The government has recently announced changes that will affect the personal insolvency market from October 2015, making it easier for financially vulnerable people to access debt relief.Continue reading
Do you argue or debate?
Are you embroiled in a dispute with another party? Do you feel it is heading nowhere but to the court? The obvious problems with court intervention include the uncertainty and costs. What is even more frustrating can be on disclosure of evidence you find the whole matter could have been resolved at far less cost beforehand.Continue reading
2015 – A year to sort your finances?
As the year continues to progress it is not uncommon for us to start to receive a number of calls from individuals who are in financial distress. With this in mind, it seems like a good time to provide some advice on how people may be able to help themselves. These include:Continue reading
City Link – In what order do the creditors get paid?
As you probably saw over the Christmas period, Citylink became the latest high-profile insolvency to hit the headlines. As someone who has spent most of their professional life working in insolvency, I suppose I should be used to it. However, I still find myself surprised at the lack of understanding of the practical and legal situation in the press.
At the beginning of the process, the press tends to have quite an understandable focus on the human impact. In this case, the holiday season timing made the story particularly poignant. I think we can all understand the terrible impact of learning you will be potentially losing your job at Christmas. You cannot help but feel for the staff in this situation.Continue reading
Plan now for Christmas – Part 1
Plan now for Christmas and avoid worrying about the bills in the New Year!!!
The festive season is on the way and unfortunately this can often lead to a number of calls to insolvency practitioners from individuals in the New Year as the bills roll in.Continue reading
Dividend And Overdrawn Directors Loan Accounts – Directors Beware!!
Over the last 3 to 4 years we have noticed an increase in the number of cases where there is an overdrawn director’s loan account or dividends have been drawn illegally.
Now it is understandable that directors wish to be remunerated in the most tax effective way and commonly they will be advised to pay a minimal salary and then draw the balance as dividends. This advice is absolutely fine whilst the Company is making profits and has distributable reserves.Continue reading