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What’s in a name?

Quite a lot, for obvious reasons. But even more so if it’s a new company starting to trade under the same name as one that’s previously gone bust. Under Section 216 of the Insolvency Act 1986, it is a criminal offence for company directors to trade under the same as a company that has previously been declared insolvent. Directors who contravene the Act could be liable to a fine and possibly imprisonment. What’s more, if the new company accumulates any debts, then the directors may also be personally liable for those debts. (more…)

Category : Corporate Insolvency — Tags: , — admin @ 3:20 pm September 30, 2009

Personal bankruptcies and insolvencies soar in Scotland

Bankruptcies in Scotland have increased by a third in the past year, with 55 people going bust each week. The soaring figure was revealed in statistics published by Accountant in Bankruptcy and Companies House. Accountant in Bankruptcy is an agency of the Scottish government established to administer personal bankruptcies in Scotland. (more…)

Category : Insolvency news,Personal Insolvency — Tags: , , — admin @ 8:40 am September 29, 2009

Debt management could aid Britain’s recession recovery

The level of personal debt in Britain has fallen for the first time since records began in 1993, the Bank of England confirmed this month.

Despite this silver lining, the National Institute of Economic and Social Research (NIESR) predicted that the recession will continue until at least 2010. In addition, R3, the insolvency trade body, has suggested that while other European economies may already be emerging from the recession, Britain’s economy could be left behind. This is largely because of the mountain of cumulative consumer debt. Many consumers found themselves in difficult financial circumstances when the recession began last year. (more…)

Category : Corporate Insolvency — Tags: , — admin @ 11:56 am September 24, 2009

Personal Insolvency hits new high

Over 33,000 personal insolvency cases were recorded in the second quarter of 2009, an all-time high in England and Wales.

Records show a rise of 9% on the first three months of this year, a 27% increase on the same period of the previous year. (more…)

Category : Insolvency news,Personal Insolvency — Tags: , , — admin @ 9:35 am September 1, 2009

Ministry of Justice closes one hundred ‘Misleading’ Debt Firms

The Ministry of Justice (MoJ) has ordered the closure of one hundred companies claiming to be able to write off debts or secure personal injury compensation.

Since April 2007, one hundred companies have been shut down for severe malpractice. (more…)

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