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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…
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 now an Act of Parliament (law). Assignment Of Causes Of Action Vested In The Office-Holder Section 246ZD IA 1986 provides for the ability of office-holders…
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 that have deterred first time buyers are that house prices have jumped, there is stricter lending criteria, while wage growth remains slow, leading to many…
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…
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…
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…