All posts in the News category

White Maund Dress Down Charity Days for Local Forward Facing Charity

White Maund are delighted to have raised £150.00 for their 2018 chosen charity Forward Facing. Forward Facing are a charity that help families and children across the South East, supporting children and young people with long-term illnesses or life-threatening conditions. It aims to help them forget their daily struggles, experience positive emotions, and make lasting […]

Beating The Business Decline Curve – A Seminar from White Maund

White Maund held a seminar for accountants titled ‘Beating the Decline Curve’ on 2nd October at the Sussex County Cricket Ground. The seminar was well attended and consisted of a light breakfast followed by a detailed presentation covering the various stages of a business’ decline and the possible outcomes. The seminar then went on to […]

Forget the Chinese Year of The Dog – 2018 is the Year of the CVA

2018 has been reported in insolvency news sources as the year of the CVA (Company Voluntary Arrangement) and in particular the Landlord CVA. The news has been full of established high-street names using CVAs to help streamline their businesses by looking at their leasehold commitments, closing some premises and trying to get rent reductions for […]

Statistics see seaside towns with highest personal insolvency rates

A worrying trend sees that the geographical spread of personal insolvencies shows that seaside towns are most effected. The North East and coastal towns such as Plymouth and Scarborough typically had the highest concentrations of personal insolvencies. The places which have the highest rate of personal insolvency tend to be seaside towns,  as well as […]

Quizzie Rascals

Last night a team from White Maund were delighted to attend a fundraising quiz in aid of Sussex Cancer Fund, orgainised by Consortium Business Solutions. While they didn’t win, the team known as Quizzie Rascals, formed by Neil Hoad, Billy Poulton, Jamie Pain and Alex Grinyer, did come a respectable second. The quiz raised £300.55, […]

Good News from Insolvency Practitioner in Brighton

Good News…… We are often viewed as the Grim Reaper of the business world, only called upon when a company is in dire need. But it is not all bad news, the role of an Insolvency Practitioner is damage limitation and making the best of a bad situation, often saving a company or securing the […]

Casual Dress for Charity Donations

Every year the Staff at White Maund choose a charity to support for the year. Their charity year ends on 31st August which means it’s time to total up the donations for their nominated charity the Great Ormond Street Children’s Charity. Staff fundraising is done through a dress down day once a month by which […]

What are the effects of the new insolvency rules?

The new Insolvency Rules came into effect on the 6th April 2017. The new rules are already undoubtedly having a significant impact on the Insolvency profession. They represent the most significant shake up in the insolvency professional legislation for more than 30 years when the Insolvency Act was introduced in 1986. The changes have been brought […]

Dining out

With Jamie Oliver earlier this year announcing the closure of six of his restaurants, 2017 looks set to be a challenging year for the sector and retail generally. The cost of labour will increase in April following an increase in the minimum wage which dovetails with a revaluation of business property which may lead to […]

Small steps to being Greener

At White Maund we believe that we not only have a responsibility towards our clients but also to the wider community. As part of our CSR policy (Corporate Social Responsibility), we take seriously our environmental credentials. While we are not a heavy industrial company, we can still take small steps to being greener. The recent […]

2017 a challenging year ahead?

The Insolvency Service has released the insolvency statistics for the final quarter of 2016 and whilst there has been only a marginal increase in corporate insolvencies there has been a significant increase in personal insolvencies compared to 2016. Whilst the number of people becoming bankrupt has continued to decline, the increase in personal insolvencies has […]

Latest Satisfaction Survey Results from White Maund

Thank you to all those that took the time to complete our recent satisfaction survey. It’s important to us to know whether we are giving you the service you want, to know how you feel about White Maund. And just so you know…..we value you too! The results were very heart-warming but this doesn’t mean […]

White Maund Corporate Social Responsibility Policy

We recognise that we must integrate our business values and operations to meet the expectations of our stakeholders. Our stakeholders include our referrers, employees, investors, suppliers, the community and the environment. We recognise that our social, economic and environmental responsibilities to these stakeholders are integral to our business. We aim to demonstrate these responsibilities through […]

Piercing the Corporate Veil

When dealing with the restructuring or insolvency of a company we often ask the directors what impact this could have on them personally. This could range from issues regarding directors’ responsibilities to the company and creditors through to loss of employment and income. One recurring problem is personal guarantees provided against company liabilities by present […]

Where Cricket Meets Beaujolais Noveau

“On Thursday 17 November 2016 we hosted a table at the Where Cricket Meets: Beaujolais Noveau event at the1st Central County Cricket Ground in Hove in aid of The Sussex Cricket Foundation.  A great afternoon of entertainment was had with satirical observations from comedians Patrick Monahanas and Ian Moore, and live music from local singer […]

Capital or Income? Its up to you to decide!

As many readers will be aware, on 6 April 2016 the anti-avoidance Transactions In Securities (TIS) rules were enacted as part of the Finance Act 2016 specifically to target phoenix companies. Under the new TIS rules, certain distributions made to shareholders are treated as income rather than capital. The rules apply where the main purpose […]

Creating certainty from uncertainty

We continue to live in an increasingly uncertain world, Brexit, Trump and DH pharmacy funding cuts. Since the original announcement by the DH on 17 December 2015 it has been an uncertain time for pharmacy owners and operators as to firstly whether the funding cuts would come in, secondly the amount of the cuts and […]

Another recovery tool available to HMRC

Whilst HMRC has had the power to issue a notice requiring a business to give security for some time (since 1994 for VAT and 2012 for PAYE/NI), they have not in our experience been commonplace despite HMRC being a creditor usually for a substantial amount. In the recent past, however, we have seen two instances […]

Is Brexit solely to blame for a rise in corporate insolvency?

I think it’s fair to say that some of us may be a little tired of Brexit continuing to dominate the headlines for a variety of reasons. However, the impact on certain sectors potentially as a result of the decision to leave the EU may have started to become apparent. According to a survey recently […]

Case Study: Value for Money?

White Maund met the directors of a call centre late on a Thursday evening to discuss the options available to the company.  As a consequence of the global recession and low-cost competition from India and the Far East, the company had experienced a significant downturn in trade and had accrued liabilities due to a lack […]

Father and son disqualified for 8 years

The debts in this matter were significant however failure to pay PAYE/ VAT is something we see time and time again and can be evidence of wrongful trading (trading with the knowledge of insolvency) which in turn can lead to disqualifications and potential recovery action against the directors personally. Failing to pay crown monies occurs […]

Case Study: When Care really matters

For many of us completing tax returns by the due date can seem a daunting task. The problem can become exasperated when you are also a manager of a care home responsible for looking after the wellbeing of vulnerable people. I can understand why care is given priority and why conflicts arise such as should […]

Changes to the Insolvency Service fees 2016

In conjunction with HM Treasury, the Insolvency Service has imposed a new fee structure for bankruptcies and compulsory liquidations which come into force on 21 July 2016. The objective behind the new fee structure is for the Insolvency Service to achieve full cost recovery. The Government estimates that the new fees will cost the creditor […]

White Maund Hack & Slash Golf day

Thanks to all those who came to our 5th annual Hack & Slack Golf Day and well done to White Maund’s Tom D’Arcy for winning ‘worst swing of the day’! The event caters for the occasional golfer without a handicap. We play Texas Scramble which helps the teams get round before dark as the hope […]

Hot topics for director disqualifications

The cause of company failure is examined in every liquidation and directors can be disqualified for between 2 and 15 years where evidence of unfit behaviour is found. In addition the Insolvency Service can use powers under the Companies Act 1985 to wind up live companies which it finds are acting against the public interest […]

Bankruptcy applications move online from April

The Insolvency Service announced yesterday (30 March 2016) a new non Court process for dealing with bankruptcy applications which they believe will fast track appropriate cases and try to move away from the stigma of the old Court based system.  Please see the attached link for more details. https://www.gov.uk/government/news/bankruptcy-applications-move-online-from-april Individuals with assets such as the […]

Calm before the storm?

The statistics released today by the Insolvency Service show that in 2015, annual company insolvencies were at their lowest level since 1989, whilst insolvencies for individuals were at the lowest level since 2005. The decrease in compulsory liquidations (where the company is wound up through the court) was particularly marked, falling to the lowest figure […]

Insolvency statistics what do they mean?

The latest insolvency statistics for England and Wales according to The Insolvency Service for Q3 of 2015 have recently been published. The government agency’s published figures for corporate insolvency show that 3,539 companies entered insolvency in Q3 a 10.2% fall on the same period in 2014. So what is the breakdown of these 3,539 insolvent […]

OMG no more LOLing as youth debt hits all-time high

The word on the grapevine is that the UK’s economy is set to be the fastest-growing of the G7. Commodities are cheap, wages are higher than inflation and consumer confidence (and therefore spending) is on the rise. All good news then… Those of you indulging your new found “confidence” by skipping along to your local […]

Directors’ loans: a warning!

From 9 March 2015 the cost to litigants in bringing civil claims before the Court will substantially increase for most claims as follows:- The fee for claims from £1 to £9,999 will remain unchanged; The fee for claims from £10,000 to £199,999 will be 5% of the value of the claim; The fee for claims […]

Will large increase in Court fees result in less litigation?

From 9 March 2015 the cost to litigants in bringing civil claims before the Court will substantially increase for most claims as follows:- The fee for claims from £1 to £9,999 will remain unchanged; The fee for claims from £10,000 to £199,999 will be 5% of the value of the claim; The fee for claims […]

Time is running out?

On 1 March 2012 the enactment of the Extra Statutory Concessions Order came into force restricting the use of Extra Statutory Concession C16 in companies with less than £25,000 to be distributed to shareholders as capital. As a consequence, in order for shareholders to receive capital in excess of the £25,000 cap, we have seen […]

Changes to the limits for bankruptcy petitions and DROs a good thing?

The minimum level of debt for which a person who is owed money, can force another person into bankruptcy (the bankruptcy level) will be increased from £750 to £5,000 in October 2015. In addition the Debt Relief Order (DRO) eligibility criteria will be changed to increase the maximum debt level from £15,000 to £20,000 and […]

Bankruptcy and Pensions – further developments

In my blog in March this year, I discussed the possible effect of the new pensions rules coming into force in April 2015, whereby a Trustee in Bankruptcy may be able to force a debtor to draw down the whole of his or her pension and claim the same under an Income Payments Order (IPO) […]

No news, good news?

The Bank of England has today released its August 2014 Inflation Report confirming that interest rates will remain at 0.5% with the first increases not expected until 2015. Whilst unemployment has fallen to 6.5%, well below the 7% target where the Bank of England would consider interest rate increases, wages are not increasing as fast […]

SMEs owed 40 billion in late payments

Bacs Payment Schemes surveyed 350 firms and found that UK firms are owed £46.1 billion in total. A staggering figure of £39.4 billion is owed to small and medium sized businesses, with larger corporates only being owed £6.7 billion. 60% of SMEs are experiencing late payments, each waiting on average for £38,186 in late payments. […]

UK service & manufacturing industries leaders in promoting recovery

Economic growth advantages include the ability to employ more individuals and a stable economy. Another advantage is that more goods and services are available and more importantly affordable to consumers. The British Chambers of Commerce (BCC) had forecast that GDP would overtake its performance in the first quarter of this year in the autumn, but […]

White Maund LLP present to STEP members on insolvent deceased estates

We were pleased to accept an invitation from the Sussex chapter of the Society of Trust and Estate Planners (‘STEP’) on a wild and windy Wednesday evening at Hollingbury Golf Club to the north of Brighton to present on the above subject. As insolvency practitioners with many years of experience in assisting individuals and companies […]

Good news for creditors!

Under current legislation, Insolvency Practitioners (“IP”) are required to comply with significant regulatory and reporting requirements that can lead to increased costs and delays in completing an insolvency process. The issue of IP fees has been widely commented on in the press and in Court and has been seen by creditors and other stakeholders as […]

The end of days are coming for zombie businesses

The governor Mark Carney is still maintaining that the base rate is unlikely to rise anytime soon (previous predictions were 2015/16), despite the sharp drop in UK unemployment last week. In the same week however, the Bank said it would no longer use employment as the sole indicator for rate setting, but rather a wider […]

Retail Recovery?

Good news for retailers? Data from The Local Data Company suggests that vacancies in town centre retail units fell to 13.9% in December from 14% in November. A two tenths of one percentage point drop may not seem wildly optimistic but importantly this is the first time since July 2010 that the figure has been […]

Detroit judge rules city bankrupt

The city best known for it’s motor industry and Motown music has been declared bankrupt owing 18 billion dollars (11 billion pounds) to its 100,000 creditors. For more details on this unique situation head to the BBC website at: http://www.bbc.co.uk/news/business-25203691

The demise of Blockbuster

The Blockbuster brand had traded for nearly 25 years in the UK when it was placed into administration for the first time in January 2013, at which time it had over 500 stores and 4,000 staff. The business was sold by the administrators to private equity group Gordon Brothers, but they were unable to turn […]

Insolvency statistics what do they tell us?

The latest insolvency statistics for England and Wales published by the Insolvency Service for Q3 of 2013 show that there were 3,875 corporate liquidations in Q3 of 2013, down 2% on the same period last year and also down 2.6% on Q2 of 2013. In addition, there were 253 receiverships, 544 administrations and 152 Company […]

Retail “therapy” needed…

Despite the Chancellor’s claims of a recovering economy, retailers may find themselves requiring a different kind of therapy after data compiled by the Local Data Company, shows that within 500 UK town centres 3,366 stores closed in a six a month period compared to 3,157 stores opening. The research found 31% of retailers currently have […]

Dental Show – NEC

I will be at the NEC for the second time in almost as many weeks on Thursday 17 October 2013. Having been at the Pharmacy Show on Sunday 29 September to meet up with a number of contacts, I am looking forward to discussing dental issues which are remarkably similar to pharmacy issues. One key […]

Survival of the fittest

An interesting article in the times today – statistics released by Deloitte reveal growing optimism amongst the UK’s entrepreneurs. Over 80% consider that their businesses will grow by more than 10% in the next 12 months, being the highest proportion since the survey began 5 years ago. Furthermore, a reported 56% of entrepreneurs said they […]

Pharmacy Show

I am looking forward to catching up with many of my professional contacts at the Pharmacy Show on Sunday and the Christie + Co curry on Sunday evening.  www.thepharmacyshow.co.uk

Homeowners seeking help with debt problems

The figures suggest that many homeowners have taken on mortgages they cannot afford to repay. The DAC have said that some homeowners can only currently afford their mortgage payments as a result of low interest rates and added that people may begin to struggle when the Bank of England eventually increases its base rate. A […]

Crunch time for ‘zombie businesses’

R3, the professional association for insolvency, business recovery and turnaround specialists in the UK, reports that there are now 108,000 businesses in the UK only capable of paying off the interest on their debts, down from 146,000 in June last year, and well down from the peak of 160,000 last November. This decline has been […]

Disclose or not to disclose…

Mr Andrew Barker won £35k on the show in April 2012 but failed to disclose this to the Official Receiver and his creditors. Under section 353 of the Insolvency Act 1986 (as amended) un-discharged bankrupts are required to disclose all property comprised in his/her estate to the Official Receiver or Trustee. The winnings were considered […]