There has undoubtedly been a seismic change in the UK political landscape, but I doubt that economic impact will be as significant or lasting. In the Brexit journey, we still have many hurdles to cross, and if we believe that it is the single most significant event impacting the UK's economic stability, we are fooling ourselves.
As 2019 draws to a close, we reflect on some of our news and articles that we shared with you this year and add a brief perspective on the year ahead. We'd like to send special thanks to those who have worked with us or referred clients to us this year.
We have seen a large increase in the number of Insolvencies in the construction industry recently. The number of construction firms falling into administration leapt by over half during the third quarter of 2019.
This year alone, we have seen a raft of insolvencies affecting well known high street brands such as Thomas Cook, Bon Marche, Karen Millen and its subsidiary Coast, Bath Store and Debenhams, with the latest being Mothercare.
Poppleton & Appleby are pleased to announce that there has been a successful sale of the Clovemead Limited corporate headquarters in Warrington.
If your company had been placed into liquidation, you may be preparing for the future and considering whether your company name can be reused following this process. Section 216 of the Insolvency Act 1986 places restrictions on the use of a liquidated company’s name – a law put in place to address the issues of ‘phoenixing’ (which you can find out more detail about here), in which a company may rack up debts before becoming insolvent and then returning as a new company with the same name, leaving third parties none the wiser. By law, a director may not be [...]
Stephen Wainwright, Partner, comments on HMRC becoming the preferred creditor.
Following our blog last year detailing avoiding Directors Disqualification, there has been a recent update from the Insolvency Service.
There are a number of warning signs that a company is in financial distress and action is required. Insolvency isn’t always avoidable but the chances of doing so are always improved if action is taken early and rapidly to give the company the greatest opportunity of trading its way out of difficulty. The warning signs can be singular but usually accumulate in a financially poisonous cocktail and it is important that directors and company accountants are prepared to recognise them. Creditor Action Many companies and businesses occasionally miss payments; however, if this begins to occur frequently, it suggests that a [...]
If your employer is insolvent and enters Liquidation, Administration or a Company Voluntary Arrangement (CVA), it will probably have an impact on your employment status. Your first concerns are likely to be around whether you still have a job, whether you will still be paid and how to make sure your rights are protected. The first thing to have in mind is that all employees have special rights. If your employer is unable to pay you because they have become insolvent, then you are entitled to make a claim on the National Insurance Fund (NIF) - a process administered by [...]
