Company Voluntary Arrangement (CVA)  Enables the management to remain in control of the company. An agreement is made between the company and its creditors either to delay payment or reducing the payment of debts outstanding. An Insolvency Practioner will be appointed, who will review and recommend what proposals will be put to the creditors via [...]

A company offering advice and services to those in financial hardship has been wound-up by the High Court in Liverpool following an investigation by the Companies Investigation Branch (CIB) of the Insolvency Service. Abacrombie & Co Limited, based in Sheffield and operating throughout England & Wales commenced trading in 2003 purportedly carrying on business as [...]

Eunoia is the shortest English word containing all five main vowels. It comes from the Greek word euvoia, which means well mind. It could also mean “beautiful thinking”.
 
What has this got to do with debts and debt relief? Well I think that we all need some beautiful thinking, or positive movement of mind to try [...]

Professor David Blanchflower a member of the Bank’s Monetary Policy Committee (MPC), has spoken out claiming that the financial meltdown we are experiencing at present may be longer and more far reaching than the 1929 stock market crash. He is advocating a big cut in interest rates and he may well get his wish today. [...]

Today at Prime Ministers question time in the House of Commons, an MP raised the cases of constituents of his who have had small debts purchased by debt purchase companies, who then seek to get judgements in default of settling these accounts. They then seek to secure these judgements on property, which they they seek possession [...]

DEBT RELIEF ORDERS
FREQUENTLY ASKED QUESTIONS
 
The following is correct as at March 2008 but note that processes and legislation are currently under development and the details below may change.
 
When will debt relief orders (DROs) be available?
 
It is anticipated that debt relief orders will come into force in April 2009.
 
Who might DROs be suitable for?
 
People with relatively [...]

It was only last week that the Government were hailed as saviours of the banking sector with their measures of bail outs, and capital injections. As far as I’m aware the banks who indicated that they would like access to funds have yet to sign up. The effect of this can therefore still be seen [...]

It has become apparent to very many people that a credit report is used extensively in almost every area of your life. Every time you apply for a credit card, the credit card company reviews your credit report. When you apply for credit to purchase a vehicle or a mortgage a check will be made [...]

Being a Director of a limited company in today’s economic climate can be a tricky business. Trading conditions now are as hard as they have ever been, and restrictions on availability of credit combined with lengthening delays in payment and putting cash positions under strain. As a result many companies will run into financial difficulty.
Directors [...]

How a Pre-pack Administration can save a business.
If you have a business that is facing great creditor pressure, including court summonses or statutory demands or visits from bailiffs, then it is possible to save a decent business (but not the Limited company shell) by selling that business to a “newco” possibly set up by the [...]