Bournemouth Office E-Newsletters
Our Bournemouth office produces a regular e-newsletter, which we send out to our subscribers. It usually features two or three stories relating to our core business as insolvency practitioners and business restructuring and turnaround experts, including news about us and the world of insolvency in general, case studies and, from time to time, testimonials from satisfied clients. Click on any one, below, to view.
6th September 2022: HMRC Winding Up Petitions on the increase
- More severe enforcement by HMRC as the average amount due to HMRC in UK insolvencies doubles.
- Directors need to be Vigilant! Understanding a Directors Loan Account and your Liabilities. If your company is liquidated it can lead to Liquidators’ Claims and even Director Disqualification.
11th August 2022: First Director goes to prison for Bounce Back Loan Fraud
- On 24th June 2022, Abdulrazag Zagroba, was sentenced to 24 months in prison for Bounce Back Loan (BBL) fraud, the first successful criminal prosecution for this crime by the Insolvency Service. He was also disqualified as a director for 7 years.
One of our Insolvency Practitioners, Antony Batty, commented:
“This represents a milestone and has been a long time in coming. Indicators are there will be many more. It also shows the powers that the Insolvency Service has at its disposal.
12th July 2022: The Misuse of Covid Loans can lead to Freezing orders, Winding up Petitions, Director Disqualification and Criminal Proceedings
- Latest Government figures show that the number of registered company insolvencies in May 2022 was 1,817:
- 79% higher than in the same month in the previous year (1,014 in May 2021), and
- 34% higher than the number registered three years previously (pre-pandemic; 1,352 in May 2019).
Businesses will continue to face significant headwinds as inflation and costs continue to rise and economic volatility persists.
What does this all mean for the repayment of ‘Covid Loans’?
21st June 2022: Paying Dividends – The Consequences of Paying Illegal Dividends.
- As the full financial impact of the Covid-19 Pandemic is becoming clear, we have seen that it has led to drastically increasing numbers of corporate failure and, as part of the process of investigating both Voluntary and Compulsory Liquidations, dividend payments will be scrutinised for legality by Insolvency Practitioners. Some directors may face a Misfeasance Claim as a result and will be forced to repay dividends.
14th February 2022: Think before you – or a client – signs a Personal Guarantee
- Personal Guarantees for Commercial Leases (or any type of loan) can lead to serious consequences for the Guarantor. What are the issues and how can Insolvency Practitioners help?
7th January 2022: Directors of Dissolved Companies can now be investigated by the Insolvency Service
- Following the granting of Royal Assent to the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill on 15th December 2021, on 15th February 2022 specific provisions come into force which will allow the Insolvency Service to investigate the conduct of a Director of a Company that has been dissolved without first being subject to insolvency proceedings.
7th December 2021: Insolvency, Liquidation and Redundancy Claims
- Insolvency, Liquidation and Redundancy Claims. A testimonial from a relieved client whom we went the extra mile for with his redundancy claim: “Sunney Sagoo from Antony Batty took me through the process of application for my redundancy claim, and after firstly receiving rejection he argued the case on my behalf which resulted in acceptance of both my notice pay and redundancy pay.”
4th November 2021: Personal Guarantees, Insolvency and Personal LiabilityLoan?
- Personal Guarantees, Insolvency and Personal Liability. In recent months we have seen an increase in Directors asking what their exposure is to claims under Personal Guarantees, and how they should respond to such claims.
- The Key Autumn 2021 Budget Announcements for Businesses. Business Asset Disposal Relief was untouched and Business Rates were discounted for the sectors hardest hit by Covid-19.
7th October 2021: Worried that you or a Client cannot pay back a Bounce Back Loan?
- Bounce Back Loan repayments started in May 2021. How can a Company with an outstanding Bounce Back Loan be closed?. The correct procedure to use to close a company with an outstanding Bounce Back Loan is a Creditors’ Voluntary Liquidation.
- Looking to close a Solvent Company with an MVL?. Should you, or a Client, act before the Autumn Budget on 27th October 2021?
8th September 2021: 10 tips to help with debt recovery
- 10 tips to help with debt recovery. Late payments can severely disrupt a business’s operations, and can even lead to insolvency. An effective debt recovery policy is a must.
- Walking to raise funds for MIND. Our Teams are walking virtually from Lands End to John O’Groats to raise awareness for Mental Health.
4th August 2021: The Key Signs of Financial Distress
8th July 2021: Directors need to be Vigilant! Understanding a Directors Loan Account and their Liabilities
- Overdrawn Directors Loan Accounts and Illegal Dividends. If a company is liquidated it can lead to Liquidators’ Claims and even Director Disqualification
- Restrictions on statutory demands and winding up petitions now extended to the end of September 2021.
- Insolvency Service gets new retrospective powers to investigate directors of dissolved companies and combat Bounce Back Loan Fraud.
- The reason for the new legislation is that directors were able to take advantage of a loophole to dissolve companies which were still able to pay their debts as a means of avoiding repaying BBLs. The new legislation seeks to close that loophole.
- Will directors of businesses that cannot repay BBLs, automatically face personal liability and director disqualification investigations?
- Plus – Businesses Beware! Uncovering the new Recovery Loan – A commercial look at the scheme.
- Further Suspension of Wrongful Trading Provisions to 30th June 2021 and what It means for businesses
- The launch of our Pan Asian Desk – a service offered to businesses nationwide, which fills a perceived gap in the market amongst smaller boutique Insolvency Practitioners.
- Is Furlough now just ‘Kicking the Can Down the Road’ and allowing Unviable Jobs to Survive Short Term?
- The Budget 2021 was about business recovery from Covid-19, and not about payback….yet!
- There was also good news for solvent businesses who are thinking of closing down with no change to Business Asset Disposal Relief. However, the IR35 reform looks set to come into effect in April.