For business owners considering winding down their companies, the Members Voluntary Liquidation (MVL) process presents an attractive route. A critical advantage within this framework is the availability of Business Asset…
Navigating the financial landscape of a company can be complex, especially during times of financial distress. One area that often raises questions is the treatment of Directors’ Loan Accounts (DLAs)…
Navigating the complexities of liquidation can be daunting for both employees and company directors. When a company enters liquidation, it’s crucial to understand your entitlements and the steps to claim…
A disclaimer in liquidation is a powerful tool available to liquidators dealing with burdensome property or onerous contracts. When a company enters liquidation, the appointed liquidator assumes control over the…
The collapse of the FTX cryptocurrency exchange in 2022 left many customers reeling from substantial losses. However, recent developments have offered a glimmer of hope, as bankruptcy lawyers reveal that…
Boris Becker, the illustrious six-time Grand Slam champion, has emerged from the shadow of bankruptcy with news of his official discharge. After a prolonged legal battle and a journey fraught…
In April 2024, Taylor Wessing, a leading international law firm, published an insightful article shedding light on the UK’s specialized insolvency regime tailored for Payment and Electronic Money Institutions (PEMIs).…
Dion Perry Mailich, a Borehamwood accountant, has been banned from running a company for 12 years and ordered to pay £75,000 in compensation after abusing the Bounce Back Loan scheme. Here are the key details: …
The COVID-19 pandemic brought unprecedented challenges to businesses worldwide. In response, governments swiftly introduced economic support schemes to safeguard jobs and keep businesses afloat. Among these initiatives were loans, grants,…
In a recent turn of events, the collapse of The Body Shop has raised concerns about the financial implications for taxpayers. MPs are urging transparency regarding the cost of this health and beauty specialist’s…
In a year plagued by unprecedented challenges, the global brewing industry faced a harsh reality as brewery closures surged by a staggering 82% in 2023. This sharp increase, as reported…
In the intricate dance of entrepreneurship, small businesses often navigate a labyrinth of challenges to thrive. However, a new hurdle has emerged in the form of inefficient service from Her…
In yet another blow to the high street, fashion giant Ted Baker has succumbed to the harsh realities of the retail landscape, plunging into administration and placing hundreds of jobs…
In the wake of economic turbulence, the recent surge in insolvency numbers, both for individuals and companies, signals a concerning trend that warrants attention. According to recent data released in…
The Insolvency Service has recently made significant strides in its efforts to combat misconduct related to COVID-19 relief loans. In a notable development, the service has secured bankruptcy restrictions against…
The recent news of Katie Price’s ongoing financial troubles has once again highlighted the role and powers of a trustee in bankruptcy. According to a report by the BBC, Price…
🎉 Exciting News! 🎉 We’re thrilled to announce the launch of our brand new live chat function on our website! 🚀 Now, getting in touch with us is easier and…
On Sunday 25th February 2024, Luke Cockerton of DCA Business Recovery ran the 2024 London Winter run with some other members of Team Carli. Team Carli was set up by…
In the ever-evolving landscape of business, solvency stands as a critical metric, reflecting a company’s ability to meet its financial obligations in the short and long term. Amidst economic shifts,…
In the ever-evolving landscape of retail, the UK high street and online spending trends reflect a dynamic relationship between consumer preferences, economic shifts, and technological advancements. Online spending continues to…
As the news hits that we have entered a recession. We thought it would be beneficial to explain what a recession actually is. A recession signifies a prolonged period of…
In the tumultuous world of business, landlords often find themselves caught in the crossfire when their tenants face financial difficulties. When a tenant enters a creditors’ voluntary liquidation, landlords are…
Solvent liquidations, also known as members voluntary liquidations, refer to the process by which a solvent company chooses to wind up its affairs and distribute its assets among its shareholders.…
If your client is considering closing down their company and wants to solvently liquidate in this financial year – you’re running out of time! What is a Solvent Liquidation? A…
Corporate insolvencies in 2024 could surpass last year’s thirty-year high, new forecasts suggest, with around 33,000 firms on the brink. A new forecast from the Centre for Economics and Business…
According to insolvency and restructuring trade body R3 there has been a slight fall in Insolvencies in Yorkshire between November and December 2023. The research, based on an analysis of…
The number of company insolvencies last year was at a 30 year high, due to increases in business costs, high interest rates and consumers having less disposable income. There were…
A specialist HR Law firm Nockolds recently obtained data from The Insolvency Service under the Freedom of Information Act, showing that there is a large increase in the number of…
On 17th May 2022 the Insolvency Service released their monthly Insolvency Statistics for April 2022. Corporate The number of company insolvencies in April 2022 was 1,991, which…
Preferences in Insolvency When a company goes into an insolvency process of administration or liquidation, the directors of the company need to be careful to not pay one particular…
The Balance Sheet Test When a director is considering if their company is insolvent one of the tests of insolvency is the Balance Sheet Test. The balance sheet will usually…
Illegal Dividends to Directors, when Insolvency Occurs In this present time of uncertainty, with most companies having severe cash flow problems, it is worth pointing out that when a company…
Solvent Liquidations and paying less tax We receive quite a few enquiries about how you can close down a limited company that is no longer needed and pay less tax…
Directors’ duties in insolvency – wrongful trading In these uncertain times, Directors of limited companies need to take extra care, especially when the company is forced into closing down and…
Converting a solvent liquidation to an insolvent liquidation With every best laid plan, there sometimes comes a time when the unusual or unexpected happens and the goal post has to…
Bounce Back Loans – Just keep on bouncing! As it is now over 12 months that some companies took out a Bounce Back loan, they are starting to have to…
DCA’S FESTIVE FUNDRAISER! DCA Business Recovery is holding this years Christmas event on 14th December, 4.00 – 7.00 pm, at our office at 18 Clarence Road, Southend on Sea. We…
The news we all knew was coming, but most feared, was confirmed yesterday when for the first time in more than 10 years, the Bank of England raised interest rates.…
DCA hosted a coffee and cake morning in aid of Macmillan Cancer charity today. A grand total of £274 has been raised so far, with donations still coming in! Thank…
**Case Study** – Scrap Metal Company – Creditors Voluntary Liquidation (CVL) DCA were approached by a director of a limited company in relation to HMRC arrears totalling around £82,000…
Is My Company Insolvent? The Cashflow Test Can the company pay its debts as they fall due for payment? For example, if your trade creditors sell to you on say…
DCA is hosting a free short webinar, following the commencement of the new Insolvency Rules 2016 on 6th April 2017: How Do The New Insolvency Rules Affect Accountants? …
What is a Statutory Demand? A Statutory Demand is a formal demand for payment which is sent by a creditor either as a scare tactic or a pre-requisite to wind…
DCA Business Recovery have now moved offices and are now located at 18 Clarence Road, Southend on Sea, Essex, SS1 1AN. The move will allow the business to continue to…
There’s an air of uncertainty as Thursday looms closer and spending any length of time reading about the pros and cons can leave some bewildered and most just wishing…
Running a business can be very rewarding but also hard work and requires a lot of effort and commitment from the directors of the Company to keep the business alive.…
A recent report by R3 has shown that the number of solvent liquidations was nearly triple that in March 2015, rising from 992 to 2,663, with the monthly average for…
From 6 April 2016, the way you petition for your own bankruptcy has changed. You used to be able to download the relevant forms from the internet, complete them,…
Section 1003 of the Companies Act 2006 gives company Directors the authority to apply to strike off their company. Striking a company off and putting a company into liquidation are…
Directors Offences in Liquidation When a company is placed into liquidation, either via a Creditors Voluntary Liquidation or a Compulsory Liquidation, the conduct of the directors will form an integral…
Variation Meetings for IVA’s An Individual Voluntary Arrangement (IVA) is a debt solution available in England, Wales and Northern Ireland and is available for individuals who have a minimum debt…
Tax Changes Affecting Your Suitability for a Solvent Liquidation As at 6 April 2016, changes brought about by the Finance Bill 2016 have been implemented to prevent tax avoidance by…
The Criterion Restaurant in Piccadilly Circus has called in Administrators due to a steep rise in its rental costs. The article states that the rent has been increased by some…
New rules which are to be implemented within the Football League will now ensure that unsecured creditors receive at least 25% of their debt. The Football Creditors’ Rule, which guarantees…
Annual Insolvency Seminar On June 10th 2015 DCA Business Recovery LLP will be holding our annual Insolvency Seminar at Hylands House, Chelmsford. This event is free to attend and will…
Changes to Fee Disclosure by Insolvency Practitioners With effect from 1 October 2015, insolvency practitioners’ will be required to provide additional advance information to creditors prior to having the basis…
Southend Young Professionals Networking Event Thursday 26th March 2015 – 5.30pm @ East Coast Social Southend Following the successful launch of the new Southend Young Professionals Group Networking Event in…
Upcoming Event – June 2015 Free Insolvency Seminar @ Hylands House – To Be Confirmed
Shadow, De Facto and De Jure Directors. Which one are you? The above terms are often used in Insolvency proceedings and something that all directors and senior company personnel want…
April 2015 Following agreement by both Houses on the text of the Bill, the Small Business, Enterprise and Employment Act 2015 received Royal Assent on 26 March. The Bill is…
A survey by Halifax has revealed that only 43 percent of people are currently saving for a mortgage, a figure which has dropped by 6 percent from 2014. The factors…
Extra protection has been provided for current account holders, with temporarily large amounts of money, is part of a new compensation scheme that protects clients if their bank goes bust.…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
Floating Charges – The Power of Invalidation? Most small businesses are struggling with cash flow in this economy and when the bank refuses to increase the overdraft, or offer the…
Firstly, what are Zombie companies? Well a Zombie company is a business which exists but only to that point. It has no way of resolving its financial difficulties and profits…
Trade Body R3 have called for the Government to commit to a series of reforms to the UK Insolvency regime. In particular R3 have asked for reforms to: Legal funding…
Insolvency Roadshow Seminars DCA will be hosting two seminars in Chelmsford and Ipswich, approaching key Insolvency matters and helping to provide a more in depth view on the options available…
Recent statistics released have indicated that young women are more likely to fall into personal insolvency than their male counterparts of the same age It appears that women aged between…
Recent figures show that retail insolvencies have hit an unexpected five year high and the number of shoppers visiting shops on the high streets has fallen for the second month…
An independent reivew into the Money Advice Service (MAS) has been launched by The Economic Secretary to the Treasury, Andrea Leadsom. The MAS is a body which has been set…
Liquidations during the fourth quarter in England and Wales totalled 3,552 which included 692 compulsory liquidations and 2,860 creditors’ voluntary liquidations (CVL’s). In total, liquidations have decreased by 7.4%, in…
We are pleased to announce that DCA has opened a new office in Chatham, Kent! We want to ensure that our clients are always able to see a professional at…
DCA BR have some very exciting news in relation to the company. We are currently working on things in the background, however as soon as we are able to provide…
We are pleased to announce that two new members of staff will be joining us at our Southend Office within the next two weeks. This will allow us to take…
To celebrate the first anniversary of DCA BR we decided to throw our very own Caribean themed party. The event was attended by local professionals and friends and was an…
Today marks the one year anniversary of DCA Business Recovery being formed. Unfortunately due to current work commitments we are unable to celebrate this landmark at this time, however we…
– The Twists and Turns of Insolvency **UPDATED** We are proud to announce that we will be holding our annual seminar at Hylands House on 4th June 2013. Speakers for the…
DON’T DELAY WITH A CVA! We often speak to accountants and creditors that they have received a Company Voluntary Arrangement (CVA) proposal in the post and they have no idea…
This is the second of our two day Breakfast Networking Events. We are aiming to help accountants retain their clients when their clients are in financial distress. See invite Red…
HMRC have once again filed a winding up petition against Southend United Football Club for unpaid taxes. This petition is the fifth time in four years that the club has…
HMRC flexing their muscles! Now that accountants have got over the end of the January deadlines for the filing of self assessment returns, perhaps now is a good time for…
The Office for National Statistics (ONS) have released a report on the statistics of the burden of debt on the average household. The statistics report that 51% of households has…
The Dangers of Dissolution The growing number of companies currently struggling with their financial affairs has seen the prudent question of ‘why pay to liquidate, when I can wait for…
Employees Rights When Insolvency Strikes When a Company closes the doors for the last time, the employees receive notice from the Insolvency Practitioner to advise them that they are being…
“Illegal dividends to Directors, when insolvency occurs“ In this present time of uncertainty, with most companies having severe cash flow problems, it is worth pointing out that when a company…
Requests from Office Holders for Information When a company enters into Liquidation, more than likely the accountant is left with boxes full of information and outstanding fees, with no indication…
“Solvent Companies – End of the line for ESC C16?” As a Licensed Insolvency Practitioner, on a daily basis I have to deal with both corporate and personal clients that…
“Time to Pay” – Is time running out? During this recessionary period many companies and sole traders have accrued liabilities to HM Revenue & Customs, as they have cash flow…
From April 2013, HMRC will be introducing a new way of reporting PAYE meaning employers will be legally required to report PAYE in real time. This means that information about…
HMV is set to enter administration, after a final attempt to refinance the company failed last night. HMV’s principal lenders have appointed administrators and as a result the company has…
The increasing popularity of Pay Day Loans in the media has drawn many views on the subject, leading us to look at the potential risk of such debts. A report…
As I am sure all of you are aware DCA Business Recovery LLP was formed on 1st December 2012 following the de-merger of KSA Business Recovery. There will be no…
Disqualified Directors, Are they named and shamed and hung, drawn and quartered? Disqualified Directors, Are they named and shamed and hung, drawn and quartered? It is very easy to set…