The BCR Insolvency Blog

Dodgy Directors - Beware Of Penalties Post Insolvency

Posted by Philip Wood on 30-Sep-2019 14:30:57

Company directors need to be aware that their actions can come back to bite them even after they have wound up their business!

In the latest figures published by the Insolvency Service, 1,242 directors were disqualified for misconduct. The average ban is around 5 years, but during 2018/19, 70 people received bans of between 11 and 15 years.

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Topics: Insolvency Practitioner

A Building Firm Collapses – And The Debris Spreads Far And Wide

Posted by Chris Knott on 23-Sep-2019 09:52:59

As well-known construction company Pochin has gone into administration - we saw the immediate fall out and the wide-spread damaging effects.

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Topics: Administration

Hidden Aspects Of Minimum Wage

Posted by Chris Knott on 23-Jul-2019 10:00:00

With the annual increase in minimum wage, it shouldn’t come as a surprise that more and more companies are being caught underpaying their staff.

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Topics: HMRC

Managing Minimum Wage When You're in Financial Distress

Posted by Chris Knott on 22-Jul-2019 09:06:26

In recent years HMRC has been actively seeking out hearings involving breaches of the National Minimum Wage Act. These are part of a nationwide inspection campaign being run by the Government to enforce the national minimum wage. As a result, HMRC identified a record 15.6 million underpayments in 2018. This high-profile case has helped clear away some of the confusion around minimum wage deduction laws.

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Topics: HMRC

Is It Possible To Liquidate A Company Yourself Without A Professional?

Posted by Chris Knott on 09-Jul-2019 17:05:50

If you are in a position where cash flow can no longer support your business, it may be time to consider liquidation. In today’s turbulent world, there is little stigma attached to a company reaching this stage. External forces are complex and unpredictable, and no organisation is immune to the risk.

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Topics: Liquidation

How Does Liquidation Work For 50/50 Shareholders?

Posted by Chris Knott on 28-Jun-2019 10:49:52

When there is a dispute at the heart of a company, it can be confusing, traumatic, and difficult to resolve. One party wants to abandon ship, the other is desperate to continue.

If one director in a 50/50 shareholding wants to liquidate and the other does not, stalemate, tensions, and dark clouds quickly follow.

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Topics: Liquidation

Everything You Need To Know About Liquidation Preferences

Posted by Chris Knott on 20-Jun-2019 12:56:32

Your company is entering liquidation. All eyes are focused upon the situation, and everybody has questions.

One of the most important ones is who is going to get paid? What is the pecking order when it comes to dissolving assets?
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Topics: Liquidation

Are Turbulent Business Times Ahead?

Posted by Chris Knott on 16-May-2019 12:49:23


All the political and economic indicators tell us that we are probably looking at some turbulent trading times over the next two or three years, with the uncertainties regarding Brexit and the possibility of a General Election (with or without a General Strike!)

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Topics: Business Rescue

9 Danger Signs That Your Business Is Insolvent

Posted by Chris Knott on 21-Dec-2018 10:15:29

Insolvency. It’s not a word anyone wants to hear. Yet with the global financial climate in turmoil it is a subject that many have to approach at some stage during their company’s journey.

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Topics: Insolvency Practitioner

What Does A Business 'Going Into Administration' Actually Mean?

Posted by Chris Knott on 28-Nov-2018 11:54:00

Going into administration, or when a company “calls in the administrators”, is a legal process whereby the company hands over control to an insolvency practitioner, who acts as an administrator. Creditors may not take legal action against the company during the period of administration, and cannot apply to have it wound up, without the consent of the court or the administrator.

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Topics: Administration

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