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Archive for the: Insolvency category

Overview of the Enforcement Process

Posted by on March 2nd 2017 in Blog Posts, Insolvency

Overview of the Enforcement Process

Before commencing enforcement action you will need to consider whether the debtor can afford to pay the judgment debt. You have spent money obtaining a judgment and you want to be sure that the debtor has sufficient means to pay before spending more money on enforcement action. If you know the debtor well, you might already know about their assets, income and property. If you don’t know if the debtor has means to pay, you might want to consider asking the court for an order that the debtor attends court for questioning. The court will then obtain this information from...

The Insolvency Rules 2017

Posted by on March 2nd 2017 in Blog Posts, Insolvency

The Insolvency Rules 2017

An Overview of Changes

The changes to the Insolvency rules  take effect from 6 April 2017.  The new rules aim to ‘facilitate, and achieve a more effective, efficient and transparent insolvency process’. There are three main purposes to the new rules:

  1. To consolidate The Insolvency Rules 1986 with the 28 updates that have been added to the rules since they came into force in 1986.
  2. To restructure the rules and update the language, including gender neutral referencing.
  3. To modernise the rules. In particular, to allow for updated methods of communication such as using  electronic communication instead of paper documents  and physical meetings, and...

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...

Business Tax Returns - What's the Real Story?

Posted by on August 19th 2015 in Blog Posts, Insolvency

Business Tax Returns - What's the Real Story?

Whilst many of us gladly welcome the summer season, for many small and medium enterprises (“SMEs”) across England, this time of year does not necessarily bring the same sense of appeal.

31 July 2015 – doomsday or just another date for the diary?

Friday 31 July 2015 marked the deadline for SMEs paying self-assessment tax to have filed their returns for the year. Accordingly an up-front payment for 50% of their annual tax liability was required in a one-off, lump sum.

Payment of this tax is notoriously problematic for many enterprises across the country. In fact, it is not unheard of for an...

Insolvency 2015 - What's Next?

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

The Insolvency Service Statistics – what do they say?

On 29 April 2015, the Insolvency Service released their latest statistics for quarter one of 2015. The statistics echoed what many had already predicted – further drops in company and personal insolvencies across England and Wales, and a suggestion that a more buoyant economic market is arising.

With the total company insolvencies at their lowest since the fourth quarter of 2007, (with 4,052 less than quarter four of 2014 alone) and personal insolvencies decreasing for the third consecutive quarter (to the lowest since quarter 4 of 2005), the statistics show an...