Credit, Collections & Insolvency News
Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in May: 80 20 VENTURES LTD A A PROPERTY LTD A K GILBERT LTD A W PROPERTIES (MIDLANDS) LTD A. & R. LLOYD (CHESTER) LTD A.F. DISCOUNT JEWELLERY LTD A.W PHILLIPS LTD A1 FINANCIAL SERVICES LTD…
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The Government has announced that it will revamp the UK’s corporate reporting and audit regime through a new regulator, with the aim of providing greater accountability for big business and addressing the dominance of the main audit firms. The Business Secretary announced the plans to provide a new effective corporate reporting and audits to ensure…
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The Insolvency Service has announced secured new restrictions to tackle Bounce Back Loan abusers. The regulator has successfully secured restrictions against a gym operator and roofer after they falsely applied for bounce back loans. In separate applications, Junaid Dar from Birmingham, and David Godderidge from Tamworth, falsely applied for close to £60,000 from the Bounce…
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A company Director has been given a six-year ban by the Insolvency Service. Mason was director of Angel Contracting, a recruitment agency specialising in providing contractors to the construction industry. The company was incorporated in 2017 but went into liquidation two years later. At this point the Insolvency Practitioner made repeated requests for the company’s…
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Company Directors of a sign company are to face a ban after they failed to pay a £70,00 tax bill but also failed to maintain and preserve adequate accounting records for the company. Husband and wife, Robert Headspeath and Mandy Headspeath both of Galashiels, Scotland, have been disqualified as directors for six years each. The…
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A maximum 15-year ban has been imposed on a company director after he posed as a fake Insolvency Practitioner. Kevin Morris, also known as Kevin Gordon Sykes, from north London has been disqualified for the maximum 15 years after he was found to be a de facto director of Rigil Kent Acquisitions Limited (RKAL), while…
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The Government has set out new proposals to reform and simplify regulation of the insolvency sector. The new consultation is inviting views on creating a single regulator for Insolvency Practitioners and extending regulation to firms that offer insolvency services. Key changes set out in the consultation include: establishing a single independent regulator to sit within…
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The Insolvency Service can now investigate and disqualify directors who dissolve their own companies in order to avoid paying liabilities. If misconduct is found, directors can face sanctions, 15-year-long bans or, in the most serious of cases, prosecution. Rogue directors who dissolve their companies and avoid paying liabilities to staff, creditors and the taxpayer can now…
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While company directors are generally protected by limited liability, recovery powers granted to HMRC in the Finance Act 2020 mean directors can face greater personal liability for tax debts held by the company in the event of insolvency. This has potentially huge ramifications for your clients if they intend to utilise an insolvency procedure to…
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Government support of energy provider Bulb, which is set to continue to operate under a Special Administration Regime (SAR), is set to cost £1.7billion. The funds will allow Bulb to continue supplying energy to customers. Bulb will be run by administrator Teneo until a buyer can be found or until its customers have moved. A…
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Bulb Energy, which has 1.7 million customers, has announced that the firm will be put into administration. The energy firm has confirmed it will enter the special administration regime (SAR), becoming the first energy supplier to do so. The decision to place a company into a Special Administration Regime is made by the court upon…
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Savants Restructuring and Savants Covenant Advisory have appointed Quantuma to oversee their own administration with immediate effect. The company has ceased to trade with immediate effect, after Adrian Duncan, a sole practitioner and Director of Savant, had his insolvency licence withdrawn by the Insolvency Service. Carl Jackson and Michael Hall of business advisory firm Quantuma…
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Recent changes to laws around insolvency could cause major problems for suppliers according to Bishop & Sewell. The London law firm is recommending that companies proactively review their commercial relationships and, where necessary, take steps to re-negotiate contracts and reduce their exposure to creditors. George Marques, a Senior Associate Solicitor in Bishop & Sewell’s Corporate…
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