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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

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

Declaring dividends during uncertain times – consider insolvency and other laws

The latest year end accounts may evidence adequate reserves to adhere to and met the standards of the Companies Act 2006’s statutory test to pay a dividend, there are other legal tests and factors to be borne in mind prior to declaring a dividend. During such uncertain, unprecedented times, it may be that the financial position

By |2020-10-03T14:36:22+00:00April 28th, 2020|Blog|0 Comments

Bounce Back Loans

Each day seems to bring new announcements about the impact the current lock down is having, and will continue to have, on small companies with very limited resources. Yesterday, in an effort to improve access to funds, the Chancellor announced that the government would now offer 100% guaranteed small loans, now called "bounce back loans".

By |2020-10-03T14:36:22+00:00April 28th, 2020|Blog|0 Comments

Advice for Consumers – Covid 19

R3, the insolvency and restructuring trade body, has released advice for consumers who are worried about the financial impact of COVID-19.   “The pandemic will have a serious effect on people’s finances,” says R3 President Duncan Swift. “People are seeing their income cut, their hours cut, having to take mandatory unpaid leave, and in some cases

By |2020-10-03T14:36:22+00:00April 16th, 2020|Blog|0 Comments

Loan for Limited Companies

Certain banks have stated that any director who secures a loan of up to £250,000 will not be required to sign a personal guarantee (pg). For loans in excess of £250,000 the directors may be required to sign a PG although their principal private residence will not form part of the security. However, other assets

By |2020-10-03T14:36:22+00:00April 14th, 2020|Blog|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

Wrongful Trading – Covid 19

The Government plans to suspend wrongful trading under Section 214 of the Insolvency Act 1986. There is fear in the Insolvency Profession that this blanket suspension could be abused. The profession favours a revision of those provisions with specific measures aimed at protecting retail, hospitality and rental property companies, who have been forced to close

By |2020-10-03T14:36:22+00:00April 2nd, 2020|Blog|0 Comments

Business Struggling Due to Coronavirus?

Clearly we are all living in critical times and many business owners / directors are unsure as to what they should do in order to care for their family but also their business. It seems that advice, or even the scope of support, shifts every day, this making things exceedingly difficult and confusing. Just two

By |2020-10-03T14:36:22+00:00April 2nd, 2020|Blog|0 Comments

Insolvency Practitoners in Burnley

TH Financial Recovery have teamed up with our local team in the premiership Burnley FC. Delighted to work with a winning team!!At THFR we provide advice and help to companies and individuals in financial distress. We are regulated to by the Insolvency Practitioners Association and are therefore qualified to act in this capacity. Call us

By |2020-10-03T14:36:26+00:00November 7th, 2019|Blog|0 Comments

Liquidations, Administrations and CVAs in Keighley

T H Financial Recovery is proud to announce that we have very recently opened an office in Keighley, Yorkshire. Working closely with a number of keys contacts in the town and surrounding area we see this as a fabulous opportunity to support our long term strategy to develop a broader range of services and support

By |2020-10-03T14:36:28+00:00April 15th, 2019|Blog|0 Comments

Insolvency & Business Advice in Keighley

Insolvency Practitioners in Keighley, Yorkshire T H Financial Recovery work with 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, T H Financial Recovery can help. Give us a call to arrange a FREE,

By |2020-10-03T14:36:28+00:00April 15th, 2019|Blog|0 Comments

Insolvency Practitioners in Keighley

T H Financial Recovery is proud to announce that we have very recently opened another office, this being in Keighley, Yorkshire. Working closely with a number of keys contacts in the town and surrounding area we see this as a fabulous opportunity to support our long term strategy to develop a broader range of services

By |2020-10-03T14:36:29+00:00April 11th, 2019|Blog|0 Comments

Insolvency Practitioners in Bolton

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|Blog|0 Comments

Liquidation and Administration may be on the rise again

The economic upturn predicted by the Bank of England envisaged is not bearing fruit, according to experts. With that economic "bounce-back" now looking unlikely, the possibility of an interest rate rise in the immediate future has receded, which in turn has weakened the pound. Source BBC Business News T H Financial Recovery appreciates that personal

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

Burnley & Leyland Insolvency Experts offer free Debt & Business Advice

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 can help. Give us a call to arrange a FREE, no obligation consultation.  We handle both informal and formal

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

Insolvency Service update

Reports show that the Insolvency Service is clamping down on individuals who seek to deliberately dispose of their assets in order to avoid repaying creditors.  Unfortunately, as Insolvency Practitioners who act as Trustee in Bankruptcy cases and Liquidator of Corporate cases, this is something we see far too often. Independent research has identified a 24

By |2020-10-03T14:36:32+00:00January 26th, 2018|Blog|0 Comments

Carillion subcontractor? Insolvency Experts offering advice and support

As you will be aware, construction giant Carillion was forced into liquidation this week.  But if you have a contract or are owed money by Carillion, what does that mean for you?  What are your rights and entitlements? If you are unsure of your legal rights and require expert insolvency advice, or simply some to

By |2020-10-03T14:36:33+00:00January 20th, 2018|Blog|0 Comments

Credit culture to mostly affect young people

Amid expectation that cheap loans and 0{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} credit card transfers could be coming to an end, concerns are that a generation of young people have  developed an over reliance on credit.  This culture, will no doubt expose them to financial difficulty when rates rise, leading to an inability to manage their finances and perhaps in some

By |2020-10-03T14:36:33+00:00December 5th, 2017|Blog|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

Creditors Voluntary Liquidation takes centre stage

Latest statistics from the Insolvency Service show that corporate insolvencies during 2016 were 16,502, nearly 13 percent up year on year. It may be hard to believe but many economists are of the view that an increased number of insolvencies is a sign of economic growth. The Insolvency Service report shows that the majority of corporate insolvencies (11,900)

By |2020-10-03T14:36:34+00:00February 16th, 2017|Blog|0 Comments
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