• “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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  • DEBT MANAGEMENT CLOSURES CONTINUE

    THREE MORE FIRMS FALL AMID TIGHTER REGULATION This morning news has emerged that three Debt Management companies located in the North West have gone into administration, leaving behind up to 2,500 clients who were actively trying to reduce their debts stuck in limbo. This comes around three weeks after the FCA warned customers to stop making payments after it emerged the companies couldn’t pay their creditors. The companies are; One Tick, owned by Gary Gregson, Gregson and Brooke owned by Shalles Onido and The Money Management Services, owned by David Brennan. All of the companies are linked through Gary Gregson ...

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  • Businesses face a potential backlash over holiday pay

    In a judgment expected at 10:30 am today, employers across the country will find out whether they cumulatively owe potentially billions of pounds to employees over unpaid holiday claims. If the controversial ruling is upheld, it could see many businesses fall into turmoil as they try to cope with pay dated back as far as 1998. The Employment Appeal Tribunal will today meet to rule on whether businesses should be forced to backdate holiday pay as far as 1998. In order to do so they will incorporate the Bear Scotland versus Fulton Case which focuses on the interpretation of the ...

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  • Bankruptcy Tourism

    Bankruptcy tourism is on the increase in the UK. Our relatively soft-touch regime whereby you can be discharged from bankruptcy within a year is becoming more and more appealing to Europeans, more notably those from Ireland and Germany. These countries have much harsher bankruptcy systems than here in the UK. It can take up to 7 years in Germany and 3 years in Ireland to be discharged, compared to the one year automatic discharge granted in England and Wales – unless reason is shown to the contrary.  Under the EC Regulation on Insolvency Proceedings, a debtor can petition for bankruptcy ...

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All debt solutions should be very carefully considered. Fees will be charged if a solution is taken in order for us to advise and administer the most appropriate action - all fees will be outlined during your consultation. Retained payment may place you further into arrears. You have the right to a cooling off period of 14 days. It is likely that your ability to obtain further credit in the short term will be affected and this may also be the case over the medium to long term.
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