Interest Rate Increase

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. This means that the official bank rate has been lifted from 0.25% to 0.5%, which is the first increase since July 2007. Adding to the…

New Office!

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 grow and for us to provide a more complete service with multiple board rooms and other office space to utilise when meetings are being held.…

London’s Criterion Restaurant Enters Administration

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 60% from £525,000 to £850,000 a year, a fee which the 141 year old business is unable to afford and subsequently rent arrears of £517,000…

Football League Toughens Insolvency Rules

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 100% repayment of debts to clubs and players for transfers and wages, will be retained, however these new rules will attempt to increase the return…

Bank Account Protection For Up To £1m

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 scheme will look to protect hundreds of thousands of people and could include those saving for a property, large redundancy payments, insurance payouts or…

Insolvency Policy Updates

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…