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Phoenix Companies: An Overview

It’s a situation that can cause misery for creditors caught up in the crossfire, and an issue which has not escaped the government’s attention.

Phoenix companies have been the subject of significant press coverage in recent times. Much of this attention is justifiable, and has tended to focus on those companies that have abused the system and ridden roughshod over the interests of creditors.

Indeed, draft legislation was published in June to counter avoidance or evasion of tax liabilities. Ministers have spoken …

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Posted by: / Corporate Recovery & Insolvency / 0 comments

Company Debt and Mental Health

World Mental Health Day was recently marked across the globe, with numerous stories of bravery, courage and hope shared on the pages of LinkedIn.

It therefore seems an appropriate time to address the issue in the context of insolvency.
In our work as Insolvency Practitioners (IPs) and Business Restructuring experts, our advice is generally tailored towards the issues faced by limited companies and partnerships. However, it is important to realise that, beyond the balance sheets, trial balances and …

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Posted by: / Corporate Recovery & Insolvency / 0 comments

KNOW YOUR EXPERT

Many readers will be aware of the high profile carbon credits fraud trial that collapsed last month, when it was found that the expert witness was found to have no expertise.

As a result of which, it is claimed that more than 20 fraud trials which this expert was involved in, may need to be revisited.

When the expert was called to give evidence on carbon credits, he apparently admitted that he had never read a book on the subject, but had …

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Posted by: / Fraud / 0 comments

CAN’T PAY, WON’T PAY

The issue of tainted gifts in relation to confiscation proceedings is something on which we are regularly instructed.

In a recent case [R v Peter Morrison [2019] ECWA Crim 351], the question of repayment of tainted gifts arose. From an accounting perspective, this may provide some clarity for certain circumstances.

Case Summary

Mr Morrison was subject to a confiscation order of £1,923.63 on 5 June 2018.

He had previously transferred £38,200 to his then partner to purchase a property. Of this sum, £30,000 had …

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Posted by: / Proceeds of Crime / 0 comments

HIDDEN ASSETS IN CONFISCATION PROCEEDINGS

Many readers will share my view that the Proceeds of Crime Act is draconian.

It has always been said that this law is not in force to punish convicted criminals, but to recover the proceeds of their crimes.

So why is that very rarely the case?

Generally speaking, there are two elements to the aspect of confiscation under the Act.

These are:

1. The benefit

2. The available amount

Both of these amounts are set out in a Section 16 statement of information, which is prepared by …

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Posted by: / Fraud / 0 comments

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