At DCA Business Recovery, we are always committed to supporting meaningful causes, and this past Sunday was no exception. We are incredibly proud to share that Luke Cockerton, one of our Directors, took part in the Southend 10k run, proudly wearing the Team Carli charity shirt. He was among 25 inspiring individuals who laced up…
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 Disposal Relief (formerly Entrepreneurs’ Relief). Understanding how this relief works and how it can benefit you during an MVL can significantly enhance your financial outcomes.…
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) in liquidation. Understanding how DLAs are managed in these circumstances is crucial for company directors. What is a Directors’ Loan Account? A Directors’ Loan…
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 them. This article will provide a comprehensive overview, referencing key resources from the UK government. Employee Claim Entitlements When a company goes into liquidation,…
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 company’s assets and liabilities. In certain circumstances, some assets or contracts may impose ongoing obligations that are financially detrimental to the liquidation process. To mitigate…
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 FTX customers are poised to recover their lost funds. This news comes as a relief to those affected by the exchange’s downfall, signalling a potential…
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 with financial turmoil, Becker’s successful appeal to an insolvency court marks a significant turning point in his tumultuous saga. In 2017, Becker’s financial woes…
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). This regulatory framework, known as the “RIU,” represents a significant development in the financial sector, aiming to address the unique challenges posed by the insolvency…
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: Background: Dion Perry Mailich was a director of Renovare Financial Service Ltd, a company that supported ex-offenders in their reintegration after prison. The company went into…
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, and relief programs designed to provide financial lifelines during the crisis. However, alongside genuine recipients, opportunistic fraudsters exploited these schemes, leading to significant consequences for…