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Author Archive: Andrew Pay

Client's Day at the Virtual Jet Centre

Posted by on September 28th 2016 in Blog Posts

Client's Day at the Virtual Jet Centre

Kitsons had the great pleasure to thank two of our clients, Begbies Traynor and Armada Asset Finance Ltd with the opportunity to fly a Boeing 737-800 Simulator at the Virtual Jet Centre, Chudleigh. Andrew Pay and David Turner hosted Ian Walker, Jonathan Trembath and Agne Sinkeviciute of Begbies Traynor and Sarah Ainley of Armada Asset Finance. If you’ve not been able to experience this facility, it’s well worth a visit. 

The morning started early. A little too early for the VJC Staff who had been expecting us a little later. But 6 keen, uninitiated airline pilots...

LASPO 2012 Exemption in Insolvency Proceedings to End

Posted by on December 17th 2015 in Blog Posts, Insolvency

LASPO 2012 Exemption in Insolvency Proceedings to End

With considerable disappointment across the insolvency community, the Government announced on 17 December 2015 that the current exemption from the provisions of LASPO 2012 for insolvency proceedings will come to an end in April 2016.

This exemption allows certain costs such as the uplift in a Conditional Fee Agreement and the adverse costs insurance premium to be recovered from the losing Defendant. In non-insolvency related proceedings the provisions of LASPO 2012 meant that such costs are no longer recoverable from the Defendant, leaving the successful claimant would have to fund those costs themselves.

From April 2016, the same rules will apply in...

Is Your Aged Debt Causing More Than Cash Flow Problems?

Posted by on February 17th 2015 in Blog Posts, Debt Recovery

A recent study by Bacs, the payment processor, has uncovered some interesting, if not perturbing, statistics on the late payment of invoices. Consider the following:

  • The average small company is owed some £32,000;
  • The additional costs incurred by small companies resulting from late payments are in the region of £677 per month;
  • Companies employing fewer than 250 people are owed £32.4 billion;
  • Larger companies are owed £9.1 billion;
  • Overall, some 59% of businesses are affected by the issue.

If that wasn’t enough to give you pause, the overall effect of unpaid invoices means that a lot of directors, partners and sole traders are forced to...

Bankrupts, Pensions and Income Payments Orders

Posted by on January 9th 2015 in Blog Posts

A recent decision by the Chancery Division may have called into question the decision of Raithatha v Williamson [2012] 1 WLR 3559.

In Raithatha, heard before Bernard Livesey QC,  the Trustee in Bankruptcy sought an Income Payments Order (IPO) after  the Bankrupt disclosed  the existence of various pension policies. These policies were not yet drawn down, but were capable of being so by the Bankrupt enabling him to obtain a lump sum payment and an income.

Section 310 of the Insolvency Act 1986 would make available to creditors the surplus income over what is needed for the reasonable domestic needs of the...

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