Welcome to our September Newsletter
It is fair to say that conditions for business are ‘challenging’ at the moment with inflation in double figure, hikes in interest rates and increases in fuel and energy prices. ‘Challenging’ is of course a euphemism for ‘bloody difficult’ trading conditions - but there is an upside. With so many firms simply packing it in or going bust - the field is left open to those who can survive with even an opportunity to increase prices. To survive in this climate a cool head is required. Cash of course is king - with a healthy cash flow it is much easier to plan ahead, so prompt invoicing, chasing up any late payers and not accepting excuses like ‘the cheque’s in the post’ are all part of remaining solvent.
Don’t write off debts
If customers begin to pay late then ICSM’s FREE legal letters are available for members to use online to chase up late payers and chase down long overdue invoices which have around an 80% success rate. (See how easy it is with this video: https://youtu.be/AIycysoFhYo.)
We also have a micro debt service which nets those smaller unpaid invoices which you may have given up on. Even if an invoice for, say for instance of £95, has not been paid for months or even years this service has settled many overdue accounts - indeed ICSM has brought in thousands of pounds of lost invoices for our members.
We have an excellent record in debt collection with a diplomatic but effective service led by Paul Carrotte who has successfully brought in tens of thousands of pounds for members last year - if you have a problem debt contact Paul on 0844 854 1850.
Struck off notices help to identify problems early
And a new service we have introduced this year is an early warning if one of your customers receives a Companies House “Notification of intent to strike them off the records.” Don’t forget a business can be struck off even if it is still trading due to not filing accounts and failing to reply to warnings, and will simply not exist officially. It’s seen as an early sign of trouble ahead and you will be the last to know. If this is of interest – email Ian.carrotte@icsmcredit.com or call him on 0844 854 1850 to see if this could be a benefit and save you money when customers go bust.
Stories on collapsed firms and those in trouble
In this issue we have stories about several firms and sectors to keep an eye on. There’s the continuing collapse of bus and coach firms with the likes of HCT Group shedding routes as they struggle with debts, doubts about retailers like Matalan, a logistics company that broke the 1986 Insolvency Act by hiding assets and the more printing firms hitting the buffers.
Runners and Riders
As always we have a list of the Runners and Riders - firms who have gone bust recently - broken into different industry sectors to make it easier to read with an alarming rise in the hospitality sector. It’s a long and growing list with casualties aplenty in media, retail, construction and logistics.
Comedy corner
Things may be bleak but as the Monty Python song goes - Always Look on the Bright Side of Life - so on that note here’s a couple of jokes about life in totalitarian countries where shortages and rationing are common:
Russia claims it has no food shortages despite the sanctions. A joke about Putin is that his plan for the economy has worked spectacularly despite the war. His aim is to make people very, very, very, very rich. A list of all the names it has worked for is available on an A4 sheet of paper.
This joke comes from North Korea and concerns a shopper who walks into the baker’s and says: “You don’t have any meat?” The shop assistant says, “No, here we don’t have any bread. The shop that doesn’t have any meat is across the street.”
And one from Belarus: A farmer is finally rewarded after 50 years of hard labour when a party official visits his humble home and proclaims: “Comrade, for your hard work you are rewarded with a new car.” The farmer nods gratefully. The official says the car will be delivered in 10 years. The farmer says: “Morning or afternoon?” The party official snaps: “Comrade, you are being given a car. And that privilege aside, delivery is 10 years away, what does it matter if it’s morning or afternoon?” The farmer responds: “Well, the plumber is coming in the morning...”
We may have some problems in the UK at the moment - but we are so much better off than those struggling in the former Soviet Union or so-called Communist countries. On that note - keep on keeping on - and keep smiling.
Kind regards
Ian Carrotte
Proprietor of ICSM Credit
PS: Please note as part of our systems maintenance and upgrade to the new API, we will be carrying out a ‘Spring clean’ on old archived saved reports. All old reports saved prior to December 2019 will be deleted as they are obviously out of date. If anyone has a specific requirement to keep their ‘Old Reports’ in an archive, please let us know so that we can discuss.
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com
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NEWS
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ICSM Business News: concerns over the way collapsed logistics firm director denied access to assets to administrators - breaking the 1986 Insolvency Act
By Harry Mottram: It is a practice that has happened on many occasions and each time it is illegal but those responsible seem to get away with it. The practice of hiding assets, transferring of them, selling them – all before administrators move in to wind up an insolvent business or to try and find a buyer.
The latest case involves London based Cargo Worldwide (UK) Limited who have been reported on by Chris Tindall of Motor Transport – the trade publication for the logistics industry. He reported: “Administrators appointed to handle the affairs of haulage and freight forwarding firm Cargo Worldwide (UK) said the trading premises of the east London business had been cleared of all assets and company records upon their arrival. The company entered administration on 7 June after Genesis Asset Finance appointed KBL Advisory for non-payment under a hire purchase agreement.
“In a report to creditors, Richard Cole and Steve Kenny at KBL said company director Junaid Ahmed had failed to provide copies of the full versions of the financial statements or co-operate with their enquiries. The report said KBL could not rescue the firm, which held a licence authorising 10 HGVs and two trailers, as a going concern due to a lack of working capital.”
With a fleet of trucks and trailers and 31 staff the firm is essentially worthless after the assets were spirited away. ICSM’s Ian Carrotte said under the 1986 Insolvency Act it was illegal for anyone in the insolvent firm to hide or remove the defunct firm’s assets. He said: “On appointment, an administrator must take all the company’s property into the administrator’s custody or control.”
He said in this case that hadn’t happened. “Motor Transport’s Chris Tindall said that company director Junaid Ahmed had failed to provide copies of the full versions of the financial statements or co-operate with their enquiries,” he added, “apart from the secured creditors there was nothing left to sell in order to pay unsecured creditors. A very bad state of affairs including those for the administrators.”
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ICSM Business News: construction firm employing more than 1,600 contractors is on the verge of collapse after a rescue deal pulled - with suppliers set to lose millions
By Harry Mottram: Not since Carillion has such a major construction outfit look set to go bust, but that is the likely situation for the Manchester firm Avonside.
Backed by £12 million pounds from NatWest Bank, the plug is likely to be pulled this week and the company liquidated after Sky News reported a buyer could not be found.
With hundreds of staff and hundreds more of contractors the business is heavily in debt with another lender Core Funding also concerned its loans could go west. NatWest is thought to be likely to recover some of its cash but suppliers and the 600 contractors may not have their invoices fully settled.
Sky News’ Mark Kleinman reported: “Avonside employs 450 people on a full-time basis, with a further 1,200 contract labourers on its books. The company’s collapse underlines mounting concerns about the wider UK economy, with data published on Tuesday showing that construction activity contracted in August for the second consecutive month. Begbies Traynor Group, the restructuring firm, had been seeking to complete a takeover of Avonside last week.”
Ian Carrotte of ICSM said it was a desperate situation for the suppliers who could be in hock for millions collectively. He said: “The old story of ‘we’re too big to fail’ has been trotted out to finance directors chasing payment. Because of big financial backers there was an assumption that a high street bank would not let them fail. My understanding is that poor financial control and unprofitable acquisitions could be the problem.”
Avonside Group is one of Britain’s largest integrated service providers, with a 48 strong branch network. It works with supplier/partner to house builders, local authorities, housing associations and specifiers and covers all aspects of construction.
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ICSM Business News: A firm that survived four recessions has gone into administration after the MD left for a rival and ‘took the customers with him’
Something clearly went wrong at printing company Essex-based Interact Marketing Services (trading as Printwize) before it went into administration this summer.
Print Week’s Jo Francis reported that in 2019 ‘the firm’s managing director and sales director left to work for a rival.’ She wrote: “According to the report from administrators Glyn Mummery and Julie Humphrey from FRP Advisory, this resulted in the loss of 60% of Printwize’s customer base, with turnover dropping from £225,000 per month to £80,000 per month.”
Ian Carrotte of ICSM said this practice is quite common but is little noticed as it is rare for such a high proportion of a business to migrate with a sales person.
He said: “Normally there is work in progress which continues at the old firm but it has been known for a manager to take a key account or two when they quit. Sometimes it is to set up on their own or to join a rival. The rival business sees the arrival as a guarantee a new member of staff will pay their way from the off. It’s usually internal disputes that trigger departures.”
Pre-pandemic, directors Roger and Christine Wacey had navigated a serious setback to the business in early 2019 when the firm’s managing director and sales director left to work for a rival.
Jo Francis added that the directors Roger and Christine Wacey wanted to retire but the collapse had seen the firm owe creditors £297,492; employees redundancy and notice pay was £158,823; the directors’ loan was £543,950 and there was a hire purchase shortfall of £47,150 with unsecured creditors unlikely to be paid in full.
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OPINION: concerns mount for medium and small businesses as energy prices rise by 300% and inflation hits double figures
For the last five weeks the UK Government has been effectively ‘out to lunch’ while the nation has been hit by a series of deeply worrying news.
The hike in energy prices seems like a bad dream with horror stories suggesting not only will members of the general public end up switching off their heating but businesses seeing one of their overheads sending them under.
Take for instance the hospitality industry who are seeing a 300% increase in energy costs. A pub or a café can’t switch off the lights or the heating as customers won’t come in. Sky News reported this week: “Greene King, JW Lees, Carlsberg Marston’s, Admiral Taverns, Drake & Morgan and St Austell Brewery want extra help for an industry also facing big increases in wholesale food and drink prices. Nick Mackenzie, chief executive officer of 2,700-strong group Greene King, said one tenant has seen their energy bill jump £33,000 for the year.”
Any spreadsheet for a business has a spreadsheet of their costs with energy one of those fixed costs due to the practice of having contracts. To see a 300% increase in gas and electricity is enough to make a business insolvent.
Sky News reported: “The bosses, who sit on the board of British Beer and Pub Association (BBPA) have demanded the government implement an urgent support package that effectively caps the price of energy for businesses.”
The Government’s spokesperson responded by saying no Government can control global prices alone – the war in Ukraine being one. They reminded businesses the Chancellor Rishi Sunak had authorised a raft of grants, loans and support for businesses and would release more news of help after the election of a new prime minister.
Meanwhile the bad news keeps coming with Goldman Sachs predicting inflation at 22.4% by the New Year and the Trade Unions responding with industrial action to demand wage increases to mitigate the increases. What business needs right now is the guarantee of a price cap that is affordable – but that seems unlikely while as many feel the Government is ‘out to lunch’ until sometime in September.
Ian Carrotte of ICSM said his members were increasingly concerned about the huge hikes in energy costs and backs calls from most industry bodies that the Government needs to step in to stabilise the economy before stagflation sets in.
In the meantime his advice is to freeze investment and expansion plans, cut debt and for owners and managers to ‘take a hair cut’ in order to cut costs. Moving to smaller premises, sharing space with other firms and obviously insulate offices and factory spaces.
Harry Mottram
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More stories: check our website for news on logistics, construction, hospitality, printing and publishing - and much more
PLUS: ICSM Business News: Sky News reports on the future ownership of Matalan and of its lenders - ICSM - Take Control Of Your Finances (icsmcredit.com)
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PLUS: ICSM Business News: cinema woes as Cineworld looks set for Chapter 11 protection in America to stave off £4 billion pound debt mountain despite blockbusters like Top Gun Maverick bringing back audiences - ICSM - Take Control Of Your Finances (icsmcredit.com)
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PLUS: ICSM Business News: social enterprise bus firm HCT posts a £10.3 million pound loss and starts shutting services as the trade speculates on its future - ICSM - Take Control Of Your Finances (icsmcredit.com)
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Who has gone bust lately?
Runners and Riders
Below is a collated list taken from the Government’s London Gazette of various businesses who are experiencing problems in the last few weeks. It is not a completely comprehensive listing but gives most of those who have hit the rocks.
We have broken them into different sections to make it easier to see and we have included the company number in each case.
CONSTRUCTION: BUILDING TRADES, DEVELOPERS, SURVEYORS
ADMINISTRATORS APPOINTED
21ST ARCHITECTURE LTD 07575902
BEXHEAT LTD 09019868
BRAVEN LIMITED 08372655
ELITE CONTRACT LIFTING AND PLANT MOVEMENT LTD 09809091
ELLICON CONSTRUCTION LIMITED 04459714
O`KEEFE CONSTRUCTION (GREENWICH) LIMITED 00980822
ROPE ACCESS MANAGEMENT SOLUTIONS LIMITED 11070800
THE GREAT GEORGE STREET PROJECT LIMITED 09623621
TOPCAT CIVILS LIMITED 07866793
COMPULSORY LIQUIDATOR APPOINTED
ALLIANCE BRICKWORK LIMITED 10282783
GMIX CONCRETE LIMITED 10717037
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
CREATIVE HOMES CONSTRUCTION LIMITED 08307412
EAGLE-VIEW CONSTRUCTION LIMITED 44746
EASTSIDE DESIGN AND BUILD LTD 11812057
GUNTRIP’S CONSTRUCTION COMPANY LTD 12470823
HOLLOWAY CONSTRUCTION (DORSET) LIMITED 07426218
M A SMITH QUALITY BUILDING CONTRACTORS LIMITED 08148261
PREMIUM BUILD LTD 11819429
PRIME STAIRLIFTS LTD 12718646
REL BUILDING SERVICES LIMITED 04287493
SQUAREBAKER CONSTRUCTION & DESIGN LIMITED 08594152
LIQUIDATORS APPOINTED
ABU DESIGN & BUILD LIMITED 44746
ARLINGTON BUILDING SOLUTIONS LIMITED 44746
BLACK BEAR CONSTRUCTION AND CIVILS LIMITED 10970496
BRINKS CONSTRUCTION UK LTD 11962073
CATHEDRAL YARD LIMITED 09764581
CORNWALL WORKS LTD 10916386
DIAMOND SHOPFITTING LIMITED 02943671
HAWKINS CONSTRUCTION (NORTHERN) LIMITED 04085230
HERRINGATE CONSTRUCTION LIMITED 12045487
KEANE CONSTRUCTIONS LTD 10910086
KOBANI CONSTRUCTION (MCR) LTD 11344349
LION BUILD & CONSTRUCT LIMITED 10458056
MCL (KENT) LTD. 01372102
MINTON YOUNG LIMITED 07169855
MTA LONDON CONSTRUCTION LTD 07347628
MULLIGAN CONSTRUCTION LIMITED 44746
PAUL MURPHY CONSTRUCTION LIMITED 05940401
RAD PHASE 1 TYPE A PROPERTY COMPANY NO 2 LIMITED 10337392
SAMUEL RICHARDS CONSTRUCTION LTD 11580997
SILVERSTONE CONSTRUCTION LIMITED 07953465
TOMMY BASEMENTS LTD 10944015
TUDOR REFURBISHMENTS LIMITED 44746
VYPARK LIMITED 07428225
Y&BUILDERS LTD 44746
MEMBERS VOLUNTARY LIQUIDATIONS
D & M UTILITIES LIMITED 44746
CHANDOS HOMES LTD 06047927
FIOR CONSTRUCTION SERVICES LIMITED 09156307
KENDAL HOMES LIMITED 02171953
WEDGEWOOD HOMES (CHESTFIELD) LIMITED 08851681
WOOD FARM (STANMORE) LIMITED 07679849
PETITION DISMISSED
A CUT ABOVE CONSTRUCTION LTD 12144273
CRAND CONSTRUCTION LIMITED 11676929
PETITIONS TO WIND UP
AMADEUS DESIGN AND BUILDING LIMITED 04963528
FUTURE HOMES DEVELOPMENTS LIMITED 10607676
H & H BUILDERS AND CONTRACTORS LTD 09291340
MOUNT GROUP CONSTRUCTION LIMITED 10720538
PARKS CONSTRUCTION LTD 10193246
TECHBUILD CONSTRUCTION NORTH WEST LIMITED 13449874
VERSANT DEVELOPMENTS & HOMES LIMITED 10104420
WINDING UP DISMISSAL
MAR CITY PLC 05181121
WINDING UP ORDERS
CONSTRUCTION REPAIRS (EUROPE) LIMITED 44746
DAVID ROBERTS CONSTRUCTION LTD 11979272
DMC GLOBAL CONSTRUCTION LTD 10433347
GIRAFFE SCAFFOLDING LTD 07714587
HARRISON CONSTRUCTION N.E. LIMITED 13200093
OMEGA BUILDING CONTRACTORS LIMITED 44746
WINDOW DOCTOR (SOUTH) LTD 44746
FOOD AND DRINK: BREWERIES, BUTCHERS, FARMS, FOOD PRODUCERS, FORESTRY, GREEN GROCERS, GROCERS
ADMINISTRATORS APPOINTED
BLUE LINE INTERNATIONAL UK LTD 12128999
BREWING AND DISTILLING COMPANY LIMITED 08744314
FULLWELL MILL LIMITED 02297114
SINGLETON’S DAIRY LIMITED 00393664
THE WEST BERKSHIRE BREWERY PLC 03667842
COMPULSORY LIQUIDATOR APPOINTED
VALE FARMS LIMITED 44746
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ATC LEICESTER LTD 11491239
ALBANFOOD LTD 12065411
ALPACA PARK FARM LTD 44746
DOGAN FOOD LTD 11286395
IBKO FOODS LTD 12493126
LIPTONS FOOD & WINE LIMITED 03048008
QUALITY BAKERS LIMITED 09988990
ROBERTS FAMILY BUTCHERS LIMITED 07629617
SIGNATURE WINES LTD 44746
THE NUMBER ONE FOOD COMPANY LIMITED 44746
VERO FOOD LIMITED 11332919
LIQUIDATORS APPOINTED
BRAZILIAN BUTCHERS SEVEN SISTERS LIMITED 08648272
FOOD DELICIOUS GROUP LTD 12214753
GIFTY TROPICAL FOOD UK LIMITED 07862057
HOPEWALL FARM LTD 11693604
JONES & SONS BUTCHERS LTD 11744952
LA CALENITA BAKERY LTD 08491955
LONDON VERMOUTH COMPANY LLP OC414500
MILL VALLEY BREWERY LIMITED 09937203
MOUNTAIN FOOD AND BEVERAGE LTD 12356566
MOURA MEAT CENTRE LTD 07427790
PACKFORCE LIMITED 11155255
PITSELIS EVENT CATERING LIMITED 09705657
PREMIER FOODS & WINE LIMITED 09561963
ROBERTS FAMILY BUTCHERS LIMITED 07629617
RH PRODUCE LTD 10204835
SUPER PIZZA SWINDON LIMITED 12120329
MEMBERS VOLUNTARY LIQUIDATIONS
DIRECT SEAFOODS SCOTLAND LIMITED 06014697
BIRSTALL FISHERIES LIMITED 09470560
MITCHELL’S FOOD LTD 12083179
PEITITION DISMISSED
KALE FOOD CENTRE LIMITED 11835387
THE HOXTON DISTILLERY LTD 09423408
PETITIONS TO WIND UP
AL BUSTAN FOOD LTD 10345979
FLYIN MILKMAN LIMITED 12561852
GLOBAL WINE EXCHANGE LIMITED 11312862
LONDON VERMOUTH COMPANY 414500
MDS FOOD & WINE LIMITED 12188792
SUPER FOODS EXPRESS LTD 11813217
T.H.E. BEST S.B BUTCHERS LTD 13087341
THE HOXTON DISTILLERY LTD 09423408
WINDING UP ORDERS
AL BUSTAN FOOD LTD 10345979
CHOCO COFFEE LIMITED 12176664
MDS FOOD & WINE LIMITED 12188792
TEA FOODS LIMITED 06034706
T.H.E. BEST S.B BUTCHERS LTD 13087341
VALE FARMS LIMITED 08612368
HOSPITALITY: CAFES, ENTERTAINMENT, HOLIDAYS, HOTELS, LEISURE, PUBS, RECREATION, RESTAURANTS, TRAVEL
ADMINISTRATORS APPOINTMENTS
AVNI KENSINGTON HOTEL LIMITED 08316355
BIR HOTELS PRIVATE (UK) LIMITED 10737765
SAIRAM HOTELS LIMITED 10480890
TRINITY HOTEL LTD 12533417
ADMINISTRATORS MEETINGS PARA 51
SMOKE CLUB LIMITED 06506979
COMPULSORY LIQUIDATORS APPOINTED S 136
NORTHOP HALL COUNTRY HOUSE HOTEL LIMITED 05667278
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BODY MACHINE PERFORMANCE STUDIO LTD 09903737
BRAINCHILD FESTIVAL 09483235
BUFFALO GRILL HOUSE LTD 09945671
FRESH NEW EVENTS LTD 10492606
GAYLORD SPICE LTD 12217249
GOLDEN BRICK PUBS LIMITED 11573621
GRAND INDIAN LIMITED 44746
IJE-HOSPITALITY LTD 12936541
HENRY’S COFFEE & WINE BAR LLP OC359386
PASTA&BREAD LIMITED 12508389
MERIDIAN ENTERTAINMENT NETWORK LTD 10667474
RALEIGH INTERNATIONAL TRUST 03059479
THE GREEN MAN (ESSEX) LTD 10943464
TRIP TRAVEL LTD 11786579
WILLOW TAVERN (FAILSWORTH) LIMITED 08756940
YOUR FITNESS LIMITED 05174795
LIQUIDATORS APPOINTED
ANGLIAN TAVERNS LTD 11887333
ARTIS BAR LTD 10868020
AVAAR LEISURE LTD 10551895
BAR RESTAURANT TIRANA (BIRMINGHAM) LTD 12489994
CB RESTAURANT & BAR LIMITED 11307863
CTK HOSPITALITY LTD 11480576
CLAY PIT PENARTH LTD 10854862
COUNTY EVENTS AND MARKETING LIMITED 10438351
CORK & FORK LIMITED 12302645
CROWN’S COFFEE HOUSE LTD 12317210
FRESH NEW EVENTS LTD 10492606
HEALTH KICK RETREATS LIMITED 11545889
HOTELS N U SERVICES LIMITED 10745994
JOULES WINE & COCKTAIL BAR LIMITED 08010190
LOJO ENTERTAINMENT LIMITED 12904168
LATHOM AND BURSCOUGH ROYAL BRITISH LEGION CLUB LIMITED 14653R
MONK LEISURE LIMITED 11243867
MOOSHIES LONDON LTD 10415917
NORTH EAST FLYING CLUB LTD 11101319
OHG ACCOMMODATION LIMITED 04990678
ON HOLIDAY GROUP LIMITED 05143005
POPPIES CAFE BISTRO LIMITED 13400392
POTTS COFFEE LTD 11585271
PST INNS LTD 09400713
PERFECT 4 PIZZA LTD 44746
PUB AND GRILL (RIVINGTON) LIMITED 09606359
RESTAURANT CORPORATION LIMITED 03861267
THE DECANTER WINE BARS LIMITED 08849503
THE GREEK AND MEDITERRANEAN RESTAURANT LTD 12272750
THE TEDDINGTON HANDS LTD 12322793
THE TRAVEL HIVE MCR LIMITED 44746
TY ASHA BALTI HOUSE LTD 09970095
UNION STATION YOGA LTD 08985367
V OR V LTD 11625784
WELLNESS LIFESTYLE LTD 12303429
WESTVIEW LEISURE GROUP LIMITED 09595563
WHARFE INNS LTD 12418285
MEMBERS VOLUNTARY LIQUIDATIONS
CROFT HOTEL (TENBY) LIMITED 00530962
GREAT NORTHERN (SWB) LIMITED 44746
LITTLE BARWICK HOUSE LIMITED 44746
TIVERTON HOTEL LIMITED 05579799
PETITIONS TO WIND UP
BOURNE HOTELS LIMITED 09306842
DIXIE DEAN HOTEL LIMITED 11480460
EDINA TOURS LIMITED 10240703
ESSEX CHRISTMAS WONDERLAND LIMITED 13586048
JUMPINWESTSUSSEX LTD 12352484
WHYTELEAFE FOOTBALL CLUB
WINDING UP ORDERS
KENSINGTON HOSPITALITY LIMITED 10773303
REDWOOD KIDS CLUB 13286557
WESTGATE CLUB AND INSTITUTE (GRANTHAM) LIMITED IP12154R
LOGISTICS: COURIERS, HAULAGE, ROAD, RAIL, SHIPPING, STORAGE
ADMINISTRATORS APPOINTED
BOUNDARY COURIER SERVICES LTD 10234185
FIVE STAR TAXIS LIMITED 02219116
LOVATT TRANSPORT & WAREHOUSING LIMITED 11837405
MNE TRANSPORT LIMITED 08890228
TOOGOOD INTERNATIONAL TRANSPORT AND AGRICULTURAL SERVICES LIMITED 05683971
SAINTS TRANSPORT LIMITED 00938694
SMV TRANSPORT LTD 09792159
TMA COURIERS LTD 12457011
COMPULSORY LIQUIDATOR APPOINTED
D & S STORAGE LIMITED 01470681
JSK HAULAGE LIMITED 10108218
MDT EUROPEAN LIMITED 08089420
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BATH GROUP LTD 08857312
ELITE COURIERS SW LIMITED 11202436
GABRIEL TRANSPORT SERVICES LTD 10306753
GLT TRANSPORT LIMITED 11787033
HSA TRANSPORT LTD 05391335
LONDON FREIGHT LTD 11514945
S F RAIL AND CONSTRUCTION SERVICES LIMITED 08203161
SSSD LOGISTICS LTD 11569155
YORVIK COURIERS LTD 44746
LIQUIDATORS APPOINTED
AEH COURIERS LTD 09725535
A TO B LOGISTIC SOLUTIONS LIMITED 12437479
EXETER STREET GARAGE LIMITED 04918187
GROUP4 LOGISTICS LIMITED 10755245
HENRYS TRANSPORT LIMITED 06587090
KINGSTON TRANSPORT (SUSSEX) LIMITED 00613037
KJC LOGISTICS LTD 11939618
K S COURIER SERVICE LTD 08217426
LRB HAULAGE LIMITED 08907751
LIS LOGISTICS LIMITED 08498555
MIROSLAW TRANSPORT LTD 12220880
PARCEL CONNECT UK LOGISTICS LIMITED 09940453
PREMIER HIRE UK LIMITED 06943604
PEDAL EXPRESS LTD 03286370
QUINCE EXPRESS LTD 10437665
RAYNER’S RETURN LOADS LTD 12686117
SCANWELL LOGISTICS (UK) LIMITED 06135625
THO LOGISTICS LIMITED 08536535
YORKSHIRE TRANSPORTERS LTD 13287025
MEMBERS VOLUNTARY LIQUIDATIONS
BALTIC CONTAINER SHIPPING (UK) LIMITED 06132793
INTER-LINCS EXPRESS PARCEL DELIVERY SERVICE LTD 05315440
J.R. LOGISTICS LIMITED 03477586
LONGHAM DISTRIBUTION LIMITED 03439178
NYK LNG TRANSPORT UK 5 LIMITED 05250349
NYK LNG TRANSPORT UK 6 LIMITED 05250371
POOLE EXPRESS LIMITED 06675092
R S LAWMAN COACHES LIMITED 04699573
RUSH LOGISTICS LTD 11036720
SHEARWATER MARINE LOGISTICS LIMITED 44746
SWANSEA FLYERS LIMITED 03471664
TTD TRANSPORT LIMITED 06116135
PETITIONS TO WIND UP
BACCUS TRANSPORT LIMITED 13068297
TEASDALE BULK HAULAGE LIMITED 08411733
YORVIK COURIERS LTD 13281345
WINDING UP ORDERS
AB & M TRANSPORT LIMITED 09302257
AVC LOGISTICS LIMITED 07015424
DELIVERY J B LTD 10836187
EAGLE EXPRESS COURIERS LIMITED 09505760
J L B DISTRIBUTION LIMITED 12085794
LANCASTER DISTRIBUTIONS LTD 11412035
WINDING UP DISMISSAL
LINNEY REFRIDGERATED TRANSPORT LTD 09955489
MANUFACTURERS: AGRICULTURE, ENGINEERING, ENERGY AND POWER, FORESTRY, MANUFACTURING, MAKERS, POWER GENERATION AND SUPPLY, RAG TRADE
ADMINISTRATORS APPOINTED
SKIPTON RUBBER MOULDINGS LIMITED 03059439
STORTFORD SHEET METAL LTD 05541934
ADMINISTRATION CREDITORS MEETING
RPS PRECISION ENGINEERING LTD 02253942
COMPULSORY LIQUIDATOR APPOINTED
DRAGON BIOMASS LIMITED 10147844
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
FASHION CLOTHING LTD 07390299
KHS PLASTICS LTD 08361176
PREMIUM BLINDS UK LIMITED 10552883
SDA ENGINEERING LIMITED 06043287
THE CAMPER FACTORY LIMITED 12283673
LIQUIDATORS APPOINTED
ABBOTTS MANUFACTURING LIMITED 07523220
AIR CONTROLS AND COMPRESSORS LTD 01659035
HALCYON DESIGN & MANUFACTURING LTD 05174248
HARCO MANUFACTURING LIMITED 07154746
OPULENT CRAFT LIMITED 11379795
PANACHE FASHIONHOUSE LIMITED 09617030
REAL TEXTILE LIMITED 11935329
PREMIER GROUP MANUFACTURING (COVENTRY) LIMITED 07899781
MEMBERS VOLUNTARY LIQUIDATIONS
ALDRIDGE BROS (SHEET METAL) LTD 01284603
BRITISH COTTON GROWING ASSOCIATION LIMITED (THE) 01040216
GREENWICH INSTRUMENTS LIMITED 44746
TEXAS INSTRUMENTS (U.K.) LIMITED 44746
WINDFARM TECH UK LIMITED 08592276
PETITIONS TO WIND UP
CHAND ENGINEERING LTD 10717827
CMH FABRICATIONS LIMITED 06483367
LIGHT SPORT AVIATION LIMITED 08464440
PETITION DISMISSED
GB STEEL & ENGINEERING LIMITED 12434617
NORTHFIELD FABRICATION LTD 12132404
WINDING UP ORDERS
CHAND ENGINEERING LTD 10717827
STUDIA54 LTD 12335968
MEDIA: ADVERTISING AGENCIES, DESIGN STUDIOS, EXHIBITIONS, EVENTS, INK MAUNUFACTURERS, MARKETING, MEDIA, PAPER SUPPLIERS, PRINTERS, PUBLISHERS, PUBLIC RELATIONS, SIGN INDUSTRY, STATIONERS
ADMINISTRATORS APPOINTED
AWESOME MERCHANDISE LIMITED 07042508
CAMBRIDGE COMMUNICATION SYSTEMS LIMITED 07266974
CONCEPT SIGN AND DISPLAY LIMITED 03522655
DANIEL PAPER & PACKAGING LTD 03469186
YM CHANTRY LIMITED 10177057
ADMINISTRATION CREDITORS MEETING
PREMIER STATIONERY PRODUCTS LIMITED 09865940
COMPULSORY LIQUIDATORS APPOINTED S 136
CALL PRINT GROUP LIMITED 04655803
CALL PRINT SERVICES LTD 02721750
LARKHARK FILMS LIMITED 08400617
THE FILM DEVELOPMENT PARTNERSHIP II LLP OC304608
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ABBEY PRINTERS OF BRADFORD LIMITED 03060023
BEING CREATIVE LIMITED 08236071
CHILE PEPPER MARKETING LIMITED 09924388
ELEMENTAL MEDIA LIMITED 09986530
FAT CAT GRAFIX LIMITED 06789587
HAMBLETON OFFICE PLUS LTD 07862057
LANCASHIRE PRINTING CO. LIMITED 02001639
LANCASTER PACKING LTD 14080799
LIVING MEDIA LIMITED 10362946
MJEXPERIA MARKETING LIMITED 08389563
MKM MEDIA LTD 09343601
NEW FOREST BINDING LIMITED 04337577
OPUS 3 CREATIVE LTD 05477398
OSH MUSIC LTD 11673136
ROAR AMBITION MARKETING LIMITED 07754510
SAMUEL DOCKER PHOTOGRAPHY LIMITED 08454806
SANTA SACKS LIMITED 09893279
SIMPLY PARCELS LIMITED 10902077
SPIRE SIGNS LIMITED 11220584
TRADEPRINT-UK LTD 12325456
VENN MEDIA LIMITED 12865955
ZOHAIB ALI PHOTOGRAPHY LIMITED 09560010
LIQUIDATORS APPOINTED
ABS PRINT FINISHERS LIMITED 03939224
B & T PROMOTIONS LIMITED 09473068
BARRY JEFFERY PHOTOGRAPHY LIMITED 05783529
BEING CREATIVE LIMITED 08236071
BINSWOOD MEDIA LIMITED 11530154
BLACK DOG MEDIA LIMITED 05311511
BUSSPEPPER PROMOTIONS LIMITED 05226545
CASTLE POINT ADVERTISING LIMITED 44746
CATCH A DREAM PRODUCTIONS LIMITED 12073912
CREATIVE STUDIOS DERBY LIMITED 08739480
CURRAN CREATIVES LIMITED 01402657
DIMPLES AND DAISIES PHOTOGRAPHY LTD 10239029
EARTHKIND EVENTS LTD 12698467
ECO MEASURES MARKETING LIMITED 12528333
EXTRA MILE PRINTING LTD 10057599
FUNEM COMMUNICATIONS LIMITED 08715205
FUZON CREATIVE LTD 08058719
GET OUT LDN MUSIC GROUP LTD 10216482
GO STATIONERY LIMITED 08830023
HAMBLETON OFFICE PLUS LTD 12059432
HARLEQUIN MEDIA LIMITED 05198856
JT SIGNS LIMITED 09173383
LABEL PRINT AND PACKAGING SERVICES LIMITED 11193006
LANCASHIRE PRINTING CO. LIMITED 02001639
LANCASTER PACKING LTD 14080799
LASSOO CREATIVE LIMITED 05078401
LEAPFROG PUBLIC RELATIONS LIMITED 04266387
LONGFELLOW OFFICE SUPPLIES LIMITED 03104874
MAIL PUBLICATIONS LIMITED 03587201
MATLAW DESIGN LIMITED 05905245
MOCHA MARKETING LIMITED 44746
NORTHERN ENGRAVING SERVICES LIMITED 08932813
ONEEVENTVENUE LTD 44746
ORO BIANCO INTERIOR DESIGN LIMITED 07829108
PHOENIX PUBLICATIONS LTD 09579507
PICTOFRAME LIMITED 10357578
PRINT CONSULT LIMITED 08449726
PURPLE MOUNTAIN MEDIA LIMITED 09662597
REDWALL BE CREATIVE LIMITED 06811438
REFLOW MEDIA LTD 10913387
REGIONAL PUBLICATIONS LIMITED 04071833
ROAR AMBITION MARKETING LIMITED 07754510
ROMA PRESS (UK) LIMITED 12446727
SAMUEL DOCKER PHOTOGRAPHY LIMITED 08454806
SIMPLY PARCELS LIMITED 10902077
S P GRAFIX LIMITED 06530731
STS EVENTS LTD 11302416
T P GRAPHICS LTD 08272402
THE MARKETING DEPT LIMITED 10518712
THE MOBILE STUDIO VIDEO COMPANY LTD 09135226
TLC MUSIC LTD 08508989
TWENTY 5 DESIGN LIMITED 06313927
STEPHEN BROOKS DESIGN LTD 11076606
V8MEDIA LIMITED 07032824
VENN MEDIA LIMITED 12865955
MEMBERS VOLUNTARY LIQUIDATIONS
ADVERTISING TECHNOLOGY LTD 10418912
AGILE COMMS LIMITED 09730136
CLEAR AND CRISP DESIGN LIMITED 06167999
EDGE EXHIBITION DESIGN LTD 04299041
GOBSMACK CREATIVE LIMITED 11327732
HAZAR PUBLISHING LIMITED 01888537
HARTOM DESIGN LIMITED 06206119
LB EVENTS LTD 44746
OFFICE FURNITURE TEAM GB LIMITED 08284218
PENNEY PACKAGING LIMITED 01599491
PETITIONS TO WIND UP
BENCHMARK PRINT & EMBROIDERY LIMITED 11244745
B & T PROMOTIONS LIMITED 09473068
HINT MEDIA LIMITED 07051359
M & E BY DESIGN SERVICES LIMITED 11560478
SWAN PUBLISHING LTD 08427906
WINDING UP ORDERS
2FOLD PRINT LTD. 10759445
CEO PR LIMITED 44746
HINT MEDIA LIMITED 07051359
PRESTIGE COMMUNICATIONS (SWINDON) LTD 11361902
VIRTUOSO PUBLISHING LTD 04279101
SALES: RETAILERS, SHOPPING CENTRES & MARKETS, HIGH STREET TRADERS, WHOLESALERS
ADMINISTRATORS APPOINTED
ASHTON DISCOUNT WAREHOUSE LIMITED 00907156
HEALTH STORES (WHOLESALE) LTD 09462755
STUDIO RETAIL GROUP PLC 00549034
TOWER PET PRODUCTS UK LIMITED 06828545
TREE OF LIFE UK LIMITED 03539683
ADMINISTRATION CREDITORS MEETING
DRAYS WHOLESALE LIMITED 07919982
COMPULSORY LIQUIDATORS APPOINTED S 136
AKDENIZ SUPERMARKET (WOODGREEN) LIMITED 44746
FORD NEWS LIMITED 04412544
MOHUNS LIMITED 06809390
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AFFORDABLE OAK & PINE FURNITURE LTD 08440495
CLOCKWORK CLOTHING LIMITED 44746
FAIR PRICE MINI MARKET LIMITED 09188456
FASHION CLOTHING LTD 07390299
FORTUNA SALES AND ACQUASITIONS LTD 10561930
HYGIENE PROCUREMENT SOLUTIONS (UK) LIMITED 44746
IAIN MCFADYEN KIDS BUSINESS LIMITED 10300363
JM FASHIONS LIMITED 03369236
JV TRADE LTD 44746
MW NAILS LIMITED 07355109
NICHOLSON’S RAW ANIMAL FOODS LTD 44746
ONLINE DISCOUNT PRODUCTS LTD 11516589
OXFORD CASUALWEAR LIMITED 12964245
RETAIL MAXIM LIMITED 03450304
LIQUIDATORS APPOINTED
AW RETAIL LIMITED 06879213
BATHROOMS OF WINCHESTER LIMITED 07817899
BEIJING TONG REN TANG (LEEDS) COMPANY LIMITED 08736109
BRANDED PLANET LIMITED 07926938
BUSSPEPPER PROMOTIONS LIMITED 05226545
CARDIFF SCOOTER STYLE LIMITED 44746
CHEEKY CHARLIES SWEET EMPORIUM LIMITED 08007375
CREATIVE STUDIOS DERBY LIMITED 08739480
CM CRICKET LTD 12680454
DAHAK INTERNATIONAL LIMITED 06482463
DESIGN HOUSE NORTHWEST LTD 4403733
DISTONS RETAIL LIMITED 44746
EARTHKIND EVENTS LTD 12698467
FURBABIESS LIMITED 12616524
I LOVE RETRO LIMITED 44746
JMF RETAIL LIMITED 44746
KOALA HOME SHOPPING LIMITED 10795556
L&R TRAILERS LIMITED 44746
LOVEDAY & SONS LIMITED 00382448
MARK BRAMALL MERCHANDISE LIMITED 44746
ONLINE RETAIL STORE LIMITED 12329257
ORO BIANCO HOME LIMITED 10842109
OUR PRICE RECORDS LIMITED 04792445
PARTY STOCK LTD 44746
PINTOR LTD 03304201
PRICE MARKETS UK LTD 09597543
RETROTRADINGTECH LIMITED 12324551
SANDFORD TYRES LIMITED 05232115
SIGNATURE HAIR SALON LTD 10471750
THE BEAUTY GARDEN GROUP (UK) LTD 12435029
THE FIRE STATION LIMITED 44746
VELOTRADE LTD 44746
WHITE ROSES WHOLESALE LIMITED 10454505
MEMBERS VOLUNTARY LIQUIDATIONS
FPROP ROMANIAN SUPERMARKETS LIMITED 09794225
GARRYOWEN LIMITED 44746
HOBDEN RETAIL LIMITED 04540925
MHL LIMITED 04099312
PETITIONS TO WIND UP
BLUEBIRD BOATS LIMITED 3510621
D AND L PLANTS LIMITED 13447930
LDN FASHION AND DESIGN LIMITED 12046580
RAM KRISHNA LTD 09030731
REDHAT GAMING LIMITED 11942973
WINDING UP ORDERS
4U FASHIONS LIMITED 10336962
Q SERVICE STATION LTD 07301025
WORLDVIEW MEDIA NETWORK LTD 12053805
VARIOUS: EDUCATION, FINANCE, HEALTH, LEGAL, MEDICAL, TRAINING
ADMINISTRATORS APPOINTED
CALLA LILY PERSONAL CARE LTD 03502936
FUTURE (DRIGG) LTD 10202837
FUTURE (PENNYGILLAM) LIMITED 08954360
HEATHLAND SCHOOL LIMITED 02941355
LEAN EDUCATION AND DEVELOPMENT LIMITED 04095839
NOBLE SUPPLIERS LIMITED 11289597
YOUR GIFT PARTNER LTD 10179452
ADMINISTRATION CREDITORS MEETING
NORTH EAST WARRINGTON CREDIT UNION (NEWCU) LIMITED IP00410C
COMPULSORY LIQUIDATORS APPOINTED S 136
CHELSEA DENTAL LTD 09646978
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ACHERNAR LTD 11164297
AGILE THERAPY LTD 07815791
ANGELS BY CLASSIC (HEALTHCARE AT HOME) LIMITED 08617390
ARMOURCO GROUP LIMITED 10818667
AESTHETICS BEAUTY SALON LIMITED 09113624
AQUATIC SWIMMING ACADEMY LTD 07544684
BLUE TREE CHILDREN`S HOME LIMITED 11263323
BUS STOP VW LIMITED 08494875
HAWTHORNS PRIVATE DAY NURSERY LIMITED 05410533
HBS HEALTHCARE LIMITED 08145505
OPTICA EYE CLINIC LIMITED 05223559
REMEMBRANCE GROUP LTD 06884044
ST JOHN’S COLLEGE, SOUTHSEA 09649061
LIQUIDATORS APPOINTED
BEACON GROUP SERVICES LTD 06870564
BOURNEMOUTH HOUSING ASSOC LTD 09276215
BP DAY NURSERY LIMITED 09141318
DEEPDENE SCHOOLS LIMITED 03887554
EASY STEPS EDUCATION LTD 12318755
EAST FINCHLEY COMBAT ACADEMY LLP OC375390
EPSOM RAIL SERVICES LTD 11706209
FOX MILTON & CO LIMITED 12559525
HANLEY & CO. DRIVER TRAINING LTD. 11003045
HORIZON CARE (GREENACRES) LIMITED 08185742
HORIZON CARE (SPRINGFIELD) LIMITED 10983939
HORIZON CARE (WATERSIDE GRANGE) LIMITED 11119098
HORIZON CARE (WOOD HILL GRANGE) LIMITED 11119079
HORIZON CARE (WOOD HILL HOUSE) LIMITED 11813710
HORIZON CARE (WOOD HILL LODGE) LIMITED 11118591
MOORE VETS LIMITED 09941316
OCKBROOK SCHOOL 05086591
OFFSHORE MEDIC AND RESCUE SERVICES LIMITED 09361044
REMEMBRANCE GROUP LTD 06884044
SPECIALIST EDUCATION SUPPORT NETWORK LTD 10807521
ST MARY’S COLLEGE
THE BATH APPARTMENT LTD 44746
THE CARE GROUP (MALVERN) LIMITED 10267121
THE LIFE LONG LEARNING ACADEMY LIMITED 07485708
UNION STATION YOGA LTD 08985367
WHITELEYS’ ACADEMY OF PERFORMING ARTS LIMITED 06318258
WISDOM LEARNING ACADEMY LIMITED 10869486
MEMBERS VOLUNTARY LIQUIDATIONS
BRADFIELD SCHOOL 08265058
CAMPAIGN ACADEMY LTD 08390873
HELVELLYN LAW LIMITED 44746
HUMPHREYS ENGINEERING SERVICES LIMITED 44746
LODGE EDUCATION LIMITED 07374938
REEVE EDUCATION LIMITED 06674539
RENEWABLE POWER GENERATION LIMITED 02803905
WILD CODE SCHOOL LTD 11835277
PETITIONS TO WIND UP
CHELSEA DENTAL LTD 09646978
HEALTH PARADISE LTD 12096030
IIC EDUCATION LTD 44746
MORGAN HALL LEGAL LIMITED 06540154
PONTYPRIDD CARE HOME LTD 07941729
WINDING UP ORDERS
ALL MY BILLS LTD 44746
SIGNATURE LITIGATION VICTIMS GROUP LIMITED 06853408
RUTHERFORD HEALTH PLC 09420705
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ICSM CREDIT
For information on ICSM visit www.icsmcredit.com or call 0844 854 1850.
ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com
About ICSM Credit
ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.
To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com
For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk
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Types of Insolvency
Administration
Administration applies to limited companies and partnerships and is intended to get the company out of trouble and trading again if possible. Administrators can be appointed to a company that is unable, or is likely to become unable, to pay its debts. They can be appointed by the courts (on application from a creditor, directors or partners), the holder of a qualifying floating charge over the assets of the business, or the company or its directors. An administrator’s primary goal is to rescue the company as a going concern. If this isn’t possible, the administrator will try to get a better result for the creditors than would be possible if the company was wound up. If neither of these is possible, the administrator will sell the company’s property to make at least a partial payment to one or more secured or preferential creditors, such as employees or the bank.
Administrators Meetings Para 51
This statement by the administrator of his proposals must be accompanied by an invitation to an initial creditors’ meeting (Sch B1, para 51(1)).
Bankruptcy
This can only apply to individuals (including sole traders and individual members of a partnership). Bankruptcy petitions may be presented to the court by the individual, by creditors who are owed £750 or more, or by the supervisor of an individual voluntary arrangement. A bankruptcy order is made by the court.
Company Voluntary Arrangement (CVA)
A company comes to an arrangement with its creditors to pay the debts in full or in part over time. A CVA begins with the company (or its adviser) drafting a formal proposal at a Creditors’ Meeting to pay part or all of the debts. If the proposal is accepted by the creditors, the arrangement will become legally binding and the directors will retain control of the company.
Compulsory Liquidation
This is the winding up of a company or a partnership by a court order (a winding up order). A petition is normally presented to the court by a creditor stating that he or she is owed a sum of money by the company and that the company cannot pay.
The Official Receiver becomes liquidator when the order is made but an Insolvency Practitioner will be appointed to take over if the company has significant assets. The liquidator’s role is to realise the company’s assets, pay all the fees and charges arising from the liquidation, and pay the creditors as far as funds allow in a strict order of priority.
Compulsory Liquidators Appointed S 136
When a winding-up order has been made, the Official Receiver is initially appointed as liquidator (section 136, IA 1986). The company’s creditors and contributories may appoint another individual, who must be a registered insolvency practitioner, to act as liquidator (section 139, IA 1986). More than one liquidator can be appointed to act jointly.
Creditors’ Voluntary Liquidation
Here the shareholders pass a resolution to wind the company up without the need for a court order. A Creditors’ Meeting is held to nominate the appointment of a liquidator and consider a statement of affairs. Creditors can appoint a committee to work with the liquidator, whose role is to realise the company’s assets, pay all the fees and charges arising from the liquidation, and pay the creditors as far as funds allow in a strict order of priority.
Creditors’ Voluntary Liquidation Deemed in Consent Meeting
Creditors are now ‘deemed to have consented’ to a decision or resolution if 10% of creditors (by value) have not objected to it. In other words, if objections are not received by the specified decision date, creditors are ‘deemed to have consented’ to the decision or resolution.
Individual Voluntary Arrangement (IVA)
An individual comes to an arrangement with creditors to pay his/her debts in full or in part over time as an alternative to bankruptcy. The arrangement is set up by a licensed Insolvency Practitioner who will put it to a meeting of creditors. If the proposal is accepted at the meeting, the agreement reached with the creditors will be legally binding. An Interim Order is sometimes issued by a court and will immediately protect the debtor from any legal action by creditors.
Petitions to Wind Up
A winding up petition is a legal notice put forward to the court by a creditor. The application, in effect, asks the court to liquidate the company as they believe the company is insolvent. Proceeds of the liquidation can be used to pay back creditors.
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