A Blackburn fraudster who had been made bankrupt tried to hide his inheritance by putting it in his wifes bank account, a court heard. Dad-of-three Neil Thomas Maloney was declared bankrupt in December 2015 after he owed creditors a total of 17,848.30. The car parts dealer was due to be discharged from his bankruptcy in…
By David Milliken LONDON (Reuters) Company insolvencies in England and Wales fell to their lowest level in more than 30 years during the first three months of this year, as government support measures helped businesses hit by the coronavirus pandemic to ward off bankruptcy. Britain suffered its sharpest fall in economic output in more than…
The High Court has refused to approve a Personal Insolvency Arrangement (PIA) under which a pensioner would be making mortgage repayments on her home until she was aged 98. In what is regarded as an important test case, Mr Justice Mark Sanfey said 69-year-old Ann Fennell, who owes Ulster Bank some 72,500, would not be…
With the fallout from the novel coronavirus pandemic for many being either job loss or business closures, the possibility of needing to find shelter under the provisions of the Insolvency Act is all too real. What happens, however, to your lease? As the tenant who needs rescue, are you likely to be kicked out of…
The High Court has refused to approve a pensioners Personal Insolvency Arrangement (PIA) involving her making mortgage repayments on her home until she was aged 98. In what is regarded as an important test case, Mr Justice Mark Sanfey said 69-year-old Ann Fennell, who owes Ulster Bank some 72,500, would not be reasonably likely to…
A High Court judge has refused to approve a pensioner’s Personal insolvency Arrangement which would have seen her continue to make mortgage repayments on her home till she was 98 years of age. The ruling was made in a Limerick appeal in what is being regarded as a key test case. Mr Justice Mark Sanfey…
There were 1,675 personal insolvencies recorded in the fourth quarter of last year, less than the previous year, but a figure that is masking a potential steep rise in cases once Covid-19 support stops and courts return to full capacity. Official figures from Accountant in Bankruptcy (AiC) showed that that 67% of insolvencies were from…
Insolvency practitioners have been urged to steer clear of dual appointments, contentious referral relationships and other conflicts of interest as the regulator issues a new report shining a spotlight on independence threats. The Australian Financial Security Authority (AFSA) on Wednesday released a new report, Practitioner independence in the personal insolvency system, to clarify what practitioner…
By Douglas FraserBusiness and economy editor, Scotland image copyrightGetty Imagesimage captionThe number of insolvencies is expected to rise despite coronavirus restrictions easing The number of Scottish companies facing insolvency is expected to rise steeply as government loans have to be paid. It comes despite restrictions on the economy being relaxed. R3, the trade body for…
When restructuring a company in distress, early specialist engagement is vital says Ryan Grant, Partner in BDO and an Insolvency Practitioner. When a business is running out of cash, options are severely limited, says Grant. A complication of the pandemic is that many companies have built up significant legacy creditor positions and these will have…