UK Advice http://www.ukadvice.com Bankruptcy & Insolvency Advice For Business Owners. Mon, 08 Mar 2010 10:43:32 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Bankruptcy Seminar in Birmingham http://www.ukadvice.com/bankruptcy/bankruptcy-seminar-in-birmingham/ http://www.ukadvice.com/bankruptcy/bankruptcy-seminar-in-birmingham/#comments Mon, 08 Mar 2010 10:43:32 +0000 Moe Nawaz http://www.ukadvice.com/?p=913 Bankruptcy Seminar In Birmingham (April 2010)
Is your business in financial trouble? Has the recent recession put a major crimp in your cash flow? Take heart! You do have options.

Two of the speakers are well known authors on bankruptcy and debts Moe Nawaz a business turnaround consultant and Kiran Mistry an insolvency practitioner.

Bankruptcy is always an option. But there are alternatives. Come to a FREE presentation by experienced insolvency practitioners about you choices. Learn how bankruptcy could help, or about other ways to get cooperation from creditors. Also get tools to help decide if you should just close the business down. Find out more click this and contact us..

]]> http://www.ukadvice.com/bankruptcy/bankruptcy-seminar-in-birmingham/feed/ 0 Bankruptcy Fee’s Up To £600 From April 2010 http://www.ukadvice.com/bankruptcy/bankruptcy-fees-up-to-600-from-april-2010/ http://www.ukadvice.com/bankruptcy/bankruptcy-fees-up-to-600-from-april-2010/#comments Mon, 01 Mar 2010 18:29:42 +0000 Moe Nawaz http://www.ukadvice.com/?p=911 It would seem that more Britons will be caught in the trap of not being able to pay off their debts, but not having enough money to go bankrupt, as the Government is set to increase its bankruptcy fees by £90.

As of April 6, the Insolvency Service will raise its bankruptcy petition fees to £450, from £360. An extra court fee of £150 brings the total cost of declaring yourself bankrupt up to a significant £600.
 
Although the extra court fee can be waived if a debtor is on benefits, those struggling with debt repayments will most certainly find it difficult to scrape together even more money for a bankruptcy petition.
 
It is thought that more people will end up in informal debt management plans (DMPs). There are currently no recorded or published figures for these.
 
Some debt campaigners have called the fee hike a cynical ploy by the Government to lower record-breaking high insolvency figures.
 
Kevin Still, debt expert and director of debt solution provider Atlantic Financial Management, has said: “We have found a significant rise in the number of people requesting bankruptcy assistance where they have very limited disposable income and rising credit card debts. The choice between a Debt Management Plan and going bankrupt is a personal one, but requires professional debt advice before making such a major financial decision that may have a long-term impact.”
 
A spokeswoman has defended the decision, saying: “Over the last year, the average unsecured debt in debtor petition bankruptcies has been around £33,000. Even with the new higher petition deposit cost, it is not unreasonable to expect those getting the benefit of writing off this debt to pay a proportion of the cost.” 
 
The Government has also proposed changes to debt relief orders, which could mean that Britons with small pension funds will be able to use this form of debt management in future.
 
The Department for Business is consulting on these changes, in order for people who were previously ineligible for debt relief orders (DROs) to now take them out and wipe out modest debts within a year.
 
DROs were introduced in April 2009 and are an alternative to bankruptcy, debt management plans and individual voluntary arrangements. Designed for people with assets worth less than £300, this used to disqualify people with pension funds.
 
In order to use a DRO, people must have debts of under £15,000 and have less than £50 extra income each month after paying tax, national insurance and other household expenses. In the first nine months of DROs being introduced, almost 12,000 Britons have used them.  
 
Business Minister Ian Lucas told the BBC: “Following representations from independent money advisers, I’m proposing a common sense change to ensure that vulnerable people with a very small pension pot are treated fairly.”  

]]> http://www.ukadvice.com/bankruptcy/bankruptcy-fees-up-to-600-from-april-2010/feed/ 0 How to Make a Million Working From Home http://www.ukadvice.com/business-finance/how-to-make-a-million-working-from-home/ http://www.ukadvice.com/business-finance/how-to-make-a-million-working-from-home/#comments Tue, 23 Feb 2010 09:06:01 +0000 Moe Nawaz http://www.ukadvice.com/?p=903 About five years back, if you mentioned the term "home-based business," it would conjure up images of hobbyists tinkering in their garages on handcrafted products or eBay junkies who worked part-time peddling the contents of their attic. But in just the past decade, the home-based business population has evolved into a vital economic force that now totals more than 15 million, according to a recent study. And more than just their sheer numbers, new research shows that many home-based businesses can be just as substantial and financially successful as businesses operated in big-city skyscrapers. 
 

For the full story click on this

]]> http://www.ukadvice.com/business-finance/how-to-make-a-million-working-from-home/feed/ 0 Businesses You Can Start In Your Pajamas in 2010 http://www.ukadvice.com/business-finance/businesses-you-can-start-in-your-pajamas-in-2010/ http://www.ukadvice.com/business-finance/businesses-you-can-start-in-your-pajamas-in-2010/#comments Tue, 23 Feb 2010 09:02:38 +0000 Moe Nawaz http://www.ukadvice.com/?p=901 Being your own boss has plenty of perks. And working from the comfort of your living room only sweetens the deal. A look at some of the hottest industries for home-based businesses. Click for more details

]]> http://www.ukadvice.com/business-finance/businesses-you-can-start-in-your-pajamas-in-2010/feed/ 0 Birmingham City Business Grant £5,000 http://www.ukadvice.com/business-finance/birmingham-city-business-grant-5000/ http://www.ukadvice.com/business-finance/birmingham-city-business-grant-5000/#comments Thu, 11 Feb 2010 09:39:03 +0000 Moe Nawaz http://www.ukadvice.com/?p=893
Are you seeking to grow your business but are not sure how to go about it?
Do you need some help adapting your business offer to the current conditions in the market?

 
You could be eligible to receive free business support valued over £5,000.
 
Birmingham City Council and the Working Neighbourhoods Fund are offering free one-to-one business mentorship support to 90 small and medium sized businesses based in Birmingham.
 
Starting in March 2010, companies trading for six months or more will have the opportunity to work with Deloitte and the Academy for Chief Executives to build customised development plans and receive dedicated coaching and mentorship for up to 12 months. The programme is designed for entrepreneurs and management teams seeking to navigate their companies through the necessary – and often rewarding – challenges of growth. 
 
If you are seeking to bring your company to the next level or need sustained guidance on particular business issues, you could stand to gain real benefits from participating in the Stimulating Demand High Growth Programme (SDHG). 
 
As part of this free service you are invited to find out more by joining us at an introductory half day event on either 23 March 2010 or 22April 2010 at the Deloitte office, 4 Brindleyplace, Birmingham B1 2HZ.
 
If you would like to attend either of these events or simply wish to find out more, please email birminghamSDHG@deloitte.co.uk or call 0121 695 5580. 
 
 
The SDHG programme is free to all participants thanks to grant support from the Working Neighbourhoods Fund. The programme is delivered by Birmingham City Council and Deloitte with the Academy for Chief Executives. 
 
Please refer this programme to other eligible Birmingham based businesses.

 
]]> http://www.ukadvice.com/business-finance/birmingham-city-business-grant-5000/feed/ 0 Over 134,000 Become Insolvent In The UK http://www.ukadvice.com/insolvency/over-134000-become-insolvent-in-the-uk/ http://www.ukadvice.com/insolvency/over-134000-become-insolvent-in-the-uk/#comments Wed, 10 Feb 2010 10:24:48 +0000 Moe Nawaz http://www.ukadvice.com/?p=891 From the timesonline.co.uk

A jump in the number of middle-class professionals going bust last year as their debt-fuelled lifestyles hit the buffers contributed to a record total for people becoming insolvent, according to official figures.

Findings from the Insolvency Service reveal that more than 134,000 people went bankrupt, entered an individual voluntary arrangement (IVA) or took out a debt relief order (DRO) in England and Wales last year, a 26 per cent increase on 2008.

This is the highest total since official records began in 1960 and marks the scale of the toll taken by the recession on debt-laden consumers.

Separate research from Grant Thornton, the accountant, shows that IVA requests rose fastest among mid- dle-class professionals who had been financing their lifestyles on credit.
 

Experts anticipate that insolvencies will continue to climb this year as interest rates rise and more jobs are axed. But tens of thousands of high earners have already gone under as a result of the credit boom that fuelled the UK’s growth in the decade before the recession. Mike Allen, head of IVAs at Grant Thornton, said: “The [figures] include experienced professionals who would have considered themselves wealthy and able to cope before the financial crash, and many are families with young children where both parents have been earning solid incomes. Changing circumstances and debt can affect anyone.”

The banking crisis prevented many people from gaining access to further credit — their traditional means of covering debt payments. Falling house prices compounded the problem, as they could not borrow more against the equity in their homes, with thousands plunged into negative equity.

Peter Sargent, president of R3, the insolvency trade body, said: “Many people, including professionals, were living to the maximum of their means and beyond, using cheap and easy credit. They can no longer use their house as an ATM machine.”

Mr Allen added that high-earning workers were also hit by the paltry bonuses paid out last year by businesses struggling through the downturn.

“People … still have jobs,” he said, “but they just can’t cover the cost of the debts.”

IVAs are available to people with unsecured debts of more than £15,000, While those who go bankrupt forfeit their home, IVAs usually allow a property to be retained.

The Insolvency Service figures also showed the number of people becoming insolvent in Scotland last year leapt 18 per cent, while Northern Irish insolvencies rose by just 0.1 per cent.

Business liquidations rose 22.8 per cent last year, with 19,077 companies going to the wall. There was a glimmer of hope as the rate of failure slowed in the final quarter, but David Hudson, London head of corporate insolvency at Baker Tilly, the accountant, said: “With the Bank of England calling time on quantitative easing … , administration figures will rise again.”

]]> http://www.ukadvice.com/insolvency/over-134000-become-insolvent-in-the-uk/feed/ 0 WINDING UP PETITION http://www.ukadvice.com/insolvency/winding-up-petition/ http://www.ukadvice.com/insolvency/winding-up-petition/#comments Wed, 18 Nov 2009 13:42:58 +0000 Moe Nawaz http://www.ukadvice.com/?p=869
 
WINDING UP PETITION AND THE CONSEQUENCES
 
If you have been issued with a winding up petition for your company because the company owes money. You can pay the money owed before the court date and get the case droped or fight it if you believe it to be worth defending. On the other hand if you do nothing and the debt is not paid following the presentation of the petition, then the court will make a winding up order (“the order”) against  your company.
 
As it’s a court led procedure, various rules come into play once the petition has been presented. 

The presentation of a petition has serious consequences for the directors and the company, but before we go any further let me give a a case study of what can be achived with professional advice.

 

In Times Of Financial Crises, Taking Early, Independent Advice Is Crucial

 
Case Study
 
Company "A" had 38 retail stores selling household furniture with sales declining daily and unable to pay its bill as they fell. The company was presented with a winding up petition due to unpaid Inland Revenue and VAT debts.
 
 The company had a combination of freehold and leasehold stores in prime retail sites across the country. The company employed a workforce of 260 people on its payroll. A final decision had been made to place the company into Administration before the petition date for this we needed permission of the courts which we obtained on the grounds that there was a better chance of greater dividends going down the administration route than the winding up and compulsory liquidation route for all the creditors and the employees of the company. The courts accepted the plan and gave us 6 weeks to come back and report further progress.
 
Within the 6 week period deep cuts were made to staffing numbers and closure of stores that were not profitable. 11 stores were kept and the rest were sold or leases terminated, the 11 stores were the ones that were making good profits and allowed the company to grow without the losses which it had been getting every trading day before the administration order
 
By the time we had restructured the company the creditors all agreed to accept £0.40p in every pound owed which allowed the company to continue trading more profitably.
 
The above case demonstrates what can be achieved if experts are brought into the picture earlier rather than later on in the winding up process.  Now back to further information about winding up petitions and some of the consequences.

 

The presentation of a petition has serious consequences for the viability of your company and these are detailed below:
 
Protection of assets between petition and order
 
Once the petition has been presented, a date is set for a court hearing at which the petition will be heard and a winding up order made against your company. A considerable time may elapse between the presentation of the petition and the hearing for the making of the order.  
 
You should make use of this time to seek professional advice on the options open to you and your company, you can call the business helpline on 0800 24 0800 for free and confidential advice before it’s to late.
 
In general, your company should be allowed to continue to trade in that period but the creditors need to be protected against possible disposal of its assets. Your actions as a director are therefore under great scrutiny in this period of time and the ability to trade effectively can be impaired due to the impending hearing being at the forefront of your mind.
 
Invalidation of disposal of assets
 
Unless the court orders otherwise, any disposal of your company’s property, alteration in the status of its members or transfer of shares after the commencement of the winding up is void. The purpose of this provision is to preserve the value of the assets of a company for the benefit of persons interested in those assets.
 
Provisional liquidators
 
At any time after the presentation of the winding up petition the court may appoint the Official Receiver or an insolvency practitioner to be the provisional liquidator of the company.  The primary reason for such appointment is usually to safeguard the assets pending the winding up hearing. Since an appointment anticipates the making of a winding-up order this appointment is usually made only with the consent of the company itself or in a clear case of insolvency.
 
Compulsory liquidation takes away control from you as a director of the company and it is important for you to take control of the situation and be in control of your own destiny. 
 
IF YOU NEED FURTHER ADVICE YOU MAY CALL OUR OFFICE ON
0800 24 0800
]]> http://www.ukadvice.com/insolvency/winding-up-petition/feed/ 1 Enforcing Court Judgment http://www.ukadvice.com/debt-management/enforcing-court-judgment/ http://www.ukadvice.com/debt-management/enforcing-court-judgment/#comments Sat, 14 Nov 2009 14:25:11 +0000 Moe Nawaz http://www.ukadvice.com/?p=867 If a court has decided that someone must pay you an amount of money (judgment) and you have not received it, you may want to ask the court to enforce the order.

First of all you should read the guidance called I have a judgment but the defendant hasn’t paid – What can I do? (Leaflet EX321). It explains what is available to help get your money for you (called ‘enforcing your judgment’), and which of the methods of enforcement available is likely to be most successful in different circumstances.

You can try to get your money by asking the court for any of the following:

  • A warrant of execution (Leaflet EX322) – sending a court bailiff to collect the money.
  • An attachment of earnings order (Leaflet EX323) – stopping the money from the defendant’s wages.
  • A third party debt order (Leaflet EX325) – freezing the defendant’s money that is held, for example, in a bank account; or
  • A charging order (Leaflet EX325) – the money is paid on the sale of the defendant’s house.

You can also request that the defendant is called into court for an Order to obtain information (Leaflet EX324). This is not a method of attempting to retreive the money owed, but an interview to discover information about the defendant’s financial situation.

]]> http://www.ukadvice.com/debt-management/enforcing-court-judgment/feed/ 0 Companies Court Winding Up List 11 November 2009 http://www.ukadvice.com/winding-up/companies-court-winding-up-list-11-november-2009/ http://www.ukadvice.com/winding-up/companies-court-winding-up-list-11-november-2009/#comments Sat, 14 Nov 2009 13:36:30 +0000 Moe Nawaz http://www.ukadvice.com/?p=864 10:30 am

12827 /2009 Tiffany’s Hotel     
12898 /2009 Seaford Funding Limited    
14197 /2009 PGF Consultancy Limited    
14388 /2009 Steve’s Car Hire Limited    
14985 /2009 The Patterned Concrete Driveway Co. Limited
15209 /2009 Lock Stock & Barrelage Limited   
15533 /2009 Group MB Limited     
15535 /2009 GK II Limited     
15540 /2009 MB Analytics Ltd     
15571 /2009 Miller Bainbridge Group Limited
15806 /2009 MPS Building Contractors Limited   
15880 /2009 Miller Bainbridge and Partners Limited
15886 /2009 Charterhouse Studios Limited
16077 /2009 Orchid Park Limited
16078 /2009 Shell Park Limited     
16080 /2009 Beach Park Limited
16082 /2009 Dune Park Limited     
16126 /2009 Stats Projects Limited    
16132 /2009 REC Restaurants Limited    
16257 /2009 Broch Environmental Limited
16301 /2009 Cherubs Floral Design Ltd    
16706 /2009 Norfolk Grange (Tunbridge Wells) Management Company Limited
16886 /2009 Cumbria Roofing BM Limited
16905 /2009 Magnolia House Nursing Homes Limited  
16912 /2009 Bridge Garage (Marlborough) Limited
16924 /2009 G B Homes Ltd     
17043 /2009 Barrowcrete Limited
17087 /2009 Nour K Limited     
17194 /2009 Costelloe Estates Limited    
17197 /2009 Action Building Maintenance Limited
17441 /2009 Hopkins & Conroy Limited    
17534 /2009 Carey Street Investments Limited   
17632 /2009 RJ Thompson Electrical Specialists Limited  
17784 /2009 Underbond Trading Ltd.    
17824 /2009 Aquafactors Direct Limited    
17882 /2009 Sars Andronics Limited    
18021 /2009 Alpine Metals Plc     
18033 /2009 M P Utilities Limited 
18167 /2009 T2 Television Limited
18294 /2009 J G Thame LLP     
18296 /2009 ELS International Lawyers LLP
18297 /2009 In re a company     
18299 /2009 Sathya Sai School Leicester Limited
18300 /2009 Roll On Off Services Limited
18304 /2009 Euroking Miracle Limited    
18307 /2009 PGK Leisure Limited
18309 /2009 Aldridge Bros. (Yeadon) Limited   
18317 /2009 Ceered Limited     
18318 /2009 Rex Regal Limited     
18320 /2009 Eanam Denim Care Limited    
18321 /2009 Bevtex Limited     
18323 /2009 786 Travel Ltd     
18328 /2009 Access Recruitment (UK) Limited
18329 /2009 Comtech Networks Ltd    
18330 /2009 The New Victoria Limited    
18331 /2009 Active Tunnelling Limited    
18332 /2009 Titcheners Limited     
18333 /2009 H C and P A Foss Limited    
18334 /2009 Contract Hire and Leasing Limited   
18335 /2009 Cleveland Decorating Limited
18336 /2009 Ainsworth & Martin (Preston) Limited
18337 /2009 Forest Construction (Yorkshire) Limited
18338 /2009 Adevia Health Limited
18341 /2009 DMS Bath Group Limited    
18342 /2009 Sentiva Limited     
18343 /2009 Radcliffe Engineering Services (Construction Equipment) Limi
        
      
Not before 11:00 am
        
18344 /2009 Vista Investment Properties Limited       
18346 /2009 Greenleaf Contract Services Limited
18347 /2009 Instant Decor Solutions UK Limited   
18348 /2009 Pay As You Grow Limited    
18349 /2009 Real Investments Group Limited   
18350 /2009 Umbrella Supermarket Limited
18357 /2009 Golden Valley Catering Limited
18358 /2009 EU Trading Limited
18359 /2009 Chapel Estates Limited    
18363 /2009 Companion Home Ltd    
18365 /2009 BJM Leisure Limited
18371 /2009 GR3 Limited     
18372 /2009 London Crystal Cleaning Co Limited
18378 /2009 Stay Cool Air Conditioning    
18385 /2009 Globe Energy Ltd     
18386 /2009 Cameron Grey Limited    
18390 /2009 HFGL Limited     
18396 /2009 TTM Service Company Limited 
18397 /2009 Growing Hotels Limited    
18398 /2009 Honeygrove (Regency) Limited
18399 /2009 Rashot Ltd     
18400 /2009 R P Service & Supplies Limited
18401 /2009 Simplesolar Limited
18403 /2009 Select Database Limited    
18405 /2009 Bluebird Homes Limited    
18406 /2009 Express Partitions And Ceilings Ltd   
18408 /2009 Bedlington Development Company Limited  
18409 /2009 Bluebird Group Limited    
18410 /2009 Vince Power Music Group Limited   
18411 /2009 S-D-C Construction Limited    
18413 /2009 Meridius Limited     
18416 /2009 D2 Food Systems Limited    
18417 /2009 Companion Credit Limited    
18418 /2009 Ideal Home Care Solutions Ltd
18419 /2009 Decoration South West (Southern) Ltd
18420 /2009 Rapat Freight (UK) Limited    
18421 /2009 CSD Silicon Limited
18422 /2009 M & P Civil Engineers Limited
18423 /2009 The Lingfield Press Limited    
18424 /2009 FF 1961 Limited     
18425 /2009 FDL UK Limited     
18426 /2009 PRS (Sussex) Ltd     
18432 /2009 Waterworks (GB) Limited    
18435 /2009 Elite Demolition Limited    
18436 /2009 J G group Limited     
18440 /2009 Benchmark Trading (NW) Limited   
18442 /2009 SLR Import/Export Limited    
18443 /2009 Arcadia Carpentry Limited    
18444 /2009 Sufftemp Services Limited    
18445 /2009 S L Components and Services Limited 
18447 /2009 R.E.Cooke & Son (Burton) Limited   
18449 /2009 Redweb Security (UK) Limited
18450 /2009 United Employment Limited    
18453 /2009 Square Mile Properties Limited
18454 /2009 Practical (Burton on Trent) Ltd.
18456 /2009 Metathorn Limited     
18457 /2009 Bluesky Construction (Europe) Limited
18461 /2009 Pendle Rise Estates Ltd    
18465 /2009 In re a company     
18466 /2009 Blade Marketing Limited    
18467 /2009 Total Flood Solutions Limited
18482 /2009 Kissca Limited     
18483 /2009 Polrent Limited     
18485 /2009 Classwatch Limited
18486 /2009 M.A.N. Mechanical Services Limited
18491 /2009 I PC (Interiors) Limited    
18492 /2009 Ryan Fleet Services Limited    
18493 /2009 Sweet Cred Limited
18495 /2009 UK Flooring Limited
18497 /2009 Onyx Brides Limited
        
      
      
Not before 11:30 am
        
18498 /2009 CDF Site Installations Limited       
18500 /2009 4 Counties Drainage Contractors Limited  
18501 /2009 4 Finding Ltd     
18502 /2009 In re company   
18511 /2009 Verizon Trading Limited    
18515 /2009 IT SOS Ltd     
18516 /2009 MT Phoenix Limited
18518 /2009 Birakos Enterprises Limited    
18519 /2009 Tees Valley Property Servives Ltd
18522 /2009 Euro UK Hire Limited
18523 /2009 Richard Irving’s Ground Rent Business Limited
18524 /2009 Supachill Technologies Limited
18525 /2009 Oiline Limited     
18526 /2009 Works 4 Limited     
18532 /2009 Krisjal LLC     
18534 /2009 R K Brothers Ltd     
18535 /2009 Get Mobile.CO.UK Ltd    
18536 /2009 J Torres Limited     
18539 /2009 MDB Trading Ltd     
18540 /2009 Fiorano Group Ltd     
18541 /2009 Aspland Limited     
18543 /2009 Liberty Decor Limited
18546 /2009 A.J.W. Equipment Limited    
18549 /2009 Retail Display Limited    
18551 /2009 Honeystreet Country Store Limited   
18552 /2009 RMJM London Ltd     
18556 /2009 East Lane Construction Limited   
18561 /2009 Global Net Integrated Limited
18563 /2009 Pocock Electrical Contractors Limited
18565 /2009 Eco Signs Liimted
18566 /2009 Elite Workforce Limited    
18567 /2009 Halifax Rugby League Football Club Limited
18568 /2009 Atmospheric Products Limited
18569 /2009 New Bridge Properties Limited
18570 /2009 Andrew Procter Groundworks Limited
18572 /2009 Optimum Logistical Services Limited
18574 /2009 Glazemaster Limited
18575 /2009 Finebeam Limited
18576 /2009 Fentonwarfe Limited
18577 /2009 K & J Sewell Limited
18579 /2009 Grantown Limited
18581 /2009 Micromedia UK Limited    
18582 /2009 Hawksmeadow Developments Limited   
18586 /2009 Lenco UK Limited
18593 /2009 Oakham Environmental Waste & Recycling Centre Ltd
18594 /2009 Matrix Properties International Limited   
18601 /2009 Chinese Wushu Academy UK LTD   
18603 /2009 Nile Packaging Limited    
18610 /2009 Harrison Varma Services Limited   
18611 /2009 Online Bookings Limited    
18612 /2009 Abbeyside Properties Limited    
18613 /2009 1 Net Recriutment Limited    
18615 /2009 E F Services Limited     
18616 /2009 Robert Half Design Limited    
18617 /2009 Connect Three (Communications) Ltd   
18618 /2009 Loss Prevention Services Nationwide Limited 
18619 /2009 PPMCR Limited
18620 /2009 Property Transaction Pack Limited
18621 /2009 Woodlark Farming Limited
18623 /2009 Placecrown Limited     
18624 /2009 Interactive Water Limited
18625 /2009 Wise Comms (Yorkshire) Limited
18626 /2009 The Special Bolt Company Limited
18627 /2009 Hinchliffe Limited     
18628 /2009 Famestar Limited     
18629 /2009 Vistastar Limited     
18632 /2009 Sabremark Limited     
18635 /2009 Easylet Offices Ltd     
18636 /2009 E.B Services Limited     
18638 /2009 Allied Personnel Limited    
18640 /2009 ATC (UK) Limited
18641 /2009 The Rodeo Bull Company Limited   
18642 /2009 Cavendish Consulting (GB) Limited   
18644 /2009 MDIL (UK) Ltd     
18645 /2009 M Folan Contracting Limited
18646 /2009 Keygem Limited
18647 /2009 Seventeen Productions Limited
  

Ordinary Application
      
12443 /2009 Herbert Alexander Engineering Limited   
12906 /2009 Markethill Taverns Limited
16590 /2009 SEL Reinforcements Limited    
 

]]> http://www.ukadvice.com/winding-up/companies-court-winding-up-list-11-november-2009/feed/ 0 STATUTORY DEMAND http://www.ukadvice.com/insolvency/statutory-demand/ http://www.ukadvice.com/insolvency/statutory-demand/#comments Fri, 13 Nov 2009 10:55:08 +0000 Moe Nawaz http://www.ukadvice.com/?p=768  

What Is A Statutory demand & How Does It Work
 
Content of statutory demand
 
The demand must be signed and dated by the creditor or a person authorised to sign on the creditor’s behalf. It must state whether the debt is payable immediately or at a future date, the amount of the debt and the consideration for it (if there was no consideration, then it must detail the way in which the debt arose). It must state details of the unsatisfied judgment or, if none, the basis for the creditor’s belief that the debtor appears to have no reasonable prospect of being able to pay.
Any interest claimed must be detailed (ie the amount or rate and the grounds on which payment is claimed) and is limited to the amount accrued at the date of the demand.
 
 
Security / Collateral
 Where the creditor holds security, the full amount of the debt is included in the demand, but the nature of the security and the value of the assets needs to be stated, together with the unsecured element which is claimed for payment. Security referred to must be held over property of the debtor, not security in connection with a third party, for example held over company assets or the statutory demand may be set aside on the debtor’s application.
 
 
Information to be given in the statutory demand
 The statutory demand must provide an explanation to the debtor of the purpose of the demand and the consequences for failing to comply within the three week time limit – that bankruptcy proceedings may follow. It must explain the time and manner in which the demand must be complied with and inform the debtor of his right to apply to the court to have the statutory demand set aside. The statutory demand must include details (name, address and telephone number) of a named individual with whom the debtor can communicate regarding the debt.
 
 
Service of the statutory demand
 The creditor is bound to do all that is reasonable to ensure that the demand is brought to the debtor’s attention, including personally serving the statutory demand on the debtor if practicable.
 
 
Substituted service
 Where it is not possible to effect prompt personal service, service may be effected by other means such as first class post or insertion through a letter box (Practice Direction, 18 December 1986, [1987] 1 All ER 604). For this to be acceptable to the court, the creditor must have taken similar steps to those which would persuade the court to grant an order for substituted service of a petition. The Independent 29 June 1992 it was confirmed by Blackett Ord QC that in some cases it may be appropriate to serve the statutory demand upon the Solicitors of the debtor.
 
By advertisement (amended April 2009)
 Where the statutory demand is based on a judgement or order and the creditor knows or has reasonable cause to believe that the debtor has absconded or is avoiding service, and there is no real prospect of progressing the debt by enforcement action, he/she may advertise the demand in such manner as he/she thinks fit. The time for compliance runs from the date of the advertisement. The above mentioned Practice Direction of 18 December 1986 specifies the form of such advertisement.
 
Proof of service of statutory demand
 Where a bankruptcy petition is to be presented based on a statutory demand, then an affidavit verifying service must be filed with the petition.
Except where there has been acknowledgement of service by the debtor, if the demand was personally served, then the affidavit must be made by the server.
Any acknowledgement of service by the debtor should be filed with the affidavit of service and if this is the case, the appropriate person to make the affidavit is the creditor or a person acting on his behalf.
 
If not personally served or if there has been no acknowledgement of service, then the steps taken to effect service must be detailed in an affidavit by a person with direct knowledge of the means adopted for serving the demand and specifying a date when the person considers the demand will have come to the debtor’s attention.
The court may refuse to file a petition if it is not satisfied that the creditor has discharged his obligations with regard to service.
 
Application to set aside statutory demand (amended April 2009)
 The debtor may, within 18 days of service of the demand on him (or of the date of the publication of the notice), apply to the court for the demand to be set aside.
The debtor must apply to the court in which he would present his own bankruptcy petition unless the petitioner is a Government department, the debt is subject of a judgment and the demand indicated the intention to present a petition in the High Court, in which case application should be made to the High Court.
If the 18 days has elapsed, the debtor may apply for an extension of time to a Judge in the High Court or to a District Judge in the county court in accordance with Practice.
 
Effect of application
As from the time the application is filed the 3 weeks deadline for compliance with the statutory demand ceases to run.
The application must be supported by an affidavit detailing when the statutory demand was served and the grounds on which the debtor believes it should be set aside. A copy of the statutory demand must be filed with the application.
 
Hearing the application
Upon receipt of the application, the court may dismiss it without giving notice to the creditor if it is satisfied that there is no good cause shown for setting aside the demand. The time for compliance will start again immediately. If not dismissed immediately, the court will fix a time for hearing the application and give 7 days notice to the debtor (or his solicitor), the creditor and whoever is named in the statutory demand as the person whom the debtor may contact about the debt. In the High Court, and with the written consent of both parties, Registrars are willing to deal with an application to set aside a statutory demand without attendance by the parties.
 
Grounds for setting aside the statutory demand
As with all such matters, the court has discretion as to whether to set aside the demand. The court can determine the matter summarily or adjourn it, giving such directions as it thinks fit. It may grant the application if:
  1. the debtor appears to have a counter claim, set-off or cross demand which equals or exceeds the amount specified in the statutory demand; or
  2. the debt is disputed on grounds considered by the court to be substantial; or
  3. it appears that the creditor holds some security which has not been disclosed in accordance with the rules or the court is satisfied that the value of the security is greater than or equal to the amount claimed; or
  4. the court is satisfied on other grounds that the demand ought to be set aside.
Disputed debt
The ground on which a bankruptcy petition may be presented is not that the debtor has failed to pay a sum due, but that he has failed to comply with the terms of a statutory demand. In the case where the demand is for a greater amount than that actually owed or where part of the sum demanded is admitted to be disputed on substantial grounds, the debtor could not avert the presentation of a petition by paying the amount believed to be due. In these circumstances, under r6.5(4) (b) the debtor is entitled to have the demand set aside unless the whole of the debt demanded in the statutory demand is undisputed.
 
Dispute over
If the dispute is over the value of security only, the court may require the creditor to revalue its security for the purposes of the demand only.
 
Judgment
If a statutory demand is based upon a judgment, then the court will not dispute the validity of the judgment debt. As a general rule the court will not adjourn the application to await the result of the application to set aside the judgment.
 
Other Grounds
Technical or factual defects in a statutory demand will not necessarily persuade the court to set it aside. The court will only exercise its discretionary power to set aside a statutory demand ‘on other grounds’ if the circumstances are such that it would be unjust for the creditor to present a bankruptcy petition founded on the debtor’s non- compliance with the demand. Accordingly, in the absence of injustice to the debtor, any application to set aside a statutory demand would be dismissed.
 
Dismissing the application
If the court dismisses the application to set aside the statutory demand, it must make an order authorising the creditor to present a petition either forthwith or at a specified date.
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