The Insolvency Service is set to gain new powers for cracking down on directors who dissolve companies to avoid repaying government support monies. Under new legislation, the Insolvency Service will be given powers to investigate directors of companies that have been dissolved, closing a legal loophole and acting as a deterrent against the misuse of…
THE insolvency and restructuring profession rescued 297,000 jobs and returned 1.82bn to creditors in insolvency cases in 2019 the equivalent of around 800 jobs and 5m a day, according to a new report from R3, the insolvency and restructuring trade body. The report, The value of the profession: how insolvency and restructuring supports the UK…
Kevin James Musson (64) and his son Ryan Kevin Musson (39), both of Cumbria, worked as roofers for Cumbria Roofing North West Ltd. The company was incorporated in June 2009 but went into creditors voluntary liquidation 8 years later in May 2017, triggering an investigation by the Insolvency Service. The investigation discovered that while Ryan…
By Reuters Staff 3 Min Read LONDON, May 14 (Reuters) – The Bank of England said on Friday that it had approved the bail in of $595 million of loans that a British-based financial company made to the major Ukrainian lender PrivatBank before it was nationalised in 2016. The banks nationalisation has been subject to…
The High Court has approved a personal insolvency arrangement (PIA) providing for a 54-year-old woman to make mortgage repayments on her family home until she is aged 90. Mr Justice Mark Sanfey approved the PIA in respect of Esther Kirwan from Moycarkey, Thurles, Co Tipperary. Ms Kirwan, a single woman and shop assistant who lives…
Are you working for a company that you believe is struggling financially? Or perhaps youve been waiting for an invoice to be paid for a long time. Alternatively, you may be trying to ascertain your own companys situation and whether or not its insolvent. Thankfully, there are numerous insolvency practitioners out there such as Hudson…
By Reuters Staff 3 Min Read (Adds comment of Ukraines central bank) LONDON, May 14 (Reuters) – The Bank of England said on Friday that it had approved the bail-in of $595 million of loans that a British-based financial company made to the major Ukrainian lender PrivatBank before it was nationalised in 2016. The banks…
The High Court has approved a personal insolvency arrangement that will see a 54-year-old Tipperary woman continue to make mortgage repayments on her family home until she is 90. Mr Justice Mark Sanfey approved the arrangement for Esther Kirwan, of Moycarkey, Thurles, in what is a regarded as an important test case. The court heard…
Jonathan Bennett (49), from Cardiff, appeared at Cardiff Crown Court on 10 May before Judge Fitton QC were he was sentenced to 9 months in prison, suspended for 2 years. During the hearing the court heard that Jonathan Bennett was banned as a company director in 2010 for 8 years. Jonathan Bennett, however, continued to…
Mr Tinklers spokeswoman challenged the validity of the claim over the property and the size of the debt claimed. The Tinkler camp said arbitration was under way and they believe the appointment of FTI may amount to a breach of the arbitration process. A ban on Mr Tinkler being a director of Australian companies expired…