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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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  • 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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  • The Debt Advisor Business Celebrates 15 Years

    I recall fairly vividly the excitement of pulling together everything necessary to set up a business as an insolvency practice in 1999. Having spent 17 fantastic years at Deloitte latterly as an insolvency manager, I was ready for the next chapter. This was one of the most exciting times of my life.  I worked into the early hours of the morning costing every item of equipment, studying statistics on the marketplace and preparing cash flows, profit forecasts and balance sheets.  I had a lot of support from Hurst Accountants who were contemplating setting up an insolvency arm. They had insisted ...

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  • Payday lender The Cash Store goes bust

    Nearly 120 jobs have been lost after payday lender The Cash Store went bust. The company which is based in Stockport has now entered into an administration with FTI Consulting appointed as administrators. Administrators have confirmed that 13 jobs have been lost at the Stockport headquarters. The Cash Store Ltd is a subsidiary of The Cash Store Financial Services Inc based in Alberta, Canada. The company has 506 branches in Canada and 27 across the UK, although many of them are in the North West. Administrators from FTI Consulting said: "Cash Store was loss making and had been reliant on funding from its Canadian parent company which was ...

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  • Sumners up for sale

    Manchester-based business recovery business, The Business Debt Advisor, has been appointed to advise the directors and shareholders of Sumner’s Media City Limited (SMCL), a TV post production company based at MediaCityUK in Salford. SMCL is a post production facility trading out of The Pie Factory at MediaCityUK. Founded by husband and wife team, Andy and Janet Sumner, the company was incorporated in 2007. It began trading in 2013 following the winding down of Andrew Sumner & Associates Ltd (Sumners) which was founded in 1992 and, over 20 years of trading, became one of the largest post production companies outside of London with a turnover of £4.5M. Sumners faced ...

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  • ICAEW urges HMRC to scrap new debt recovery plans

    According to the ICAEW, HMRC should scrap plans for new debt recovery powers because the process is “unconstitutional” and “wrong in principle”. Under the new plans, HMRC will be able to deduct tax owed from a debtor’s bank account proving at least £5,000 is left across all their accounts including ISAs.  HMRC has insisted that these measures would be used against those who have repeatedly refused to engage with them and would be used as a last resort, but the ICAEW have deemed that the proposals fail to meet the criteria of being “fair, proportionate and accompanied by robust safeguards”. The ICAEW said: "It is necessary to go back ...

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  • 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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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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