April 04, 2014
Sunday (6 April 2014) will see the rules for bailiffs change substantially for
the better”, comments Bev Budsworth, an insolvency practitioner and managing
director of The Debt Advisor based in Old Trafford, Manchester. Bev added:
“The laws relating to bailiffs and their powers have been very complex and
confusing and were made up of numerous statutes and common law developed over
the past 400 years. The language used was archaic, confusing and frightening –
distress, execution, writs of fiery facias. The Tribunals Court Enforcement Act
2007 sees part 3 come into existence which includes the Taking Control of Good
Regulations 2013 as well as the Taking Control of ...
February 26, 2014
The Business Debt Advisor is currently recruiting for an Insolvency Administrator to join our growing corporate and IVA department. Responsible for a mixed portfolio of insolvency cases (corporate and IVA) and maintain progression on these cases as well as statutory and best practice compliance. Key Responsibilities: Responsible for a portfolio of cases, a mixture of corporate and individual including trader IVA’s, liquidations, administrations, CVA’s Preparing documentation for the commencement of insolvency procedures Instructing agents regarding asset disposals, monitor debt collections and asset realizations Agreeing creditor claims and dealing employee queries Payment of dividends Ensure cases are progressed and compliant with ...
February 05, 2014
Research from business advisory firm Deloitte has found that retail administrations are down 6% in 2013. 183 retailers entered administration in 2013 compared to 194 in 2012. Overall, business administration’s were down 11% in 2013 with 1,629 businesses entering administration compared to 1,833 in 2012. According to Deloitte, almost all business sectors saw a fall in the number of administrations including those who had been badly affected by the economic climate of the past few years. The hospitality and leisure sector saw a 17.5% decrease in the number of administrations while the property and construction sector saw a decrease of ...
January 02, 2014
Manchester-based corporate recovery specialist, The Business Debt Advisor, has recruited an experienced insolvency manager to head up its corporate insolvency practice.
Molly Monks, 31, has been appointed to head up The Business Debt Advisor, responsible for managing the division and providing solutions to self-employed businesses and companies which include both informal and formal rescue solutions such as trader IVAs (Individual Voluntary Arrangements), Company Voluntary Arrangements (CVAs), administrations, bankruptcies and liquidations. With over a decade of corporate insolvency experience, she spent five years at Harrisons Business Recovery and Insolvency Ltd where she managed a large team of technical and ...
December 05, 2013
“It’s extremely good news that business rates will be capped
at 2% and not increased by RPI which hit 3.2% in September. If they were still
linked to inflation, this would have meant that for every £1 in corporation tax
paid by retailers, they will have to pay £3.44 in business rates, compared to just
£2.48 in 2005.
“Additionally the tax increase would have meant an increase
in business rates for retailers of £242 million per year at a time when they
can least afford it, putting 19,670 full time jobs at risk due to reduced
investment and potential store closures.
“Instead we will see a £1,000 ...
November 12, 2013
Barratts, the retail shoe store has entered administration
for a third time. Duff & Phelps have been appointed administrator and are
reviewing the firm’s financial situation as well as seeking the sale of the
business. The firm first went into administration in 2009.
Administrators have blamed “difficult trading conditions” for its most recent
failure. An investor did offer to inject £5m into the company, but
withdrew the offer on November 7th. Phillip Duffy of Duff & Phelps said: "In view of
the financial position of the company and withdrawal of that equity offer the
directors were left with no choice but to appoint administrators." Barratts has ...
October 30, 2013
Video rental chain Blockbuster is set to go bust for the
second time this year, leaving 2,000 jobs at risk. The firm was snatched by private equity group Gordon
Brothers Europe in March after its collapse in January. Now the firm is set to
enter administration again after poor trading. Gordon Brothers have planned to cut 32 jobs from the chain’s
headquarters in London. Jobs at its 264 stores are at risk unless a buyer can
be found. Blockbuster has been facing increasing competition from
supermarkets as well as online services that allow the purchase and rental of
movies. The increase of internet sales has already been ...
October 21, 2013
Long established Manchester
High Street retailer of ladies bridal wear,
bridesmaids dresses, accessories plus a full stock of mens’ formal wear for
hire. The stock has a book value of circa £120,000 and includes
free standing fixtures and fittings. The stock includes:- Wedding Dresses – Alfred Angelo, Pronuptia, Co Co, Sincerity Katz Bridal Shoes Liza Designs Veils and Tiaras Predominantly Wilvorst Men’s suits plus Torre and Masterhand Colin Ross Men’s Shirts Orton Men’s shoes Colin Ross and Heirloom Waistcosts The stock is available to view and will be sold by way of
private treaty. Contact Andrew Walker
at The Business Debt Advisor on 0845 4652628 ...
August 22, 2013
According to Money Advice Trust, local authorities have used bailiffs on 1.8 million occasions in last 12 months. This is big business for the Bailiff companies – figures suggest that the recent combined annual income for the 5 largest Bailiff companies was in excess of £60M.
Bev Budsworth from The Debt Advisor spoke to 5 Live at midnight last night on the subject and below are her thoughts from research on the subject of Councils and the use of bailiffs.
The tactics employed by bailiffs and their charges which can be excessive have trouble advice agencies for the past 30 ...
August 19, 2013
After Comet fell into administration, Henry Jackson’s
OpCapita and its backers have already recouped around £54m from the ruins of
the electrical retailer.
Comet collapsed into administration last November cutting
jobs by about 7,000. With concerns over ‘malpractice’ the department of
business, innovation and skills is conducting a review into the failure of
Comet and all of its UK
Hailey Acquisitions Limited (HAL) is the main secured
creditor to Comet and entitled £140m after taking care of the retailer’s debt
from former parent company Kesa. However, HAL could be inline to receive
further payment from the ruins of Comet.
One estimate based on the internal figures ...