• Pre Pack pool good for directors and their business advisors

    In June 2014, Teresa Graham published her report into pre-packaged administrations and the way in which they were conducted.  The report, commonly referred to as ‘The Graham Review’ acknowledged that the method of pre-packing a distressed business for sale does have a place within the UK insolvency regime.  However, the report made a number of recommendations and these recommendations were widely accepted. With the recent release of the new Statement of Insolvency Practice (SIP) 16, and the commencement of the operation of the Pre Pack Pool, the revised method of pre-packing is now open for business. Bev Budsworth who heads up The Business Debt Advisor comments, “The ...

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  • Businesses losing overdrafts at alarming rate

    Funding Options, an online business finance supermarket have surveyed data held at Companies House on 160,000 businesses and found that UK SME’s unable to access traditional term loans and overdrafts, were now using £76Bn of alternative finance.   It found that alternative lending to SMEs is now equivalent to 46pc of the value of traditional term loans and overdrafts, which have fallen to £163bn, down 5pc from £172bn a year ago, and 17pc from £197bn four years ago. The Telegraph today reported that Overdrafts for small firms are being withdrawn or reduced by the high street banks at an alarming rate, it has emerged, restricting working capital for hundreds ...

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  • Barristers – ‘Don’t bury your heads in the sand!’

    Bev Budsworth, managing director of The Debt Advisor, is today warning barristers not to ‘bury their heads in the sand’ and to make sure they are fully prepared for the impending July tax bill deadline at the end of the month. Bev commented: “The next fortnight is really the crunch time for barristers as their second tax bill is due.” Effectively this payment is ‘on account’ and is normally equal to half of their previous year’s tax bill. “It will be a worrying time as many will struggle to pay this year’s tax bill and some won’t have even paid last year’s tax bill off yet – ...

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  • 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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    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 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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