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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 of what is happening and when it comes into force. Therefore DCA have prepared a timeline of events for the budget changes. 23rd March 2015…
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 a step by step guide to assist unsecured creditors through the Insolvency process. This is aimed at small businesses who may be unfamiliar with the…
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 limit on the weekly amount payable under the insolvency provisions of the Act is increased to £475. The limit on the statutory guarantee payment payable…
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 are only used to pay interest payments and not to reduce the debt. Typically it is a company with no chance of long term recovery.…
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 for Insolvency cases Returning money from rogue directors to creditors The treatment of small business creditors in football insolvencies The governments approach to being a…
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 18 and 24 were almost twice as likely as men in the same age group in 2013 to find themselves suffering financial distress, according to…
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 in a row. During 2013 almost 1,300 retailers were declared insolvent, which is an increase of 12% from 2012. This increase has been blamed on…
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 up by the government to provide financial advice and education to consumers. The government has committed to review MAS by the end of this parliament…
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 comparison to the previous quarter. In addition, when compared to the fourth quarter of 2012, liquidations declined by 7.1%. When comparing the compulsory liquidations to…
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 a convenient time and place and to facilitate this we have expanded to a new location. The new office is located in the Innovation Centre…