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Potential legal action against First London
30 January 2012
The administrator of failed bank First London has revealed that it may take legal action against the company for transferring assets out of the company before going out of business
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Landmark ruling applies TUPE to companies in administration
09 January 2012
Employers facing financial difficulties have been told to take heed of a recent Court of Appeal decision which ruled that the provisions of the Transfer of Undertakings (Protection of Employment) Regulations (TUPE) are not disqualified in the case of company administrations.
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South beating North in insolvency rates
03 January 2012
Despite businesses throughout the country still showing much reduced profits compared to pre-2008, those operating in the South of England are fairing “far better” with regard to insolvency rates than those in the North.
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Business Insight - Battle of the Vacuum Cleaners & Corporate Insolvency Advice
19 December 2011
On 28 July 2010 Dyson lost a claim against Vax that Dyson’s design of its DC02 vacuum cleaner had been infringed by Vax’s Mach Zen C-91MZ cleaner. A year later, Dyson’s appeal of this decision threw up some interesting comments from the Court of Appeal on registered designs.
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Protecting your Business
14 December 2011
We all know that current times are tough. Taking measures to protect your business have never been more important. In addition to cost control and cash flow management, you may wish protect your business by putting in place effective and properly incorporated retention of title provisions.
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Can you validly terminate contractual obligations upon the insolvency of one of the contracting parties?
14 December 2011
The answer to this question lies in another question, namely does the termination infringe the anti-deprivation principle?
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61 Bankruptcy fraudsters shut down
08 November 2011
UK insolvency authorities have closed 61 companies which attempted to thrive on Britain’s “easygoing” bankruptcy rules.
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Importance of understanding your Retention of Title provision
31 October 2011
In February of this year, we advised you about the importance of protecting your business by putting in place effective and properly incorporated retention of title provisions.
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Business Insight Issue 05 - Bankruptcy Threshold Review
20 September 2011
The government has announced it will consult on increasing the bankruptcy petition level for creditors from the current £750.00. Welcoming the proposal, R3 (Association of Business Recovery Professionals) has long campaigned for a rebalancing of the relationship between creditors and debtors as a number of creditors petition for bankruptcy on low levels of debt. R3 is recommending an increase to £3,000.00 which it now deems more appropriate.
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Female insolvencies booming
13 September 2011
Insolvencies and bankruptcy are not just a male phenomenon, new figures have revealed, after the proportion of women declaring themselves bankrupt or being made insolvent reached record levels in recent months.
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Reforms to ‘Pre-pack administrations’ of companies delayed
05 September 2011
Provisions effecting an overhaul of ‘pre-pack administrations’, which allow struggling businesses to be marketed prior to entering into administration and sold shortly thereafter, have been delayed
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Insolvency Service reports increase in personal insolvency over last quarter
12 August 2011
The Insolvency Service has released its latest figures showing an increase in personal insolvencies from 30,145 in the first quarter of the year to 30,513 in the second
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Brits must face debt problems ‘head-on’
20 June 2011
Brits have been encouraged to investigate debt consolidation loans, Individual Voluntary Arrangements (IVAs) and/or debt management plans if they are currently struggling under money woes.
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Family home not safe in bankruptcy
16 June 2011
In a recent decision the High Court held that a husband's bankruptcy defeated the wife’s right to occupy the matrimonial home. This decision confirms that, in the absence of special circumstances, creditors’ interests outweigh that of the bankrupt’s family.
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Britons worried about future finances
13 June 2011
Over a third of all Britons believe a deterioration in their finances is inevitable over the next six months, as bills and the threats of going overdrawn continue to mount, research has indicated.
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Property Insight Issue 14 - The Implications of Tenant Insolvency - Bankruptcy
16 May 2011
This is the second part of an article discussing Insolvency of an individual tenant. Having previously discussed Individual Voluntary Arrangements, this issue of Property Insight discusses the implications of bankruptcy of a tenant on landlords’ rights.
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BRITS STRUGGLING TO CONQUER DEBTS
16 May 2011
An alarming number of Britons claim they are so financially stretched that they are struggling to maintain payments for housing, food and lifestyle choices, research indicates.
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HIGHER FEES FOR INSOLVENCIES AND BANKRUPTCIES
26 April 2011
The Insolvency Services has raised its fees for individuals entering into bankruptcy or filing a bankruptcy petition and for companies entering into liquidation
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Property Insight Issue 13 - The Implications of Tenant Insolvency
20 April 2011
In the current climate all landlords are affected by tenant insolvency. This article is the first of a two-part article discussing Insolvency of an individual tenant.
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INSOLVENCIES ON THE RISE AMONGST BRITAIN’S MIDDLE-CLASS
08 April 2011
Throughout 2010, figures show that the biggest jump in personal insolvencies were amongst Britain’s middle-class skilled workers, while those on benefits are also struggling to stay afloat.
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LARGE NUMBER OF FIRMS ‘TECHNICALLY INSOLVENT’
11 March 2011
Research by insolvency trade body R3 has discovered that one in six British businesses could be trading while "technically insolvent".
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HIGH STREET SHOPS NEED PROTECTION IN LOCALISM BILL
01 March 2011
Members of Parliament have put forward a motion to the Government urging it to take adequate action to protect high street shops from being forced out by out of town shopping developments
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ENTREPRENEURS ‘DEEPLY FEARFUL’ OF VAT RISE
01 March 2011
Research by Investec Specialist Private Bank has revealed that a large percentage of Britain’s most successful entrepreneurs are concerned that the recent VAT hike will badly affect both their profits and the economy as a whole.
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INSOLVENCY SERVICE SEEKS COMPANY DISQUALIFICATION PROCEEDINGS AGAINST NINE DIRECTORS OF COLLAPSED BUSINESS
01 March 2011
The Insolvency Service has applied to the High Court to disqualify nine people from acting as directors after their Christmas hamper company, Farepak went into insolvency
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PUBLIC FEAR MOUNTING DEBTS
01 March 2011
A worryingly large percentage of Brits worry that their final situation will worsen greatly over the next sixth months, a quarterly survey by R3, the insolvency trade body, has found.
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PERSONAL INSOLVENCIES HIT RECORD LEVELS
18 February 2011
The number of people declared insolvent in England and Wales reached an all-time high of 135,089 in 2010, but there are signs for encouragement on the horizon.
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Protecting your business in the current financial climate
17 February 2011
A recent study from business information provider and credit reference agency Equifax shows that corporate insolvency decreased from 26,000 to 23,000 in 2010. Neil Munroe, external affairs director at Equifax, attributes the drop in corporate failures to pay freezes and tight control on invoice payments.
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UK FIRMS STRUGGLING TO OVERCOME FINANCIAL DIFFICULTIES
04 February 2011
The number of UK firms reporting major financial problems has risen annually since 2009, according to new research.
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DIRECTORS’ DISQUALIFICATIONS AND INSOLVENCY
14 January 2011
A recent announcement by HMRC that it intends to crack down on corporate tax debts should serve as a warning for struggling companies, especially those currently granted ‘Time to Pay Agreements’. The tougher stance could result in many more cases of insolvency and directors’ disqualification proceedings
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Mixed financial fortunes for individuals and businesses
08 November 2010
It’s not all doom and gloom during the present economic difficulties. The Insolvency Service has released figures which show that the number of people declared bankrupt fell to a near five-year low during the third quarter of this year.
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Company insolvencies on the wane
06 October 2010
Corporate insolvencies are declining but critics have suggested that such promising recent figures could be nothing more than a “one-off”.
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Personal insolvencies ‘on the wane’
06 August 2010
New figures are expected to reveal that personal insolvencies have diminished over the second quarter of 2010
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Government demands ‘banks must lend to small businesses’
06 July 2010
The coalition government has pledged to reopen a prominent lending forum and discover how best to secure the financial futures of thousands of small businesses around Britain