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May 15

Conference football club avoids administration

By Business news No Comments

Newly promoted Conference side Salisbury City Football Club has settled its debts with HM Revenue & Customs (HMRC) and a winding up order filed on 8 May is to be dismissed.

The Wiltshire club – which was promoted to the fifth tier of English football at the end of this season – was contacted on 2 May byHMRC for a total debt of £27,529, consisting of two months of PAYEand VAT from one quarter.

In a statement made on 10 May, the club stated that it had paid the VAT and one month’s PAYE totalling £27,539.

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May 14

“Balance sheet insolvency test” questioned by Supreme Court

By Insolvency No Comments

The UK Supreme Court has delivered a significant ruling on the issue of balance sheet insolvency tests within insolvency court cases.

The ruling upheld a decision by the Court of Appeal (March 2011) in BNY Corporate Trustee Services v Eurosail UK that the existence of a deficit between assets and liabilities was not in itself sufficient reason to declare a firm insolvent.

Oliver Glynn-Jones, finance dispute resolution partner at BLP LLP, representing Eurosail in the case, warns of the implications that the ruling may have on future insolvency cases.

He explains: “The Supreme Court’s judgment that a court must approach the question of balance sheet insolvency with caution and that the onus is on a petitioning party to demonstrate on the balance of probabilities that there will be insufficient assets to meet liabilities is likely to deter some parties from petitioning on this basis.”
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May 14

Travel boss banned for 15 years

By Insolvency No Comments

The director of a holiday company has received a 15-year director disqualification – the maximum length of disqualification – following an investigation by the Insolvency Service.

Abdulkadir Aydin, director of Goldtrail Travel Limited, was banned for gross mismanagement of company affairs.

David Brooks, a chief examiner for the Insolvency Service, said: “It is unacceptable that company directors should seek to put their own financial interests above their duty to the company and its customers who have handed over their hard-earned money to pay for their holidays.”

Goldtrail went into administration in July 2010, with debts of approximately £2,324,000. Over 23,000 holidaymakers were stranded abroad and 110,000 prospective holidays were also cancelled as a result.

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May 14

CPS charges HMRC worker over bungs

By Uncategorized No Comments

A press officer for HM Revenue & Customs (HMRC) has been charged by the Crown Prosecution Service (CPS) for conspiracy to commit misconduct in public office.

HMRC press officer Jonathan Hall is alleged to have received more than £17,400 from The Sun newspaper through his partner Marta Bukarewicz – for sensitive information obtained through his employment with HMRC.

It is thought that the payments were made between 30 March 2008 and 15 July 2011.

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May 10

Many Internet Service Providers are in financial difficulty

By Business news No Comments

New results show a substantial increase in the number of UK based Internet Service Providers that are in financial difficulty. The latest accounts have been added for each of the 182 companies analysed in the Plimsoll Analysis and the results are conclusive.

The new market report has rated 58 of the UK’s largest Internet Service Providers as in “Danger”. With the same report also rating 78 of their competitors as “Strong”, it seems that many of the industry’s biggest companies are getting their strategy wrong and may need to change their current direction.

 

 

May 05

Scottish Coal: Liquidators ‘in talks with interested parties’

By Business news No Comments

Liquidators handling the collapse of one of Scotland’s biggest coal-mining firms have confirmed they are in talks with parties who have expressed interest in parts of the business.

Scottish Coal went into liquidation earlier this month, with the loss of almost 600 jobs.

KPMG said it was assessing the interest shown and continuing discussions with various unnamed parties.

It added, however, that the likely final outcome was “far from clear”.

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May 05

Insolvencies at new five-year low

By Insolvency No Comments

The number of people becoming insolvent has fallen to its lowest level for five years, according to government figures.

In the first quarter of 2013, 25,000 people in England and Wales were granted insolvency, a fall of 12.9% on the same quarter in 2012.

That is the lowest figure reported by the Insolvency Service since the beginning of 2008.

Company liquidations also continued to fall to levels last seen five years ago.

They were down by 15.8% in the first three months of 2013, as compared with the same period in 2012.

Official figures for Scotland suggest conditions there are improving even faster than in the rest of the UK.

Two weeks ago, it was announced that personal insolvencies in Scotland had fallen by 28%, while company insolvencies there are down by 22%.

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May 01

By Uncategorized No Comments

The UK’s largest coal mining company, UK Coal Operations, is reportedly seeking voluntary liquidation, putting 2,000 jobs, and the value of 6,800 workers’ pensions at risk.

In order to avoid falling into insolvency, UK Coal Operations is seeking voluntary liquidation, as reported by the Financial Times.

A fire at the Daw Mill Colliery in February 2013, one of the three deep mines it operated, resulted in the loss of 650 jobs.

Kevin McCullough, chief executive for UK Coal Mine Holdings said: “There has been some further unhelpful and inaccurate speculation. Our main focus has been on preserving 2,000 jobs and securing the future of UK coal mining.

“We continue to work closely with our employees, government, pension funds, the Pensions Regulator, suppliers and customers.”

“As with all deals of this complexity there are many moving parts but I hope we are close to securing a way forward for our remaining mines.

“There will undoubtedly be some difficult decisions as we have had to look at all possible options. We will be able to announce more news in the coming days.”

UK Coal Operations’ two remaining deep mines, Kellingley in Yorkshire, Thoresby in Nottinghamshire, and its six surface mines, are “performing well” says McCullough.

A voluntary liquidation would allow a new subsidiary to continue the operations of the mines.

UK Coal Operations’ deep and surface mines yield 7.3m tonnes of coal a year, providing 5% of the UK’s electricity.

Last month the UK coal industry took another hit as Scottish Coal made 600 staff redundant during its liquidation process.

By John Brazier

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