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The UK catering and hospitality industry continues to face significant financial pressures, with 3,464 businesses in the sector entering insolvency in 2024. This includes hotels, restaurants, and pubs that were unable to withstand mounting economic challenges. Although this figure represents a 7% decrease from 2023’s total of 3,737 insolvencies, it remains alarmingly high, reflecting ongoing…
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…
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…
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 downfall. Here’s a concise summary of the situation: Taxpayer Responsibility: Hundreds of employees face redundancy following The Body Shop’s administration. Taxpayers are bearing the brunt of redundancy costs.…
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 at risk. The once-thriving brand, known for its quintessentially British style and quality, has fallen victim to the evolving consumer habits exacerbated by the pandemic…
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 creditor ahead of another creditor, as this could result in them giving a preference and falling foul of the Insolvency Act 1986. It can…
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…
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.…
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 the day would come already. There are many hot topics on the lips of various spokespersons and these include national security, the economy, trade rules,…