UK Government has published its “Corporate Insolvency and Governance Bill (CIGB)”

The CIGB, which has been fast tracked by Government, introduces both permanent and temporary measures in an effort to help struggling businesses. The permanent measures include a new procedure for Directors to apply to court for a Moratorium, which if granted, will provide the company with a limited payment holiday in respect of certain debts.

By |2020-10-03T14:36:21+00:00June 2nd, 2020|Blog, News|0 Comments

Corporate Insolvency & Governance Bill

The ‘Corporate Insolvency and Governance Bill’ (‘CIGB’) has now been published by the government in order to provide further support to businesses through the economic impact of COVID-19. The CIGB has been fast tracked “to give companies breathing space and keep trading while they explore options for rescue." The CIGB sees a number of additions

By |2020-10-03T14:36:21+00:00June 1st, 2020|News|0 Comments

Potential damage to company finance and business rescue?

The Finance Bill 2019-21 had its second reading in Parliament on 27 April, closely watched by the insolvency and restructuring profession due to the inclusion of 2 proposed policies which may damage business lending and hinder business rescue: Plans to grant HMRC preferential status in insolvency procedures from December this year; andMeasures to make directors personally liable for a company's tax

By |2020-10-03T14:36:21+00:00May 26th, 2020|Blog, News|0 Comments

Furloughed employees and Insolvency – The Debenhams case

High street retailer Debenhams notified approximately 13,000 employees in writing on 25 March 2020 that they were being furloughed in accordance with the Job Retention Scheme (JRS). This being until further notice. An additional 867 staff were contacted and furloughed over the following few days on identical terms (the circa 13,867 employees being the “Furloughed

By |2020-10-03T14:36:22+00:00April 29th, 2020|Blog, News|0 Comments

Debenhams Administration

Major retailer Debenhams filed for Administration yesterday (6th April), which allows the company protection from creditors during the current lock-down which has left many retailers and businesses in such a difficult and uncertain time. It is unknown at this stage how many of the 142 will reopen once restrictions are lifted, but the retailer continues

By |2020-10-03T14:36:22+00:00April 7th, 2020|News|0 Comments

Legal Protection for struggling businesses – Covid 19

New insolvency tools and moratorium In addition to our earlier regarding the relaxing of the rules regarding wrongful trading from 1st March, the UK’s Insolvency Framework will be changed to include: A moratorium for companies giving them breathing space from creditors enforcing their debts for a period of time whilst they seek a rescue or

By |2020-10-03T14:36:22+00:00April 7th, 2020|News|0 Comments

Government Support for Business

Further changes today as the the government announced major amendments to the terms on which support is offered to businesses badly affected by the the Coronavirus pandemic. Businesses seeking loans to support them through the crisis will no longer need to apply for a commercial loan before they are granted a loan and borrowers will

By |2020-10-03T14:36:22+00:00April 3rd, 2020|Blog, News|0 Comments

Slight Increase in Total Company Insolvencies

The Insolvency Service has released the company insolvency statistics for Q3 July to September 2019 which show a slight increase in total company insolvencies. There were 4,355 total company insolvencies in Q3 2019; which is 0.4% higher than in Q2 2019 and an increase for the third successive quarter. Compared to the same period in

By |2020-10-03T14:36:26+00:00November 20th, 2019|News|0 Comments

Retailer Clintons in survival talks

Greetings card chain Clintons is potentially facing shop closures and rent cuts as part of a survival plan. The retailer, which has in the region of 2,500 staff, is in restructuring talks with landlords in another indication of the High Street crisis.  A spokeswoman told the BBC no decisions have yet been made. Clintons was

By |2020-10-03T14:36:26+00:00November 11th, 2019|News|0 Comments

Liquidation hit British Steel to be rescued by Chinese firm in £70m deal

British Steel is set to announce a rescue deal with China's Jingye Group, which could safeguard up to 4,000 jobs in the UK. Jingye Group has agreed in principle to buy British Steel for £70m. British Steel has been kept running by the government via the Official Receiver since May, when the company went into

By |2020-10-03T14:36:26+00:00November 11th, 2019|News|0 Comments

Administrations and Creditors’ Voluntary Liquidations Reach Highest Levels for Several Years

According to company insolvencies statistics recently released by The Insolvency Service for Q3 July to September 2019, administrations and creditors’ voluntary liquidations have reached their highest quarterly levels for several years. Administrations The objective of administrations is the rescue of companies as a going concern, or if this is not achievable, then to obtain a

By |2020-10-03T14:36:26+00:00November 8th, 2019|News|0 Comments

UK to avoid another recession

The economy in the United Kingdom expects to avoid a recession following higher than forecast growth during the quarter ending August 2019. The three-month growth of 0.3% developed notwithstanding a contraction during the final month of August, during which the economy shrank by 0.1% according to the Office for National Statistics (ONS). The ONS confirmed that

By |2020-10-03T14:36:26+00:00October 10th, 2019|News|0 Comments

September 2020 Insolvency Newsletter

The monthly insolvency statistics published by the Insolvency Service yesterday (15 September 2020) provides up to date information as to the numbers of companies and individuals affected by current economic conditions, largely, but not exclusively, as a result of the Covid-19 pandemic. The above graph illustrates the last 12 month's figures, the most obvious decline

By |2020-10-03T14:36:27+00:00August 21st, 2019|News, Newsletters|0 Comments

Blackpool FC faces Insolvency event penalty

Blackpool's board will shortly review the financial position of the club before the English Football League decides whether any penalties are required in relation to a potential insolvency event. The football club was placed into receivership on 13 February, appointment made by the High Court. Former owner Owen Oyston and his daughter Natalie Christopher recently

By |2020-10-03T14:36:29+00:00March 26th, 2019|News|0 Comments

Debenhams remain optimistic about future

Debenhams chairman has rebutted claims that they may be considering a formal insolvency process, stating it is “simply not true”. Sir Ian Cheshire spoke out following the department store's published trading statement yesterday after speculation concerning over the retailer’s health once it was found that the store had enlisted the advice of restructuring experts at

By |2020-10-03T14:36:30+00:00September 11th, 2018|News|0 Comments

Bolton Office providing Insolvency advice and support

T H Financial Recovery is proud to announce that we have now opened an office in Bolton. T H Financial Recovery work with both individuals and businesses in financial difficulty. If your business is facing problems and you need advice on the options available, such as new funding, business restructuring or help with insolvency, we

By |2020-10-03T14:36:30+00:00September 6th, 2018|News|0 Comments

Could stale economy lead to an increase in Liquidations & Administrations?

Economic revival which the Bank of England envisaged is not bearing fruit, according to experts. The National Institute for Economic and Social Research have stated growth during the 3 months to May 18 was only 0.2{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34}. Nevertheless Oil and gas production did improve favourably after the re-opening of the key Forties pipeline,  which was closed

By |2020-10-03T14:36:31+00:00June 20th, 2018|News|0 Comments

Interest only mortgagees must have long term repayment strategy

Almost 20{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} of mortgage holders possess interest-only home loans, which means they would need savings or other funds to repay the capital element of the loan once the interest only term comes to an end. Interest only deals enable borrowers to pay off accruing interest only, thereby keeping the monthly commitment to a minimum.  However

By |2020-10-03T14:36:32+00:00January 30th, 2018|Blog, News|0 Comments

The collapse of Carillion

Carillion's demise has been, for many people been a bit of a shock.  In the annual report published in March,  a "viability" statement was signed off suggesting there was no reason to believe the company would have financial difficulties in the next three years. Nevertheless, some external sources were sceptical. It's too good to be true

By |2020-10-03T14:36:33+00:00January 24th, 2018|JT's Blog, News, Uncategorized|0 Comments

Cheap loans & 0{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} balance transfers coming to an end

Expects suggest that very cheap rate high-value loans as well as 0{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} credit card balance transfers could soon be coming to an end. Andrew Hagger, an analyst at financial consultancy Moneycomms, said that sub-3{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} interest loans of more than £10,000 were now very rare. The time period available for repayment on credit card 0{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} balance

By |2020-10-03T14:36:33+00:00December 5th, 2017|News, Uncategorized|0 Comments

Corporate and Personal Insolvencies on the rise

Insolvency Service Statistics The 1st quarter of  2017 shows that personal insolvencies were 15.7 percent higher than March 2016.   Statisticians also discovered personal insolvencies in England and Wales have risen 6.7 percent from the same period in 2016. There were 24,531 individual insolvencies in the period, of which 59{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} were IVAs, 25{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} debt relief

By |2020-10-03T14:36:33+00:00August 29th, 2017|News|0 Comments

Our Burnley Insolvency Practice experiences surge in Liquidations and Voluntary Arrangement cases

Our Burnley staff are working all hours to keep pace with a huge surge of recent cases, which are principally Liquidations and Company Voluntary Arrangements. We've all had to "up our game" to stay on top of statutory deadlines, maintain best practice standards and firm procedures. Luckily our personnel are flexible, hardworking and very experienced,

By |2020-10-03T14:36:33+00:00May 14th, 2017|Blog, News|0 Comments

Creditor Voluntary Liquidation most common form of Corporate Insolvency

Corporate insolvencies are reportedly almost 13 percent up year on year (2015 to 2016), with total numbers of  16,502. The Insolvency Service released the official statistics on 27th January, and stated that the rise was primarily caused by 1,796 connected personal service companies entering liquidation in the final quarter of 2016, as a consequence of recent changes

By |2020-10-03T14:36:34+00:00February 15th, 2017|News|0 Comments

Increase in Individual Voluntary Arrangements

90,000 people entered some form of personal insolvency during 2016, this being the first annual increase since 2010. The Insolvency Service, which monitors and administers the insolvency regime in England and Wales, confirmed that personal insolvencies reached a total of 90,930 last year. This increase is 13 percent higher than last year. The figures include 49,745

By |2020-10-03T14:36:34+00:00February 13th, 2017|News|0 Comments

Insolvency Figures rise post Brexit

The volume of businesses in the UK entering formal insolvency has increased post the referendum on leaving the European Union, according to recent research published by KPMG. There were 1,174 in 2016, compared to 1,111 in 2015. The number were down in the first half of the year, but grew significantly during the second six

By |2020-10-03T14:36:34+00:00January 30th, 2017|News|0 Comments

Need advice? Visit our confidential Insolvency clinic in Burnley – free of charge

T H Financial Recovery understands that personal debt can cause significant stress and worry turn.  Individuals and businesses alike are often faced with difficult decisions when problems occur. It's therefore imperative that you obtain advice from regulated professionals on all the options available. T H Financial Recovery holds a free debt clinic, allowing individuals ad

By |2020-10-03T14:36:34+00:00January 17th, 2017|News|0 Comments

IP at our Burnley office appointed Liquidator of local engineering company

Jonathan Taylor, Insolvency Practitioner at T H F R, was appointed Liquidator of M&L Tooling Limited at a meeting of shareholders held on 13th December 2016.  M&L Tooling was a long established, local business specialising in the manufacture of bespoke products. It's disappointing to witness well respected, local family businesses struggling, but again reminds us

By |2020-10-03T14:36:34+00:00January 13th, 2017|Blog, News|0 Comments

UK Service Sector continues to thrive

Growth in the UK's service sector continued to improve in November, according to a closely monitored survey. The IHS Markit/CIPS purchasing managers' index for the sector increased to 55.2, (previously 54.5 a month earlier) the highest figure since January. A figure over and above 50 indicates that the sector is growing.  This, despite uncertainty over

By |2020-10-03T14:36:34+00:00December 6th, 2016|News|0 Comments
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