A time for Businesses to celebrate

logoMPFollowing the announcement that the highly respected insolvency and recovery firm, Marshman Price had been acquired the new directors held a launch party on 23 January at Cheyne Walk Club, Northampton to celebrate.

Over 100 business people from across the County (and beyond) attended in order to share the celebrations with Gary Pettit, Gavin Bates, Kym Carvell and the Team. A close up magician added to the evening’s entertainment as he undertook some remarkable tricks right under the noses of the guests.Continue reading

Landlords lose out again?

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You are juggling funds in a manner best suited to hold off creditors and to stop legal proceedings being instigated or continuing. Suddenly and without warning a colleague informs you an enforcement officer has arrived to seize goods under a landlord’s distraint for rent arrears. There have been no legal proceedings and the enforcing officer will not leave unless you pay the amount due under the distraint. An inventory is taken of your assets and these will be removed if the debt is not paid. Without the assets under threat of seizure the business is crippled and doomed to fail.Continue reading

A record new year

Arguably one of the burdens of business ownership is the maintenance of company records. This is certainly more prevalent with small (usually) family owned businesses where every so often you have to sit down and bring your books and records up to date.

Unfortunately, there is a worrying trend where I am asked for urgent assistance yet delays are caused by the need to get the books and records in order. In some cases that delay has resulted in the company requiring the protection of administration rather than a stand alone company voluntary arrangement or restructuring outside of any insolvency process.Continue reading

The involuntary creditor

On a majority of occasions business people tell me they have a good business but are suffering from temporary cash flow problems. Almost as an after thought they mention there are tax or VAT arrears and HM Revenue & Customs (“HMRC”) are threatening some form of recovery action, usually winding up or bankruptcy.

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Since September 2003 HMRC have lost their preferential status and rank equally with the general body of creditors. This has resulted in HMRC having to be more commercially minded and, Continue reading

A fool with a pen in their hand!

The heading pretty much sums up my view of a director who grants a personal guarantee for company debts. I am possibly being a little harsh as giving a personal guarantee can sometimes be a non-negotiable term of contract or borrowing.

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In the past I have seen directors who have guaranteed practically every supplier, making you question why they are trading under the vehicle of a limited liability company. Others sign personal guarantees unwittingly; only to discover Continue reading