Please visit https://www.companyrescue.co.uk/ for confidential help and insolvency advice or email keiths@ksagroup.co.uk

Wednesday, 24 March 2010

HMRC Time to Pay Scheme (or BPSS) To Continue Indefinitely?

Darling announces in his final budget that the Time to Pay Scheme will continue at least to the end of the next Parliament

http://business.timesonline.co.uk/tol/business/economics/budget/article7073698.ece

For turnaround and insolvency practitioners this may sound like a very bad idea as the "easy deal" approach, to stretching HMRC payments, has probably led to a FALL in corporate insolvencies in the insolvency statistics over the last 6 months.

For the Government, its an easy and politically expedient way of seeing fewer company failures and hopefully less "new" unemployment as a result.

Quite how this sits with the new HMRC scheme to penalise late payment of PAYE and NIC which starts next month, is not yet explained.

If you want to arrange a second or third TTP scheme with HMRC please remember that HMRC may REJECT this application without good supporting information and plans. Visit here for a good a good Professional programme that can help you plan this

As for the insolvency profession, what next?

Monday, 22 March 2010

My company cashflow is very poor: So how do I know if my company is insolvent?

If my company has a cashflow problem is it insolvent?

This is by far the most common question that we hear every day. Most people don't understand the issues and are surprised when they read and learn all the insolvency tests.

Most people assume that a negative or insolvent balance sheet automatically means the company IS INSOLVENT. Many assume that a positive or solvent balance sheet means the company IS SOLVENT. Both assumptions may be wrong.

Cashflow is a fundamental test independent of the balance sheet issues.

For a simple to follow guide see this page.

http://www.companyrescue.co.uk/company-rescue/guides/insolvency-test

Wednesday, 10 March 2010

Chester City Wound Up in High Court: What is a winding up order?

Chester City were wound up in the High Court for just £26,125 in unpaid taxes.

Want to know more? What is a winding up petition and what happens after the order?

Of course, this fate could still befall Portsmouth City and Cardiff City.

Google search on your TV?

An interesting article in the Daily Telegraph today.....

http://www.telegraph.co.uk/technology/google/7407983/Google-sets-its-sights-on-television-dominance.html


Google, the internet giant, is believed to be testing a new technology which will allow consumers to search programme listings on their own television sets.

The new product also lets users find and watch YouTube video clips on their televisions. Google is understood to want use the system to target adverts specifically to television viewers. This would allow it to generate revenue which would ultimately be shared with the television provider.

This opens up another avenue for Google for example, perhaps, to people who don't have web access on a PC. Having started to copy all the world's books, how long before you can use Google on your TV to search for a book, movie or magazine article as well as a Youtube video or a TV programme?

Fascinating to see where this leads and what Apple and Microsoft are up to on this front?

Tuesday, 9 March 2010

Friday, 5 March 2010

Getting British Business Online - Free Website For Your Business

This is a good initiative for businesses that don't yet have a web site.

Staggeringly, Google estimates that 1.5m UK busineses don't have a web site!

You get a free .co.uk website domain, guides and help in getting started. They will also help with optimisation and getting the site noticed.

If your business does not have a website, get clicking on the link below.

http://www.gbbo.co.uk/

Tuesday, 2 March 2010

New Insolvency Jobs at KSA Group, Apply now:

Join us we are recruiting!



KSA Group Ltd t/a CompanyRescue is recruiting for

Insolvency Manager (see below)

Insolvency Administrator (see below)

Office Junior (see below)

Insolvency Manager (based in Gateshead)

KSA Group is looking for an experienced insolvency manager to join our fast growing insolvency team.

You will support our insolvency practitioners Eric Walls and Wayne Harrison in the field and will be based in our insolvency offices in Gateshead with regular supporting trips to our London insolvency office. With a fast growing insolvency team, supported by a well established turnaround department of 12, you will primarily oversee our liquidation, voluntary arrangement and administration work.



Based in our Gateshead office. Salary £30-55,000 dependent upon experience, car /allowance and training support. Bonuses for good performance and delivery.



Call Eric Walls KSA National Director of Turnaround & Insolvency on 0191 4823343 for an informal chat or send your CV to Eric by email at ericw@ksagroup.co.uk explain why you would be a good fit with our approach.

Insolvency Administrator (based in Gateshead)

KSA Group is looking for an experienced insolvency administrator to join our fast growing insolvency team.

You will work with our existing team and support our insolvency practitioners Eric Walls and Wayne Harrison. The role is based in our insolvency offices in Gateshead.

Based in our Gateshead office. Salary £17-25,000 dependent upon experience.

Call Eric Walls KSA National Director of Turnaround & Insolvency on 0191 4823343 for an informal chat or send your CV to Eric by email at ericw@ksagroup.co.uk explain why you would be a good fit with our approach.

Insolvency Office Junior

KSA Group is looking for an office Junior to join our fast growing insolvency team.

You will work with our existing team and support our insolvency administrators, answer incoming calls and drive filing, administration and general office support work.

Based in our Gateshead office. Salary £13-14,000 dependent upon experience.



Call Eric Walls KSA National Director of Turnaround & Insolvency on 0191 4823343 and or send your CV to Eric by email at ericw@ksagroup.co.uk explain why you would be a good fit with our team approach.

NO AGENCIES PLEASE






Portsmouth a target for HMRC?

Having been appointed by the High Court last Friday Andrew Andronikou of Hacker Young, has to go back today and prove that the qualifying floating charge held by Balram Chainrai or his associates was valid and therefore he was able to take the appointment.

We believe that HMRC Enforecment will challenge the legality of Chainrai’s claim to control the club, which was secured under the terms of a mortgage agreed by the previous owner Ali al-Faraj.

According to our search of Companies House, we note that the company had a winding up petition issued by HMRC and 16 County Court Judgments from trade creditors totalling c£100,000. Clearly, the company was insolvent pre the Administration. So the ability to appoint was not in doubt on that score.

Checking we see that a debenture with a fixed and floating charge was registered by Portpin Ltd on 7th January 2010. That company is not (that I can see) a UK registered entity so we cannot check whether Chainrai is a director or shareholder of that company. This is probably why HMRC are going to Court today to get copies of the debenture and make sure it is valid.

Note: behind that Portpin debenture is another legal charge on deposits held at Coutts Bank.

HMRC’s move is to check the validity of charges that has ensured that he is at the head of the queue of creditors owed a total of £80 million. As a floating charge holder Portpin is more likely to receive a dividend from the administrator (once the assets are sold off or a CVA is proposed) than tax and trade creditors who may receive nothing at all.

HMRC are now known to have football clubs in their sights and will seek to have the original administration overturned. It is possible, if the charge is NOT valid, that the winding up order will be made. But the word from the Administrator is, its just process.

ONE thing for sure, once appointed the administrator will have to check whether the directors have been involved in wrongful trading. With 16 CCJ's and a winding up petition, coupled with regular stories in the press about failure to pay salaries on time, it is clear that the company failed the insolvency cashflow test for a considerable time!
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