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  • Pre Pack pool good for directors and their business advisors

    In June 2014, Teresa Graham published her report into pre-packaged administrations and the way in which they were conducted.  The report, commonly referred to as ‘The Graham Review’ acknowledged that the method of pre-packing a distressed business for sale does have a place within the UK insolvency regime.  However, the report made a number of recommendations and these recommendations were widely accepted. With the recent release of the new Statement of Insolvency Practice (SIP) 16, and the commencement of the operation of the Pre Pack Pool, the revised method of pre-packing is now open for business. Bev Budsworth who heads up The Business Debt Advisor comments, “The ...

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  • Businesses losing overdrafts at alarming rate

    Funding Options, an online business finance supermarket have surveyed data held at Companies House on 160,000 businesses and found that UK SME’s unable to access traditional term loans and overdrafts, were now using £76Bn of alternative finance.   It found that alternative lending to SMEs is now equivalent to 46pc of the value of traditional term loans and overdrafts, which have fallen to £163bn, down 5pc from £172bn a year ago, and 17pc from £197bn four years ago. The Telegraph today reported that Overdrafts for small firms are being withdrawn or reduced by the high street banks at an alarming rate, it has emerged, restricting working capital for hundreds ...

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  • Pre-Pack Administrations and ‘The Pre-Pack Pool’ – Change on the horizon

    Pre-Packing refers to the practice of arranging the sale of a business, either in whole or in part, prior to the company entering into formal insolvency. The proposed sale is then executed on the appointment of an administrator and often the creditors of that company have no knowledge of the transaction until the deal is done. Although common practice, the process is not legislated for within current statute but developed entirely through market practice. On 16 June 2014, Teresa Graham published her long anticipated report to The Rt Hon Vince Cable MP who was then the Secretary of State for Business Innovation and Skills. The report, commonly referred to as ...

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  • New government faces potential ‘debt hangover’

    Figures published today by the Insolvency Service show that personal insolvencies in England and Wales decreased again in the first quarter of this year to 20,826 a reduction of 18.6% on the same period 12 months ago. This figure comprises 4,209 bankruptcies, 6,213 debt relief orders (DROs), and 10,405 Individual Voluntary Arrangements (IVAs). Company liquidations in the first quarter of this year also decreased to 4,052, a 1.3% reduction on the previous quarter and 11.3% lower than the same quarter in 2014. Bev Budsworth, managing director of The Debt Advisor, commented: “Today’s continued decline in insolvencies, shows that corporate insolvency is now at its lowest level since 2008 and ...

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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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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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