Spring 2010
Welcome to our Spring newsletter..... Our aim is to bring you interesting and topical articles, which we consider relevant to our industry.
Please contact Nicole direct on nicole@antonybatty.com if you would like us to cover a particular topic.
Director's Loan Accounts
Simon Parker, from our London office, discusses some of the problems faced by directors with loan accounts when a company is facing the possibility of an insolvency... To read more click here...
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Legal Update
This quarter's legal update has been prepared by Sarah Glockler of Abrahams Dresden.
'From 6th April 2010, the Statement of Fitness for Work (fit notes) will be introduced. It is expected to benefit the British economy by an estimated £240 million over the next 10 years...' . To read more click here...
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Insolvency News
For the latest insolvency related online news and recent appointments, go to www.insolvencynews.com.
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ABC News
Date for your Diary - Friday 23rd April 2010
We’ll be having some drinks to celebrate St. George’s Day on Friday 23rd April 2010 at the Mariner’s Court, Leigh on Sea, Essex, from 1pm.
Please RSVP to nicole@antonybatty.com or call 01277 230347.
It's not all doom and gloom - let's hear your feel-good business stories
We are really interested in hearing your feel-good stories about new businesses or enterprises which have established or restructured in the past 18 months. We will bring you a sample of these stories in our June newsletter.
Statistic Release: Insolvencies in the fourth quarter 2009
Figures were recently released showing details of company and individual insolvencies for the fourth quarter of 2009.
Corporate insolvencies during the quarter were slightly down compared to the previous quarter and also to the same period a year ago. During the period September 2009 to December 2009, 6,031 companies entered into some form of insolvency procedure, i.e. administration, liquidation or CVA.
However, not unsurprisingly, individual insolvencies had increased by almost 25% compared with the previous year. There were 35,574 individual insolvencies, made up of 17,007 Bankruptcies, 13,219 Individual Voluntary arrangements and 5,348 Debt Relief Orders
We certainly believe it is going to be an interesting year for the Firm and the recovery / insolvency sector, in general...
Despite the news that Debt Relief Orders are going to receive some ‘common sense’ changes and that the Chancellor announced the Time to Pay scheme would be around for a further five years together with some slightly more encouraging news regarding the economy; we believe that there will continue to be tough times ahead for many small and medium sized businesses.
More than ever, advisors to SME’s have an important role in helping and giving guidance to business owners and managers to help them through the next 12 months.
More Legislative Change!
From 6 April 2010 the Insolvency (amendment) rules 2010 come into effect.
Many of the amendments we hope will affect, in a positive way, how we complete some of our tasks. The changes can go a long way in helping to improve efficiency and therefore by spending less time on paperwork and administration we can focus more on asset realisation and the recovery of funds for creditors.
We appreciate you may not be interested in hearing details of all the amendments (*) however we have noted a few items which could be of interest:-
Removal of requirement for annual meetings
The requirement for annual meetings in CVLs and MVLs is abolished, and replaced with a requirement to send a progress report where the liquidation continues for more than one year
Use of websites
Office holders in both corporate and personal insolvency proceedings can now use a website as a means of sending documents and information to others in the course of insolvency proceedings.
Electronic delivery of documents
Unless otherwise specified by the Act, notices or documents can be sent by electronic delivery, provided the intended recipient consents.
*NB
A copy of the Order is available on the OPSI website at: Http://www.opsi.gov.uk/si/si2010/pdf/uksi_20100686_en.pdf
And the Amendment Rules at:
www.opsi.gov.uk, Office of Public Sector Information
City Professionals Networking event – Friday 9th April 2010
You are invited to our monthly networking event at the Puncheon, Cowcross Street London EC1M from 1pm.
www.davy.co.uk/puncheon
We hope to see you there and please bring plenty of business cards.
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