Don’t Pay the Ferryman

January 10, 2012 by · Comments Off on Don’t Pay the Ferryman
Filed under: Uncategorized 

By order of a French Court, the Tribunal de Commerce, SeaFrance went into liquidation yesterday Monday 9th January. After going into receivership in 2010, and the rejection of the workers co-operative plan to try and save the company, the court decided that none of the options were ‘financially viable’. Hundreds of jobs will be lost in Kent, Dover and France. There is already speculation over possible buyers of SeaFrance including a potential bid from Eurotunnel.

Unemployment up to 2.62m and Sir Mervyn King cuts UK growth predictions!

November 16, 2011 by · Comments Off on Unemployment up to 2.62m and Sir Mervyn King cuts UK growth predictions!
Filed under: Bank of England, Unemployment 

Two such headlines in the news on the same day make for depressing reading! “Youth” unemployment has risen above a million for the first time and the total out of work increased by 129,000 to 2.62 million in the three months to 30th September – the highest total since 1996. Female unemployment is at its highest for 23 years. The Opposition blamed the Government and the Government blamed the Euro zone crisis!

The Bank of England has cut its growth predictions for 2011 & 2012 to about 1%. Sir Mervyn believes “activity could be broadly flat until the middle of [2012]”.  CPI inflation has fallen from 5.2% in September to 5% last month. City analysts now believe interest rates will remain at 0.5% into 2013.

Sea France taking on water, but will she sink?

November 16, 2011 by · Comments Off on Sea France taking on water, but will she sink?
Filed under: Uncategorized 

The cross-channel ferry operator, Sea France, suspended its service on 15th November for 48 hours, while it awaits a legal decision on its future. It comes after the European Commission ruled that a €200m “bailout” by the French Government breached EC state aid rules. A decision on the company’s future is expected shortly from the Tribunal of Commerce in Paris. Nearly 200 jobs in Dover are at risk.

Bona Vacantia rules change

October 14, 2011 by · Comments Off on Bona Vacantia rules change
Filed under: Uncategorized 
As from today (14 October) the Treasury Solicitor has removed the concession whereby if the share capital paid out during a striking off was less than £4000, they would not seek to recover that sum. Directors still need to comply, if applicable, with HMRC’s ESC 16, although this itself is being removed and replaced with a statutory provision in due course.

 

HMRC continues to target Football Clubs

September 30, 2011 by · Comments Off on HMRC continues to target Football Clubs
Filed under: Taxes 

Truro City FC is the latest club to be targeted by HMRC for unpaid taxes. The Winding Up Petition is due to be heard in the High Court on 31st October. As the Petition has been advertised, the club’s bank account will have been frozen, adding to its woes.

Even More Doom & Gloom on the High Street

September 30, 2011 by · Comments Off on Even More Doom & Gloom on the High Street
Filed under: Administration, Retail 

Despite the sunshine, the high street still has some dark clouds hanging over it – in a recent survey by the insolvency trade body, R3, 10% of retailers believe they will enter Administration within a year. This begs the question, should they be calling it a day now rather than facing allegations of trading whilst insolvent in 12 months time? The September quarter day has just passed, so watch this space!

Summer Holiday Hangovers

September 26, 2011 by · Comments Off on Summer Holiday Hangovers
Filed under: Debt, Individuals 

Recent research commissioned by the Association of Business Recovery Professionals indicates that 1.8 million people in the UK went into debt to pay for their summer holiday this year.  The poll revealed that holiday-makers took on additional debt of £1,581 on average (an increase of 40% on last year) which will take about nine months to repay compared to seven months in 2010.  Given current inflationary pressures, tax increases, etc, the results of the poll should hardly come as a surprise!

The Wheels come off for Fraudulent Car Dealer!

September 22, 2011 by · Comments Off on The Wheels come off for Fraudulent Car Dealer!
Filed under: Fraud 

A Director of three companies has been sentenced  at Leicester Crown Court to six years in jail after pleading guilty to three counts of fraudulent trading.  In addition he was disqualified from acting as a Director of a limited company for ten years.  The three companies were eventually liquidated leaving behind liabilities of £1.4 million.  The Director fled the UK but was eventually arrested in Turkey in May 2011 for alleged offences committed there.  He subsequently voluntarily returned to the UK.

Insolvency Service Gets Tough

September 16, 2011 by · Comments Off on Insolvency Service Gets Tough
Filed under: Individuals 

The Insolvency Service is getting tougher on sole traders and partners whose businesses fold owing significant amounts of tax. In the year to 31 March 2011, it obtained 443 Bankruptcy Restriction Orders and Undertakings (an increase of 21% on the previous year) and in the majority of cases, HMRC was the predominant creditor. Individuals can be subject to a Restriction Order for a maximum of fifteen years, meaning amongst other things, that they cannot be involved in the management of a limited company for that period.

More Doom & Gloom on the High Street

September 14, 2011 by · Comments Off on More Doom & Gloom on the High Street
Filed under: Retail 

The latest figures for August from the British Retail Consortium show that, by and large, retailers are continuing to struggle. Food, unsurprisingly held up well, but non-food such furniture and homewares was down on August 2010. Clearly, consumers are continuing to rein in their discretionary spending as worries continue over inflation and the squeeze on personal finances, which some are predicting will continue for a decade!

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