Could Flybe be the first of many companies to be affected by the coronavirus?
On Thursday 5th March, it was announced that Flybe had gone into Administration. It’s never nice to be reporting on companies that have gone into Administration, especially when it affects so many people. Flybe was one of the largest independent regional airlines in Europe, carrying around 8 million passengers a year and employing approximately 2,400 […]
My Insolvency Hosts Charity Golf Day in Support of The UK Sepsis Trust
Unfortunately, due to the current circumstances, we have decided to postpone our Charity Golf Day until 2021. An announcement will be made once we have a new date. My Insolvency are hosting their second charity golf day in support of The UK Sepsis Trust. We host this event bi-annually and our very first golf day […]
Budget Briefing 2020 – Personal Debt
January is a never-ending month, with the fallout from Christmas often continuing to pinch pockets. However, whilst the joys of Christmas may well and truly be behind us, the cost continues to follow many people into the New Year. It’s hard to escape the stories in the press stating that personal debt is at worrying […]
Budget Briefing 2020 – Insolvency Statistics
2019 saw the high street landscape change dramatically, with the closure of many well-known names and brands. For many, this is how they see the impact of insolvency on a day-to-day basis. However, the high street was not the only place where a rise in insolvencies was witnessed. The Insolvency Services statistical analysis reported: “There […]
Budget Briefing 2020 – Members Voluntary Liquidations (“MVLs”)
MVLs have often been considered a tax efficient method of bringing a company’s trading to a close. MVLs are the solvent method of liquidation whereby the company is not in debt and has enough funds to pay off all its liabilities, leaving a residual balance of funds and/or assets to be returned to the shareholders. […]
Directors at War Case Study
Business with Directors at War Type of Work: Arbitration and Distribution of Cash/Assets to Shareholders Overview Following the breakdown of the professional/working relationship between two directors and equal shareholders of a company, their accountant introduced them to My Insolvency. They wanted to discuss the options available to the business, its directors and shareholders. The directors […]
Personal Guarantee Case Study
Company: Electrical Engineering Business Type of Work: Personal Guarantees Overview Our clients were the former directors of an electrical engineering company that was forced into an insolvency procedure, following a couple of its major customers going bust. The company’s cash flow was instantly crippled by the hole caused by the down fall of its customers, […]
Understanding The Administration Process
Placing a company into administration is often a complex process and it is vital for every business owner to understand how it all works. To begin with, a Licensed Insolvency Practitioner is appointed as Administrator to the company. This appointment may be by: Any creditor The holder of a Qualifying Floating Charge (or QFC), such […]
Engineering Business Administration Case Study
Company: Engineering Business Type of Work: Administration and Pre Pack Overview Our client was the director of the engineering company in financial difficulties, due to bad debts incurred from their customers. The company was long established and had 10 employees, however, it had experienced difficulties with other companies (customers) going into insolvency proceedings, resulting in […]
Recruitment Company Administration Case Study
Company: Recruitment Company – Building sector Type of Work: Administration and Pre Pack Overview My Insolvency were introduced to the board of the recruitment company by the company’s bankers (“the Lender”), following some significant bad debts being suffered. The lender was concerned that the board was not communicating properly with them and had failed to […]
