Successful outcome for creditors using our forensic insolvency service

A successful outcome for creditors of a law firm which went into liquidation has made it a pleasing start to the new year for Inquesta’s forensic insolvency team.

It is the latest case in which we have achieved a positive result despite the odds being seemingly stacked against us. We took it up on a purely speculative basis, with no guarantee of success.

However, our patience, tenacity and persistence has paid off, enabling us to recover all the monies owed to the …

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STEVEN TAKES UP FIGHT AGAINST RULE CHANGE FOR INSOLVENCY CASES

Insolvency practitioner Steven Wiseglass is waging a campaign against government plans which it is claimed will let unscrupulous company directors off the hook and blow a huge hole in the public purse.

Mr Wiseglass, a director at Manchester-based Inquesta, has written to Justice Minister Shailesh Vara urging the government to abandon proposals for a new regime for insolvency litigation.

He has also written to north west MPs to garner support in his capacity as the regional representative on national trade body R3’s …

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Technical Reminder – ESC- C16

For those companies on the opposite end being zombie the withdrawal of the extra statutory concession c16 means that any company who wants to make a capital distribution in excess of £25,000 needs to be formally wound up by way of members voluntary liquidation.

Contact us for a fixed fee no obligation quote.

 

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What Are Pre-Packs?

A pre-pack sale is when the assets of an insolvent business have been substantially agreed for sale to a company which is either operated by the same directors, shareholders or a third party prior to the company entering either administration or liquidation.

One of the issues regarding a pre-pack sale is that this can complete prior to the creditors meeting and without notice to creditors. This can be an area of concern which creditors can complain about as they may believe …

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Zombie Companies

With an rise in zombie companies, businesses are becoming increasingly under pressure that they may lose key customers and cannot afford for zombie companies to fail.

This is helped further by HMRC allowing companies to enter into time to pay schemes and banks freezing or reducing capital repayments

But in the wake of these zombie companies having just enough cash to survive they don’t have sufficient resources to invest in long-term growth.  Thus why it will be extremely difficult if not impossible …

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The Glasgow Rangers Effect

In the last month or so HMRC have won and lost two different battles which are likely to change the landscape of football insolvency.

The High Court rejected HMRC’s attempt to get the ‘football creditors rule’ abolished. This means that football clubs and players continue to get preferential financial treatment when a football club goes bust.

In the wake of Glasgow Rangers going into Administration and the exit route of the CVA being rejected by HMRC, the company which owned the club …

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What does liquidation mean and what does a liquidator actually do?

What does liquidation mean and what does a liquidator actually do?

The process of liquidation is when a company is either at or near to the end of its life and the remaining assets need to be liquidated for distribution to creditors and shareholders.  The role of the liquidator is to maximise the realisation of assets of the company.

There are a number of ways which assets can be realised this can be by a sale of the assets or through an investigation …

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HMRC – The Involuntary Creditor

HMRC – THE INVOLUNTARY CREDITOR

HMRC are the ultimate involuntary creditor. By trading in the UK a business or individual is liable to pay tax under UK legislation.

With effect from 6 April 2012, as part of their debt recovery toolkit, HMRC has received additional powers to request a security bond for PAYE/NIC payable.

The bond will usually cover 4 months of PAYE/NIC plus arrears (if any). This security is likely to be in place for 2 years.

Should a security bond be requested …

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Withdrawal of Extra Statutory Concession ESC16

As you are no doubt aware the withdrawal of Extra Statutory Concession ESC16 took place on 1 March 2012.

Historically you would have required prior consent of HM Revenue & Customs in order to distribute the remaining funds to be treated as a capital receipt.

Any capital distribution in excess of £25,000 will require a formal winding up which can only be done by a licensed insolvency practitioner.

See worked example of the cost saving by doing a solvent liquidation

Please contact us to …

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