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debt monkey

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Everything posted by debt monkey

  1. JJB Sports http://www.accountancyage.com/accountancya...s-grant-thorton http://www.accountancyage.com/accountancya...lks-jjb-bankers
  2. Why would you take advice on a failing business from a company that specialises in personal insolvency problems? If they had taken proper advice, it may of been possible for the company to be restructured via an administration.
  3. I agree IVA's were also mis-sold extensively between 2006 - 2007, when IVA factories were advertising on TV. I dont agree that a CCL is sufficient to run a DMP, these companies need to have enough knowledge about insolvency to advise on the advantages and disadvantages of all the options available, DMP, IVA, Bankruptcy, etc. IMO, as these people are insolvent they should be dealt with by an Insolvency Practitioner. My VI, is that I am an Insolvency Practitioner, big 4, dont do DMP, or consumer IVA's.
  4. The IVA protocol introduced earlier this year, was weighted heavily in favour of the creditors/banks. IMO, there is a real need for a more simple IVA, because of the number of people on Debt Management Plans. DMP's are unregulated and the Govt dont even know how many people have one, we have estimated it at 600,000. Banks prefer DMP's as they can continue charging interest and do not have to write the debt down. Unfortunately, the people providing DMP's are not always acting in the best interest of the debtors or creditors, but sign up as many people as possible to generate as much fees as possible. DMP's need licensing and regulation in the same way as Insolvency Practitioners are.
  5. The govt have scrapped plans to launch a new type of IVA, the SIVA. SIVA, meaning Simple Individual Voluntary Arrangement, it was to be introduced in the new Tribunals , Court & Enforcement Act, and was for those with consumer debts of less than £75,000. It would of only required 51% of creditors to vote in favour for its approval and creditors would not of been able to make any modifications to the proposal. Reasons for it being scrapped are unknown at present although my guess is that the banks didnt like the plans and the Official Receivers, who are already very busy with bankruptcy's, would not of been up to the job of adminstering them.
  6. Yes I think the banks have given them enough money to trade up to 1 January 2009, and they will be put into administration as soon as the courts open after Xmas.
  7. The banks started getting tougher on IVA's in 2006 but the Govt just changed the rules to make it easier. I dont think it will be long before the banks are telling the Govt to toughen up the rules and put the stigma bank into bankruptcy and debt.
  8. I work for a big accountancy 4 firm, Business Recover & Insolvency section. No job losses obviously, but we are not recruiting either as we are just borrowing staff from other parts of the firm which are quiet.
  9. This isnt really new. They are referring to appointing a LPA Receiver to deal with the property. They have the power to do it if it is a commercial/investment property, a buy to let mortgaged property could fall into this category. GMAC have been doing this for a while. The only reason this case came to be highlighted is because the owner was living in the property instead of tennats.
  10. Whilst a loan would help them continue trading, a number of them are still likely to end up technically insolvent in the months after Xmas, and unless conditions improve radically before then, it is unlikely they will survivie without restructuring or going into administration.
  11. The number and size of the companies that we are tracking in anticipation that they will soon need formal insolvency proceedings, such as administration, is scary.
  12. 27,087 is just for the quarter, 77,034 personal insolvencies in the year to date
  13. http://www.insolvency.gov.uk/otherinformat...00811/index.htm Company liquidations are up 11% on previous quarter and 26% on previous year. Receiverships, Administrations and CVA's are up 65%. Personal Insolvencies are up 9% on previous quarter and 5% on previous year.
  14. Perhaps they have the latest insolvency figures, should of been released on 1 November but delayed to Friday?
  15. I think this is quite likely, there has been speculation of this in our office, if they really toughened them up, so you cannot walk away from your debt, then people may start paying them back
  16. What are the assets and how much are they worth? Either put up a list or PM me and I will let you know what the OR will be interested in and what you can do to help.
  17. Definetly, or in 3 months time the company may be in administration and all the staff unemployed
  18. They are already the administrators for Cains Brewery which has 100+ pubs, so probably know a bit about the industry
  19. "More than 4,000 UK pubs will go bust in the next two years as the economic downturn and competition from supermarkets continues to bite, insolvency specialists at PricewaterhouseCoopers have warned." http://www.accountancyage.com/accountancya...set-close-warns No more local pubs, killed off by cheap supermarket booze and a recession.
  20. Yes, the process is refered to as a Pre-pack in the industry. There are new regulations (SIP16) coming into place soon to deal with this.
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