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.
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
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
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
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".
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
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
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
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
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
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
The latest results from the Office for National Statistics (ONS) shows economic growth in the UK of 0.3% during the quarter ending August 2019. However this includes a contraction in the economy during August itself of 0.1%. It will be of little surprise to readers that the manufacturing industry has performed poorly, with the service
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
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,
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
TH Financial Recovery is pleased to announce the opening of a new office in Yorkshire.
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
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
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
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
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
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
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
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,
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)
