What is wrongful trading Wrongful trading under the Insolvency Act (1986) refers to companies that continue to trade despite being insolvent (unable to pay their debts) It suggests mismanagement from the directors rather than being deliberate as there is no...
Can I be compensated for delay Yes, particularly if there is a penalty for delay clause in your building contract If there is no clause, you would be perfectly within your rights to negotiate a reduction depending upon the severity...
There are two types of Alternative Dispute Resolution (ADR) schemes Mediation involves a third party that helps you and the company to reach a mutually accepted outcome The mediator cannot impose a solution so the dispute will be resolved on...
Anyone who is declared bankrupt can apply to challenge the fees and expenses which are charged by a trustee in bankruptcy, by requesting the court’s permission to make an application that the court make an order to reduce the trustee’s...
Both Bankruptcy and Involuntary Voluntary Arrangements (IVA) are legally binding agreements between you and your creditors Both must be accepted by the court and your creditors must abide by them Any debt owed to individuals or business in the EU...
After attempting to circumvent bankruptcy rules, two Lincolnshire business owners were given a combined 16-year trading ban and had their company wound up by court order Daniel and Yasmin Patchett, husband and wife, were forbidden to serve as directors for any corporation after...
Businesses across the UK are facing significant challenges in 2022 The continuing fallout from the Coronavirus pandemic, increasing inflation, rising interest rates, and now the war in Ukraine, the latter driving up fuel and energy prices even further, are providing...
The COVID-19 pandemic has had a serious detrimental impact on many areas of businesses One such aspect is the performance of contractual obligations, as many businesses have been forced to stop working or move to remote working arrangements, which could...
COVID-19 And Contractual Obligations: The COVID-19 pandemic has had an impact on many areas of businesses One such aspect is the performance of contractual obligations, as many businesses have been forced to stop working or move to remote working arrangements,...
If you are an employer or a business owner we encourage you to read and follow the guidance for employers and businesses This guidance will assist employers and businesses with advice on: the novel coronavirus (COVID-19) how to help prevent...