Posted by Stewart Wilkinson, Partner
1 in 3 SMEs reluctant to chase bad debt, survey finds
New research has revealed that one in three businesses is reluctant to chase bad debt.
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Hague Choice of Court Convention Approved by EU
Posted by Stewart Wilkinson, Partner
On 10th October 2014 the EU Justice Ministers approved the ratification of the 2005 Choice of Court Agreements Convention (“the Convention”), part of the Hague Convention on Private International law. This means that the Convention will be given effect throughout EU Member States and the other states that have ratified it.
Corporate insolvency – litigation
Posted by Stewart Wilkinson, Partner
Those in the insolvency profession are calling on the government to put in place a permanent exemption for insolvency litigation in the Legal Aid, Sentencing and Punishment of Offenders (LASPO) Act 2012.
New lifeline for struggling businesses on the way
Posted by Stewart Wilkinson, Partner
The proposals would stop essential suppliers from activating termination clauses in supply contracts in the event of a customer’s insolvency. As well as being required to continue providing their services during the business recovery process, suppliers would not be able …
Insolvency rules to be reviewed
Posted by Stewart Wilkinson, Partner
Plans to increase the minimum level of debt which can trigger bankruptcy proceedings are being considered by the Government.
Pre-pack transparency to be improved
Posted by Stewart Wilkinson, Partner
New recommendations designed to give businesses a better deal from failing companies have been announced.
In cases of negligence, the law must protect ‘everyday heroes’
Posted by Stewart Wilkinson, Partner
Good Samaritans and community heroes are set to have the law on their side in future, according to Justice Secretary Chris Grayling. In a move designed to bring some common sense back to Britain’s health and safety culture action is being taken to support the millions of people who volunteer and carry out good deeds every year. An important part of this is to make sure they are not put off from participating by worries about risk and liability if something goes wrong.
Businesses step up protection against bad debt risks
Posted by Stewart Wilkinson, Partner
Demand is growing for trade credit insurance among businesses keen to protect themselves against financial difficulties in trading partners. Companies specialising in insurance broking and risk management, are seeing growing demand for trade credit insurance, which gives protection against non-payment or extended default, as a result of fears that expected interest rate rises could result in more corporate insolvencies.
Tougher penalties against reckless directors planned
Posted by Stewart Wilkinson, Partner
While the UK already has one of the strongest disqualification regimes in the world – with disqualification periods ranging from 2 years up to 15 years for the worst offenders – new measures introduced would mean the rogue minority face stronger deterrents to break the law and more robust sanctions if they do.
Late payments can lead to insolvency for businesses
Posted by Stewart Wilkinson, Partner
Late payments remain a concern for many small businesses, according to the latest research from national small business group the Forum of Private Business. In the organisation’s latest banking and finance survey, published on 22 April, 23% of members reported an increase in late payments over the past year compared with only 3% who reported a decrease.
Trustees in Bankruptcy can apply for an Income Payments Order even when an Income Payments Agreement existed previously
Posted by Stewart Wilkinson, Partner
Royds advised the Trustees in Bankruptcy in respect of a successful appeal of the decision of a District Judge in the Slough County Court.
Common insolvency principles proposed across EU
Posted by Stewart Wilkinson, Partner
In March the European Commission (EC) set out a series of “common principles” for national insolvency procedures for businesses in financial difficulty, with the objective of shifting the focus away from liquidation towards encouraging viable business restructure at an early stage in order to prevent insolvency.