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July 2016 - Insolvency Notices

Creditors Voluntary Liquidation Notices

Murrayfield Projects Limited 

A meeting of the Creditors of the above named Company will be held at Premier Meetings @ the Premier Inn Edinburgh Park, 1 Lochside Crescent, Edinburgh, EH12 9FX on 9 August 2016 at 11:00am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/murrayfield-projects-limited-liquidation-notice



Cannock Electrical Services Limited

A meeting of the Creditors of the above named Company will be held at the Premier Inn Cannock South, Watling Street, Cannock, Staffordshire, WS11 1SJ on 4 August 2016 at 11:45am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/cannock-electrical-services-limited-liquidation-notice


Thewhitepepper Ltd

A meeting of the Creditors of the above named Company will be held at the offices of KSA Group Ltd, 99 Bishopsgate, London, EC2M 3XD on 27 July 2016 at 11:15 am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/thewhitepepper-ltd-liquidation-notice


Unique Star UK Limited

A meeting of the Creditors of the above named Company will be held at the offices of KSA Group Ltd, 99 Bishopsgate, London, EC2M 3XD on 28 July 2016 at 11.15 am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/unique-star-uk-limited-liquidation-notice

Economy in sharp contraction post Brexit vote



The latest figures from Markit’s Purchasing Manager’s Index (a survey of 650 businesses) show a fall to 47.7 in July, indicating a ‘contraction’ of activity in the manufacturing and services sectors.  

While there has been a decline in orders within the industries, exports have increased due to the weakening of the pound, following Brexit.

Chief Economist of Markit,  Chris Williamson, said in a statement: 

“July saw a dramatic deterioration in the economy, with business activity slumping at the fastest rate since the height of the global financial crisis in early-2009.” 

“The downturn, whether manifesting itself in order book cancellations, a lack of new orders or the postponement or halting of projects, was most commonly attributed in one way or another to ‘Brexit’.”

It should also be noted that the Markit figures do not include construction that anecdotally has also seen a sudden drop in confidence.  If this sector was included then it is likely that the figure would have been worse.

Analysts predict there is further trouble to come with some suggesting the UK is heading for another recession. 

It is not just the manufacturing industry that is in danger; the property sector is starting to see a fall in property prices which is reflected by the House Price Sentiment Index. Levels have also dropped to contraction and many homeowners across the UK believe their homes have lost value.

So how have the markets reacted?  As is now universally accepted, the FTSE 100 does not completely reflect the UK economy.  In fact, the value of FTSE has gone up as the markets expect more stimulus from Banks around the world and the Bank of England, and a possible rate cut that tends to boost asset prices. However, the value of the pound has fallen a bit more against the dollar.  The fall in the pound is the obvious result of Brexit but time will tell as to what effect this will have long term.

The Brexiteers have been defiant saying that they expected a short term blip but that the economy would do better in the long term.

June 2016 - Insolvency Notices

Creditors Voluntary Liquidation Notices

Protia Limited 

A meeting of the Creditors of the above named Company will be held at the offices of KSA Group Ltd, 99 Bishopsgate, London, EC2M 3XD on 14 July 2016 at 2.15 pm for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/protia-limited-liquidation-notice


Xcite Commercial Limited

A meeting of the Creditors of the above named Company will be held at Holiday Inn Express Strathclyde Park M74, Jct.5, Hamilton Road, Strathclyde, ML1 3RB on 11 July 2016 at 11.15 am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/xcite-commercial-limited-liquidation-notice

Smile Enterprises Limited 

A meeting of the Creditors of the above named Company will be held at the offices of KSA Group Ltd, 99 Bishopsgate, London, EC2M 3XD on 6 July 2016 at 2:15pm for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/smile-enterprises-limited-liquidation-notice

May 2016 - Insolvency Notices

Creditors Voluntary Liquidation Notices 

PnC Engineering Ltd 

A meeting of the Creditors of the above named Company will be held at the Holiday Inn Express Strathclyde Park M74, Jct.5, Hamilton Road, Strathclyde, ML1 3RB on 26 May 2016 at 11.15 am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/pnc-engineering-ltd-liquidation-notice


Phyto Innovative Products Ltd

A meeting of the Creditors of the above named Company will be held at  the Jurys Inn Middlesbrough, Fry St, Middlesbrough, TS1 1JH on 24 May 2016 at 10:45 am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/phyto-innovative-products-ltd-liquidation-notice


CMA Safety Limited 

A meeting of the Creditors of the above named Company will be held at the offices of KSA Group Ltd, C12 Marquis Court, Marquisway, Team Valley, Gateshead, NE11 0RU on 19 May 2016 at 11.00 am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/cma-safety-limited-liquidation-notice


The Horology Centre Limited

A meeting of the Creditors of the above named Company will be held at Hotel ibis Preston North, Garstang Road, Preston PR3 5JE, United Kingdom on 14 June 2016 at 12:15 pm for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/the-horology-centre-limited-liquidation-notice

April 2016 - Insolvency Notices

Creditors Voluntary Liquidation Notices 

NaS Legal Ltd 

A meeting of the Creditors of the above named Company will be held at Jurys Inn Middlesbrough Hotel, Fry Street, Middlesbrough, TS1 1JH on 17 May 2016 at 11:15am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/nas-legal-ltd-liquidation-notice


Solinium Limited


A meeting of the Creditors of the above named Company will be held at  the offices of KSA Group Ltd, 99 Bishopsgate, London, EX2M 3XD on 16 May 2016 at 11:15 am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/solinium-limited-liquidation-notice


Bottega Wapping Limited 

A meeting of the Creditors of the above named Company will be held at the offices of KSA Group Ltd, 99 Bishopsgate, London, EC2M 3XD on 5 May 2016 at 11.15 am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/bottega-wapping-limited-liquidation-notice


Zero One Data Limited


A meeting of the Creditors of the above named Company will be held at  the offices of KSA Group Ltd, 99 Bishopsgate, London, EC2M 3XD on 10 May 2016 at 2.15 pm for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/zero-one-data-limited-liquidation-notice


Jocelyn Brown Music Limited

A meeting of the Creditors of the above named Company will be held at 99 Bishopsgate, London, EC2M 3XD on 11 May 2016 at 11.15 am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/jocelyn-brown-music-ltd-liquidation-notice


Plybox UK Ltd

A meeting of the Creditors of the above named Company will be held at 99 Bishopsgate, London, EC2M 3XD on 9 May 2016 at 14.15 pm for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/plybox-uk-ltd-liquidation-notice


TroTro Consulting Limited

A meeting of the Creditors of the above named Company will be held at the offices of KSA Group Ltd, 99 Bishopsgate, London, EC2M 3XD on 4 May 2016 at 11.15 am for the purposes mentioned in Section 99 to 101 of the said Act.

http://www.companyrescue.co.uk/insolvency-notices/trotro-consulting-limited-liquidation-notice


Stewart & James Mica Hardware Ltd

NOTICE IS HEREBY GIVEN pursuant to Article 84 of the Insolvency Order (Northern Ireland) 1989 that a Meeting of the Creditors of the above named Company will be held at Maldron Hotel at Belfast International Airport, Belfast, Northern Ireland, BT29 4ZY on 19 April 2016 at 11.15am for the purposes mentioned in Articles 85 to 87 of the said Order.

http://www.companyrescue.co.uk/insolvency-notices/stewart-james-mica-hardware-ltd-liquidation-notice

Plumbing company director banned for five years for breaching duties

Gary Carcary of Glasgow-based plumbing and heating company, BAUR (Scotland) Ltd, has been disqualified as a director for five years. 

He tampered with accounting transactions to make it appear he owed nothing to the company through his overdrawn directors loan account (ODLA). Over time, accounting records showed he reduced the balance he owed to zero, however this was not the case. 

By the time the company ceased trading in 2014, The ODLA was in fact overdrawn by £273,747.

The Insolvency Service investigation found this also caused the company to owe £267,126 to HMRC. After Mr Carcary told his accountants he was not planning to repay the money and instead wanted it to be his remuneration from the company, they advised this would cause substantial PAYE and NIC liabilities. Reducing the balance of the ODLA caused a tax debt of £267,126 to HMRC.

The company could not continue to trade with this level of debt and therefore ceased trading and was put into compulsory liquidation in July 2014.

Robert Clarke from the Insolvency Service commented, “Directors who put their own personal financial interests above those of creditors damage confidence in doing business and are corrosive to the health of the local economy.”

“This ban should serve as a warning to other directors tempted to help themselves first; you have a duty to your creditors and if you neglect this duty you could be investigated by the Insolvency Service and removed from the business environment.”

If your company is struggling financially and you have an overdrawn directors loan account, call us on 08009700539 to discuss your options. 

Business distress level falls to lowest on record

According to the latest research from R3, only 17% of businesses have reported a ‘key distress indicator’, compared to 28% last September. 

Indicators include a fall in sales, having to make redundancies, frequent use of maximum overdraft and decreasing market share. 

In March 2012 when these records began, 64% of businesses showed signs of distress. This is a huge decrease showing businesses are becoming more stable and improving their finances. Less and less businesses are becoming insolvent, a fact reflected in the quarterly insolvency statistics released by the Insolvency Service. 

R3 President, Philip Sykes, commented “The level of businesses in distress has plummeted since our survey began in 2012. This isn’t surprising given the current state of the economy. There has been a reasonable level of growth in recent years and the record low interest rates have facilitated high liquidity.”

He continued, “The long-running survey of UK businesses also found that growth was at a new record high. 69% of businesses reported at least one indicator of growth, a marginal increase from the previous high (68%) in April 2015. 

“While it’s positive to see the proportion of those experiencing at least one indicator is at an all-time high, the results suggest that fewer firms are seeing multiple signs of growth. Many businesses underwent a period of rapid growth in recent years, but now have started to reach a plateau.”

Overall, very positive news for SMEs and larger companies. 

Merry Christmas!

KSA Group would like to wish all our friends and clients a Merry Christmas and a Happy New Year! We hope you all have a fun and relaxing break. 

Christmas Opening Hours

Our offices will close at 5:00pm on Wednesday 23rd December 2015, re-open at 9:00 am on Tuesday 29th December 2015, close at 5:00pm on 30th December 2015 and then re-open at 9:00 am on Monday 4th January 2016. 

For all urgent enquiries, please call 0800 9700539 and leave a message. We will get back to you as soon as possible.



Insolvency jargon explained

Insolvency law can be complex and usually involves unfamiliar processes for directors and creditors. Like many other professions, there is quite a lot of jargon and a lot of information to take in. Below, we explain a few general terms used in insolvency:

Administration – This is a type of insolvency procedure and often the most reported on in the news. 

Usually large companies with significant debt or those threatened with legal action will call in the administrators to protect the business. The appointed administrators, usually licensed insolvency practitioners, will take control of the business and review viable options going forward.  This could mean the sale of the business or exit into a debt repayment plan, like a company voluntary arrangement (see below).  

Visit our administration page for more information on the process.

Bankruptcy – Often associated with companies, this actually only refers to individuals who are in debt and cannot pay his/her creditors. Those who declare themselves bankrupt cannot be company directors during the bankruptcy period. 

Company Voluntary Arrangement (CVA) – This is a deal between the company and its creditors whereby debt is repaid in instalments over a set period of time, usually three to five years. Directors stay in control of the company and the business continues trading. Read more on CVAs...

Creditors Voluntary Liquidation (CVL) – When a company is no longer viable and owes debt to creditors, the company can go into liquidation. The business and assets are sold and turned into cash for the creditors. Only creditors can appoint a liquidator (hence the name), however directors can initiate proceedings.

Distraint – An old term used for the process of seizing goods from the business premises after the company has failed to pay its debt. Directors first receive a Notice of Enforcement (see below) and are giving seven days to pay what it owes or court officers have the right to take control of the goods. View our page on the process here

Insolvency – A term used to describe a business that’s in debt and unable to make payments as and when they fall due. Check out our insolvency test page

Insolvency Practitioner – This is a professional specialising in insolvency and licensed by a membership body, for example, the Insolvency Practitioners Association to act as an administrator or liquidator. 

Moratorium – This is a period of time when certain actions cannot be enforced. For example, legal actions against an insolvent company are not allowed if there is a moratorium in place. 

Nominee –This is the term for a licensed insolvency practitioner who is dealing with CVA/IVA proposals and handles all the legal work for the client.

Notice of Enforcement – This is presented to a business that has failed to pay its debt, notifying they have seven days to pay. If the debt has not been repaid after this time, enforcement offers can take control of the goods.

(Also see distraint).

Official Receiver – This is a civil servant employed by the Insolvency Service and the court to handle winding up orders or bankruptcies.

Personal Guarantee – Often landlords and lenders request a personal guarantee (PG) before willing to proceed. If there’s a default, the personal guarantee can be called in and the debt must be repaid personally by the director. 

Preference – Directors have a duty to act in the creditors’ best interests when the company is insolvent. If one creditor is paid before another, this is known as ‘preference’ and is in breach of the Insolvency Act 1986.

Pre-pack administration – The sale of the business to a third party or new company set up by the existing director(s). Pre-packs take place upon the appointment of administrators, ensuring everything moves over efficiently. Employee contracts are also transferred over, saving jobs. 

Receivership – A creditor, usually a floating charge holder like the bank, appoints the receiver to sell certain assets or properties of the business to pay back the debt. The company usually then goes into liquidation.

SOFA – Statement of Affairs. This is information on everything the business owns as well as assets and liabilities involved.

Trading out – this is a term used to describe a business working through its financial problems like improving cash flow or cutting costs. Directors may be able to negotiate an informal deal with creditors. 

Winding up petition – this is a legal action issued and presented to the court by a creditor, usually HMRC, when a debt has been unpaid. It is often the last resort to retrieve debt and can result in the company going into administration. WUPs are made public, therefore banks, lenders and suppliers can freeze payments or back out - leading to even bigger problems. 

Wrongful trading – this is where a director knows the business is insolvent but continues to trade and take on credit. Directors can made personally liable or even disqualified if evidence is found in an investigation. 

Visit our glossary page for more insolvency terms.

Free cash flow spreadsheet

Problems with cash flow can happen to any business, however there are simple and efficient ways to improve the situation. 

Use our free daily cash flow template to get accurate and realistic forecasts for your business and follow our company cash flow problems page for further advice on cutting costs and improving cash flow. 

You can also use our handy cost-cutting guide for tips on saving money and making the most of your finances. 

If things become too much to handle, consider an informal time to pay deal with HMRC or a company voluntary arrangement. Debt can be paid back in affordable instalments without damaging the reputation of the business. If you would like to talk through your options, call us on 0800 9700539.
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