• HMRC to raise £7bn though accelerated payment notices

    HMRC expects to raise about £7bn though issuing accelerated payment notices to individuals involved in tax avoidance schemes. Notices relating to known tax avoidance schemes will be issued to 43,000 taxpayers as HMRC clamps down on the use of such schemes. The Revenue are expecting to raise around £5.1BN from the 33,000 individual tax payers. The remaining 10,000 taxpayers are businesses and are expected by the Revenue to contribution the balance of £1.9BN. Under the recently introduced ‘Accelerated Payment’ rules, HMRC will be able to make taxpayers pay disputed tax in advance rather than waiting for the outcome of a tax tribunal ruling. If the taxpayer goes on to win ...

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  • North West SME's are Carrying High Debt Levels

    According to research from Manchester online commercial debt recovery law firm Debt Guard Solicitors, NORTH West small and medium-sized companies are carrying up to £1.5m of trade debt, research has suggested. Trade debt means monies owed to the companies for goods and services supplied to the company’s customers. The smallest companies, with 1-9 staff and a turnover of less than £2m were proportionately the hardest hit the debtors owing amounting to 19% of turnover. The findings were based on official account details submitted to Companies House by 819 North West SMEs. The research identifies firms in Liverpool and Blackburn as carrying higher than average amounts of trade debt, ...

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  • UK Businesses are feeling good

    A new survey by Lloyds Bank Business has shown that confidence among UK businesses has hit record highs. The survey is based on responses from 1,500 firms and show that British companies are feeling more confident than at any time in the past 22 years. Increasing orders, sales and profits in the next six months has meant business confidence has reached its highest level since the survey began in 1992. Confidence has increased in all regions across the UK but has been particularly strong in the South West, North East, Yorkshire and East Midlands. The strongest rise in confidence is ...

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    In the Summer of 2013 Vince Cable commissioned a report into the pre-packed administrations. The process is used frequently to negotiate a business sale prior to administration and immediately (within hours) of the administrator being appointed, the sale of the business is concluded and sold to Newco. Newco (which is often connected with common directors to the company that has proceeded into administration) goes off into the sunset with a new business and no unsecured debt, and Oldco (in administration) is left with a “pot of cash” and in due course Oldco will proceed either into liquidation or company voluntary arrangement so that the “pot of cash” can ...

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  • Local debt adviser honoured at national ceremony

    A member of staff from Old Trafford-based corporate debt management company, The Business Debt Advisor, has been recognised for her qualification as an insolvency practitioner at a national ceremony. Molly Monks, corporate insolvency manager at the firm has been officially honoured by the Insolvency Service at a graduation ceremony in London following her official appointment as an insolvency practitioner in March of this year. Commenting on her graduation, Molly, from Bramhall near Stockport, said: “I genuinely love my job and this qualification has given me the foundation I need to continue my career in one of the most rewarding professions. “As one of the smallest professional fields in the UK ...

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  • Tragus Group proposes restructuring

    Bev Budsworth from The Business Debt Advisor welcomes the use of the CVA procedure by the Tragus Group, “Tragus” the owner of high-street restaurants Café Rouge, Bella Italia, and Strada has proposed plans to restructure the business. Zolfo Cooper has helped put together a fairly audacious plan which proposes significant organisational and financial restructuring which is aimed at reducing Tragus’s overall debt level from £345m to £91m. Additionally the CVA has been designed to “revise lease terms, refocus the business on a smaller, more profitable core estate principally comprising of Bella Italia and Café Rouge restaurants.” As a result of this, Tragus will be selling off its 56 struggling Strada restaurants....

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  • County court judgments drop to new low

    According to new statistics released by the non-profit organization Registry Trust, there were 27,909 CCJs registered against businesses in England and Wales in the first quarter of 2014. This is a 6% decreased from the first quarter of 2013. This is the second time since the turn of the century that first quarter business CCJs has fallen beneath 30,000. The combined value of business CCJs in England and Wales also fell by 18% over the same period, from £290.8m in Q1 2009 to £105.2m in Q1 2014. However, the Registry Trust said that the figures were “tempered” by recent statistics released by the Insolvency Service which show ...

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  • 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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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. The Business Debt Advisor complies with the Consumer Credit Act and 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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