Particularly for the retail and hospitality sectors, the last year or so has been pretty bleak. Big names like Toys R Us, Maplins and Poundworld all disappeared from the high street, whilst a long list of others, including Prezzo, Carluccio’s, Marks & Spencer. Mothercare and New Look have shrunk.
The number of insolvencies of individuals in the year was 115,299, continuing a steady year-on-year rise which began in 2015. This gives the highest annual figure since 2011.
The Government has announced that it intends to increase the minimum level of debt for which an individual can be made bankrupt from £750 to £5,000.
Here at tri group we offer second to none insolvency advice, corporate recovery advice and bankruptcy advice. So it is not surprising that our very own Graham Down (our director of insolvency specialists) has been appointed to investigate the financial affairs of British National Party Leader and MEP, Nick Griffin.
Should we open an office in the London Borough of Walford? It’s probably about 12 years or so since the BBC soap Eastenders ran a story-line in which would-be catering magnate, Ian Beale, became bankrupt. His then squeeze, Laura, bought back his fish and chip shop from the Official Receiver enabling the business to continue. But 2013 has seen a rash of real-life bankruptcies of past and current Eastenders stars.
Corporate recovery advice can help individual directors whose assets may be linked to their business – it isn’t just isolated to the company’s welfare. If you are the director of a business that goes bankrupt, it could have a huge impact on you and your family. Take footballer Colin Hendry, who was recently declared bankrupt. His financial situation and business interests have been left in tatters, as have the effects it has left on his family. Could he have avoided this or at the very least reduced the severity of its impact with sound insolvency advice.
tri group are dedicated to providing excellent service and advice when it comes to corporate recovery. With expert teams based across the UK we are able to offer advice and guidance when it comes to both business recovery and insolvency.
Does the decision in the recent case of Haworth v Cartmel have implications far beyond insolvency in terms of the way HMRC (and other public bodies) deal with vulnerable individuals?
Ms Haworth suffered from mental health issues, including a phobia of opening letters. In August 2005, HMRC received an anonymous tip-off that she was trading as a commercial horse breeder, and they subsequently raised a Determination claiming £192,000 in undeclared tax.