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Thomas Cook Insolvency

The reasons for the collapse of Thomas Cook have become the subject of intense debate, with no shortage of explanations being given for its demise.  The figures owed to creditors are eye-watering, with the Daily Telegraph reporting that Thomas Cook bosses were warned before its demise that claims could exceed £10bn.

This raises a question that is relevant to Directors of Companies of all shapes and sizes. At what point should action be taken by a Company Director, to seek assistance …

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Business Community Voices Its Concerns Over Government Insolvency Reforms

Leading UK business organisations have joined forces to warn that proposed changes to the status of HM Revenue & Customs (HMRC) in insolvency proceedings could have serious repercussions for the UK economy.

In last year’s Budget, the government announced its intention to introduce legislation which would make HMRC a secondary preferential creditor for certain tax debts owed by an insolvent company, including VAT, PAYE and employee NICs. Corporation tax and employer NICs would remain an unsecured debt.

The proposals herald a partial …

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Death of the Iconic High Street Brand?

Iconic baby goods retailer Mothercare has entered into administration, putting 2,500 UK jobs at risk. Administrators from PWC announced that there will be a gradual closure of all 70 Mothercare stores in the UK. Once the first stop for expectant mothers, a series of historic difficulties have seen the chain shrink from nearly 400 stores in 2009 to 79 today.

Retail remains the largest single private sector employer in the UK, with one in 10 people working in retail, and annual …

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Will The Expansion of IR35 Result In Increased Liquidations

There is little doubt that IR35 represents one of the most controversial and criticised pieces of tax legislation introduced by any government in recent times.

As insolvency practitioners, we are asked with increasing regularity whether we are dealing with companies affected by IR35. Whilst the answer may vary between practitioners, many are now wondering whether we can expect to become even more acquainted with IR35 when changes are applied in April 2020.

Many of those reading this article, particularly those working in …

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Phoenix Companies: An Overview

It’s a situation that can cause misery for creditors caught up in the crossfire, and an issue which has not escaped the government’s attention.

Phoenix companies have been the subject of significant press coverage in recent times. Much of this attention is justifiable, and has tended to focus on those companies that have abused the system and ridden roughshod over the interests of creditors.

Indeed, draft legislation was published in June to counter avoidance or evasion of tax liabilities. Ministers have spoken …

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