• Tough new laws designed to protect the public from aggressive bailiffs are being implemented by Government.

    “This 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 ...

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  • Insolvency Administrator Vacancy

    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 ...

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  • Retail administrations down in 2013

    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 ...

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    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 ...

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  • Comments from Bev Budsworth, managing director of The Business Debt Advisor in Manchester on today’s Autumn Statement by the Chancellor

    “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 ...

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  • Barratts Shoes goes into administration

    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 ...

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  • Blockbuster enters administration

    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 ...

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  • Mia Sposa Bridal and Menswear Stock for Sale – North West

    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 ...

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    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 ...

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  • Comet backers recoup £54m

    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 store closures. 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 ...

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