IPs welcome latest reforms to the bankruptcy petition/early discharge process

Insolvency practitioners Atherton Bailey welcome the Government’s proposed reforms to the processes for applying for bankruptcy & early discharge from bankruptcy. Continue reading

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The Prescribed Part: Why unsecured creditors need to take notice

If you are an unsecured trade creditor of company entering into an insolvency procedure, you will want to ensure you maximise your recovery. In order to do this, we recommend you familiarise yourself with ‘The Insolvency Act 1986 (Prescribed Part) Order 2003’. Want to know more? Read on… Continue reading

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ESC C16 and Members Voluntary Liquidation

Capital gains tax on solvent businesses. The Government has changed the rules. Continue reading

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EC cross-border debt recovery proposal bad for business rescue

The European Commission is seeking to promulgate a new cross-border legal process whereby a debtor’s bank account may be frozen to aid the recovery of cross-border debts. Continue reading

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Government Consultation on Bankruptcy and Compulsory Winding Up Flawed

In November 2011, the Government issued a Consultation Document on ‘Reforming the process to apply for bankruptcy and compulsory winding up.’ Most respondents to the Consultation, including the Chief Bankruptcy Registrar himself, declared the proposal fundamentally flawed. The Consultation Document … Continue reading

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FSA calls halt to ‘declaring bankruptcy’ scam

The FSA has shut down the sale and rent back (SRB) market following a review that identified ‘widespread poor practice’. The FSA appears to have accepted that some of these schemes, attractive to an individual on the verge of declaring bankruptcy, were in fact scams. Continue reading

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The Government sees sense as overhaul of ‘Pre-pack Administrations’ is scrapped

In the context of business rescue, why we believe Pre-Pack Administrations are a vital insolvency tool Continue reading

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Payday loans. A safety valve or the devil’s work?

Insolvency Practitioner Malcolm Fillmore addresses the issue of ‘payday loans and debt counsellors worries about the increasing rise in repayment problems, due to the rapidly mounting debt caused by large APR rates applied to these loans. Continue reading

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We’re all going on a bankruptcy holiday

Bankruptcy tourism has hit the headlines. Irish property developer Sean Quinn, owing 2 billion euros, has filed for bankruptcy in Northern Ireland in order to avoid the Republic of Ireland’s harsh bankruptcy regime. As an EU member the UK is … Continue reading

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Bankruptcy and Your Home… Who Owns What

Here I am, my first post for the Atherton Bailey blog which will be replacing our printed newsletter. For my debut I thought I’d look at the vexed question of what happens to the family home in bankruptcy. Home owners … Continue reading

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