UK debt collections

DECEMBER 16, 2021

The Insolvency service has been given new powers to challenge the conduct of dodgy directors who dissolves a Business to avoid paying their liabilities. These new powers will extend the Insolvency Services ability to investigate and punish rogue directors who are found to be abusing the company dissolution process.

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Hudson Weir

AUGUST 27, 2021

The legislation applies not only to formally appointed directors, but those acting as directors, shadow directors, or anyone found to have instructed directors to act in an unfit way. These include The Insolvency Service, Competition and Markets Authority, Companies House, or the courts.

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Trade 52

Qualco

JANUARY 26, 2024

Over-indebtedness refers to situations where debtors face difficulties meeting financial obligations due to immediate payment challenges or chronic issues like insolvency, where debts outweigh assets. The process is not limited to debts originating from banking or financing but also includes other debts, such as rent obligations.

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Qualco

JANUARY 26, 2024

Over-indebtedness refers to situations where debtors face difficulties meeting financial obligations due to immediate payment challenges or chronic issues like insolvency, where debts outweigh assets. The process is not limited to debts originating from banking or financing but also includes other debts, such as rent obligations.

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Hudson Weir

JANUARY 21, 2022

In contrast, a compulsory or creditors’ voluntary liquidation (CVL) are processes for closing insolvent limited companies. If a company has been dissolved appropriately and legally, in accordance with Companies Act 2006 legislation, its directors can go on to become directors at other businesses. Directors of dissolved companies.

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Hudson Weir

JULY 15, 2021

Now, there isn’t just one type of liquidation, and it isn’t always because a business becomes insolvent. These claims are managed through the Redundancy Payments Service. If an employee has been dismissed and is redundant, the insolvency practitioner will advise on the next steps.

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Hudson Weir

JUNE 25, 2022

When trying to tackle major debts, a company may opt to go into administration in order to manage the journey out of insolvency. It’s a tried and tested debt solution, falling under the Insolvency Act 1986 , during which creditors cannot take legal action against the company. and provide background to this area of insolvency.

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Troutman Sanders

JANUARY 12, 2023

On December 21, 2022, outgoing Senator Pat Toomey (R-PA) introduced legislation entitled the Stablecoin TRUST Act of 2022 that would establish the first-ever federal regulatory framework for payment stablecoins. Protect consumers by clarifying that payment stablecoin holders would have priority in the event of an issuer’s insolvency.

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Banks Financial Institution Trade 52

Hudson Weir

JUNE 5, 2021

A lot depends on why you are winding up an incorporated company – for example: Winding up due to insolvency Closing a business voluntarily Facing liquidation following a creditor’s petition Striking off your company due to a cessation of trading. In an insolvency situation or liquidation, you won’t file a DS01 form.

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Creditors Trade Government Loans 52

CICM

AUGUST 17, 2021

In this week’s guest blog, the Menzies LLP Creditor Services team look at the changing economic landscape, alongside Small & Medium sized Businesses’ (“SMB”) debt statistics. Insolvency statistics. Alternatively, to read more about our creditor services offering, please click here. Economy continues to grow.

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UK debt collections

NOVEMBER 29, 2021

Surveying the trusted advisors of business owners, Time Finance uncovered that 42% believe that late payments from customers was one of the greatest challenges and threats hampering business success, and one in ten are concerned for anticipated insolvency as a result. Small Business Debt Collection efforts.

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Qualco

NOVEMBER 7, 2023

Last year, discussions around the standardisation of insolvency laws across the European Union garnered substantial attention. Although 2022 saw a modest reduction in Non-Performing Exposures (NPEs) across the European Union, financial entities, including banks and servicers, are advised to proceed with heightened vigilance.

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Hudson Weir

DECEMBER 12, 2019

When it comes to insolvency practitioner fees, there’s no one-size-fits-all approach. . Fees for a licensed insolvency practitioner (IP) usually fall into one of two categories: pre-appointment fees or post-appointment fees. For further information, please review the relevant Statement of Insolvency Practice. .

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Creditors Trade Collections 40

Troutman Sanders

DECEMBER 27, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. For more information, click here. Previously on December 12, the U.S.

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UK debt collections

OCTOBER 14, 2021

million VAT registered businesses) struggling to get paid for products and services they’ve delivered. There are many cloud accounting and automated invoice chasing software services available. Legislation alone cannot fix it. A massive 62% of SME’s spend time each week chasing overdue invoices.

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UK debt collections

JANUARY 17, 2022

It is claimed that its full-scale impact is yet to be fully realised with Economists from Atradius suggesting that UK Business insolvencies will rise by a staggering 33%. For example, the Japan deal is set to open opportunities for UK service providers in the tech and financial sectors.

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Trade Manufacturing Retail Collections 64

Collection Industry News

AUGUST 30, 2022

Under federal law, certain types of student loan forgiveness (such as profession-based student loan forgiveness under Public Service Loan Forgiveness and similar programs) are not taxable events. Biden’s Student Loan Forgiveness Is Not Taxable Federally.

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Student loans Student Loans Loans Education 40

CICM

MAY 6, 2021

With the Corporate Insolvency and Governance Act 2020 (“CIGA”) restrictions in place, a creditor is not currently able to petition for a company’s winding up. Gavin Cunningham, Forensic Services Partner. Increasing Debt. Menzies LLP , CICM corporate partner, provide an overview in their latest blog. Administration. 0207 465 1919.

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Creditors Government Banks Loans 40

Taurus Collect

APRIL 3, 2023

Additionally, you must take into account any enforcement restrictions imposed by EU legislation or local courts that may apply in dealing with cross-border claims. Meanwhile, abiding by UK legislation is essential to remain compliant with international laws. About Us Taurus Collections (UK) Ltd.

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UK debt collections

SEPTEMBER 2, 2021

However, debt collection is a highly regulated field of law with specific measures having been taken to limit the potential for unprofessional debt collection services. . The French Code of Civil Procedure (CPC) is the primary body of legislative text on the matter. formal demand letter, interim injunction order).

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Debt Free Colorado

MARCH 3, 2023

Chapter 7 is known as liquidation in bankruptcy legislation. The unfortunate fact is that some of these services are frauds. Insolvency can be avoided in more inventive ways. Ironically, most Chapter 7 registrants have no genuine assets to liquidate—at least none that aren’t shielded by exemptions.

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Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

UK debt collections

MAY 17, 2022

The Insolvency Service will close half of its offices in England according to plans laid out in an new strategy. Over the next five years, the bigger offices will absorb the smaller ones, in a move the Insolvency Service said will save more than £20m over the next decade. Insolvency service spokesperson.

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Trade Bankruptcy Government 75

UK debt collections

APRIL 21, 2022

The Insolvency Service has continued to target bounce back loan abusers in the UK. In Junaid Dar’s case, the Insolvency Service began to investigate his conduct after his company, JDarPT Ltd, entered into liquidation in July 2021.

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Loans Bankruptcy Financial Institution Creditors 87

UK debt collections

FEBRUARY 15, 2022

Kevin Morris, also known as Kevin Gordon Sykes, 61, from north London has been disqualified for the maximum 15 years after he was found to be a de facto director of Rigil Kent Acquisitions Limited (RKAL), while disqualified from acting as a director, as well as deliberately undermining the insolvency regime through RKAL’s dishonest activities.

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UK debt collections

JULY 7, 2022

The Insolvency has issued a statement on its use of Private Debt Collection Agencies this week. The notice advises that the Insolvency Service may used private debt collectors to recover income payment arrangements from bankrupt individuals. It also refers to collecting payments from companies that are in liquidation.

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UK debt collections

MAY 13, 2021

The Insolvency Service will be given powers to tackle the problem of Dodgy Directors. These powers will be exercised by the Insolvency Service on behalf of the Business Secretary. At present, the Insolvency Service has powers to investigate directors of live companies or those entering a form of insolvency.

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UK debt collections

JUNE 16, 2021

Kathleen Shepherd from Southampton was the only Director for Shepherd Site Services Limited. The company acted as a broker for waste management services within the construction industry. Following concerns over the dealings of the company, the Insolvency Service launched an investigation.

Trade 64

Trade Creditors Construction Collections 64

UK debt collections

MARCH 31, 2021

Two rogue property directors who abused millions of investor funds and a scaffolder who disposed of assets prior to bankruptcy have been banned by the Insolvency Service. Karen Fox, deputy official receiver at the Insolvency Service , said: “Colin Taylor owed £1.8m

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Bankruptcy Creditors Lender Trade 59