HMRC has launched a consultation on the implementation of its decision to repay itself ahead of trade creditors, pension schemes and lenders in insolvency procedures. If you're not HMRC (and in the long term, perhaps even if you are), this could make you worse off. Read R3's comments here - http://www.r3.org.uk/index.cfm?page=1114&element=33105&refpage=1008
Nicky Fisher and Chris Herron have been appointed Administrators of Ellis Building Contractors Ltd, a major builder in Eastbourne.. Although the company is owed around £1m from completed projects, the company’s debts have reached an unmanageable level.
Redundancy notices have regrettably been issued to most of the office staff; the rest of the team have been retained to complete partly finished work in an attempt to optimise the result for creditors and minimise disruption for clients. In the meantime the entire business is up for sale.
17,439 companies entered in insolvency in 2018, a rise of 0.7% on 2017. Of these, 15,618 were liquidations - meaning that one in 250 active companies went into liquidation in 2018.
Personal insolvencies rose by a shocking 16.2% to 115,299. This includes 71,034 IVAs, the highest total ever recorded.
