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The following are recent changes which are to be made to the Insolvency regime: The Bankruptcy Petition limit for a creditor to present a petition is due to be increased from the current level of £750 to £5,000 in October 2015. This move is to avoid smaller creditors threatening the use of winding up procedures…
Under current Insolvency Law an Insolvency Practitioner (IP) has certain record keeping obligations which require them to maintain “at least the information specified in Schedule 3 to these Regulations as is applicable to the case”. This is commonly known as the IP record and is kept on every case file. The Regulations then expand on…
Recent GDP figures released have shown that the UK economy grew at its fastest rate in 2014 for the past 9 years. These figures were released by the Office of National Statistics (ONS) and showed a 2.8% growth over the year. The rate of growth was expected to be 2.6% for 2014. These figures meant that…
New Pension Changes to Increase the Number of IVA’s? Following on from the announcement of the new Pension Freedom we find ourselves less than two weeks away from the commencement of the changes outlined in last year’s budget. From 6th April 2015 anyone over the age of 55 will be able to withdraw their entire…
The company behind B & Q and Screwfix, Kingfisher, have announced that they plan to close around 60 B & Q stores over the next two years. However it does have plans to open 60 new stores under the brand Screwfix. A statement released by Kingfisher said ”Kingfisher has said for some time that B&Q UK…
On Sunday 29th March 2015 the clocks will go forward one hour, marking the start of British Summer Time and making the mornings darker and the evening longer. For years lobbyists have been trying to get British Summer Time adopted on a permanent basis and align the UK clocks with clocks on the continent. Of…
Businesses have until 1st April 2015 to submit their rating appeal and will miss our on 5 years worth of rebates if they fail to do so. The rateable value of a non-domestic property is assessed usually every 5 years and any appeal received in that 5 year period is backdated to the last assessment…
So the long awaited budget announcement has been made, you have been to various events and seminars regarding the changes coming into force but all you want is a breakdown of what is happening and when it comes into force. Therefore DCA have prepared a timeline of events for the budget changes. 23rd March 2015…
R3 have launched a new website aimed at creditors of Insolvency processes to guide them through the procedure. The website currently caters for case in England and Wales and provides a step by step guide to assist unsecured creditors through the Insolvency process. This is aimed at small businesses who may be unfamiliar with the…
The following changes to the limits to payments made under employment rights legislation will come into effect on 6th April 2015: Rights protected under the Employment Rights Act 1996: The limit on the weekly amount payable under the insolvency provisions of the Act is increased to £475. The limit on the statutory guarantee payment payable…