“Insolvency and corporate
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Insolvency Blog

LLP to Limited Company – advice on conversion

The conversion of a partnership into an LLP is a relatively easy concept to envisage and is one that was adopted by many partnerships after the introduction of the Limited Liability Partnership Act 2000.  In principle, the assets owned by the partners, which are reflected in the partners’ capital accounts, were transferred to the...

Date: 29th June, 2015   |   Author: Steve Smith   |   Comments: 0


Creditors’ rights and overcharged VAT

Overcharged customers, HMRC and unsecured creditors generally are all protected by the result of a recent Judicial Review. If a supplier has overcharged VAT (and paid it over to HMRC) there are a number of consequences if it then enters formal insolvency proceedings: It can no longer reclaim the overpayment from HMRC; HMRC cannot set off the...

Date: 5th June, 2015   |   Author: Chris Laughton   |   Comments: 0


The Value of Insolvency

Insolvency professionals make a valuable contribution to the economy and should be paid for the value they provide (not the time they spend). Insolvent businesses are often rescued, saving hundreds of thousands of jobs and ensuring that creditors are treated fairly. So says “Why Insolvency Matters”, the report of a ComRes survey for...

Date: 22nd May, 2015   |   Author: Chris Laughton   |   Comments: 0


Mercer & Hole update Business Rescue Case Studies publication

Mercer & Hole’s Restructuring & Insolvency team have launched an updated version of Business Rescue Case Studies. The publication presents a range of examples where the Restructuring & Insolvency team have saved companies that had financial concerns. The experience of a technology company where the company’s customer base...

Date: 13th May, 2015   |   Author: Natalie Taylor   |   Comments: 0


Reorganising company ownership of properties

Although there may be good commercial reasons for the transfer of a property, such as reducing exposure to risk or reorganising shareholdings, the threat of crystallising a tax charge may be an unacceptable obstacle. This can be overcome with some careful planning. Situations where the commercial reorganisation of a company’s ownership of...

Date: 11th May, 2015   |   Author: Steve Smith   |   Comments: 0


European Insolvency Regulation – revised

The European Insolvency Regulation (Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings) is being revised. In the months since we last reported, the European Council, Parliament and Commission reached agreement on a revised draft in December 2014. Now, in March 2015, a recast Regulation (i.e. one to replace the old...

Date: 5th March, 2015   |   Author: Chris Laughton   |   Comments: 0


LASPO Act 2012: insolvency exemption continues

Insolvency office holders conducting litigation can continue to recover CFA uplifts and ATE premiums from losing parties. The government announced today, 26 February 2015, in a Written Statement that the insolvency exemption to sections 44 and 46 of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 will no longer be brought to an end...

Date: 26th February, 2015   |   Author: Chris Laughton   |   Comments: 0


Competition in the insolvency market

The insolvency market is small and shrinking, 33,000 corporate insolvencies a year will produce something like 20 to 30 cases for each of those who take corporate appointments.  That number of small liquidations is unlikely to make a viable practice.  However we face the challenge of retaining experience whilst bringing new blood into the...

Date: 23rd February, 2015   |   Author: Chris Laughton   |   Comments: 0


Communication in insolvency

Insolvency practitioners are at the sharp end of an increasingly complex system that is understood by few outside the profession.  We have to explain clearly and succinctly what we do and why, and we have to do so over and over again, both case by case and generally. If we or the system within which we work is misunderstood, we have to explain...

Date: 19th February, 2015   |   Author: Chris Laughton   |   Comments: 0


Insolvency regulation

The UK insolvency regulatory system is being tinkered with, but it needs to be and be seen to be more effective.  For that it needs a more robust design.  At present it neither gives confidence to the public nor serves the profession well, often appearing to act too slowly or opaquely and with insufficient unanimity. The profession must...

Date: 16th February, 2015   |   Author: Chris Laughton   |   Comments: 0


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