A Guide on What to do When a Customer Goes into Liquidation

    “One of my customers has entered into Liquidation and owes me money – will I get my money back?” Within this blog, Molly Monks, the Corporate Insolvency Manager at The Business Debt Advisor, answers some of the questions raised when business owners find themselves faced with a customer entering into Liquidation. Term Definition Liquidator A person appointed to wind up the affairs of a company Claim Money owed Creditor To whom money is owing (ie you) Debtor Someone who owes money (i.e. a customer) Dividend An amount of money paid to the creditor   Q         Will I get my money back? ...

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  • Bank Fashion becomes the first casualty of 2015

    High street fashion retailer ‘Bank’ has fallen into administration, putting 1,500 jobs at risk. All stores remain open as normal and no redundancies have been made, but hard times have hit the retailer that was sold by JD Sports to investment firm Hilco Capital November. The failure comes just days after the Christmas Eve collapse of City Link, which was also owned by a financial firm specialising in turning around troubled firms. Bill Dawson one of the appointed administrators from Deloitte gave the following statement:  "Bank has struggled in a highly competitive segment of the retail industry and has been loss-making for a number of years.  A review of the ...

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  • A Bad End to the Year for City Link

    2,356 of the staff employed by City Link have been made redundant. The news comes amid a failed takeover bid from an unnamed consortium. Ernst & Young had warned immediately following their appointment that thousands of staff would be made redundant if a suitable buyer for the business could not be found. Ernst & Young Administrators Hunter Kelly, of Ernst and Young, said: "City Link Limited has incurred substantial losses over several years. These losses reflect a combination of intense competition in the sector, changing customer and parcel recipient preferences, and difficulties for the company in reducing its cost base. “The strain of these losses became too great and ...

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  • Retention of Title

      In November 2014 the Insolvency Practitioners Associations released a new guidance paper on how Retention of Title claims are handled within an insolvency situation. Here, Molly Monks of The Business Debt Advisor provides a basic guide to Retention of Title ("ROT") and its uses.  What is Retention of Title? A clause stating that title to goods supplied will remain the property of the supplier until monies owing have been paid. Who can it benefit? It can give protection to anyone who supplies goods, typically used in the trade sector. Is it as simple as "mine until you pay"? No, the ROT clause must be accepted and ...

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