The Insolvency Blog features features regularly updated information, comment and ideas from Mercer & Hole’s insolvency experts. This blog is edited by Chris Laughton, Recovery & Insolvency Partner.
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Credit is hard to find and, with global recession looming, businesses face many new challenges. The solution is to develop sensible, cost effective and tax efficient restructuring plans. Cash flow and business viability are key and should be uppermost in...
The Government has introduced new legislation into the Corporation Tax Acts covering Extra-Statutory Concession C16 (ESC C16) which took effect on 1 March 2012. Previously, with the prior consent of HMRC, distributions to shareholders as part of an informal winding-up prior to a company being...
Responding to the question raised in my last post, New law, insolvency regulation and the rescue culture, a former colleague, Paul Brindley, believes that the rescue culture has lost its way: Chris In my view the rescue culture has lost its way. There are three reasons for...
The UK insolvency regime began preparing for the 21st century with the Cork Report in 1982. That led directly to the Insolvency Act 1986, introducing the rescue mechanisms of administration and voluntary arrangements. Major refinements followed with the Enterprise Act 2002, enhancing the...
After examining the use of pre-packs as an insolvency tool, the government has abandoned the idea of legislating to give notice to creditors in all pre-packs and concluded that: "Pre-pack sales can offer a flexible and speedy means of business rescue and when used appropriately can be the...
The government consultation Reform of the Process to Apply for Bankruptcy and Compulsory Winding Up, which proposes adjudication by Insolvency Service staff rather than a court hearing of most petitions for bankruptcy and companies winding-up, has begun to trigger debate. The High Court's Chief...
The failure of directors to notify the company, in accordance with Paragraph 26, Schedule B1, Insolvency Act 1986, of their intention to appoint administrators does not necessarily render the administrators' appointment invalid. In two carefully considered judgments in cases heard on consecutive...
In a statement on insolvency practitioner regulation today (20.12.11) The Minister for Employment Relations, Consumers and Postal Affairs [and Insolvency] recognised strong stakeholder support for an independent single regulator. Announcing the government's response to the consultation on...
In his quest for economic stimulus in the Autumn Statement, George Osborne failed to drive banks and borrowers to put the assets and resources of moribund businesses to good use. For many months now observers have commented on the zombie companies that clog up our economy. Adam Posen of the...
Restructuring & Insolvency is an integral part of Mercer & Hole’s business. A very busy period when our core skills of constructive use of insolvency procedures, stressed corporate advisory work and solvent restructuring have been in high demand, has prompted us to grow our...