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Franchise owners challenge First Quench administration

First Quench, who own the Threshers franchise chain, went into administration two weeks ago. KPMG have been administering the sale of the franchises.

But the Threshers franchise owners disagree with the sale and have formed their own action group to fight it. (more…)

Category : Corporate Insolvency,Insolvency news — Tags: , — admin @ 4:06 pm November 27, 2009

Corporate Insolvencies to Increase as Recession Deepens

More UK companies are seeking corporate insolvency advice, says the insolvency charity UK Insolvency Helpline (UKIH).

The charity has received a significant increase in calls relating to corporate insolvency. This is giving rise to concerns for the general health of the job market, with potential job losses arising as a knock-on effect of more firms declaring themselves insolvent. This may also lead to more people entering individual voluntary agreements (IVAs) as their individual financial situation worsens without an income. (more…)

Category : Corporate Insolvency,Insolvency news — Tags: , — admin @ 4:02 pm

10 Steps to get you out of debt

If you are struggling with debt, it’s likely that you don’t know where to start to manage it properly. This ten step guide will help you to clear your thoughts and start to get on top of the situation. If you still feel overwhelmed then the best advice is to talk to a professional who will be able to help you. (more…)

Category : Insolvency news,Personal Insolvency — Tags: , — admin @ 3:42 pm

Pre-pack and go

Good news is no news, and never more so than when major retailers go into administration. Major administrations can be long and drawn out, with creditors trying to net as much of the company repayments as possible. The media focus is almost inevitably on how much money the administrators will be grabbing, at the expense of jobs lost in the process. In this melee, it’s often forgotten that there are tools available to help the administration process move quickly and with minimum job losses. (more…)

Category : Corporate Insolvency,Insolvency news — Tags: , , — admin @ 10:09 am November 4, 2009

Insolvency tourism on the rise

Kent is becoming a hotspot for visitors from across the EU. But these visitors are not ordinary tourists. Their visits have less to do with the green and pleasant land, and more to do with England’s lenient bankruptcy laws.

The Insolvency Service has recorded a 20% increase in the number of foreigners coming to England to take advantage of the ability to clear debts faster here than at home. Some stay behind once they’ve cleared their names. German laws mean that it can take up to nine years in that country to be discharged; in Ireland it can be up to 12. In the UK, it takes just 12 months. In one case, a German management consultant was able to clear debts worth over £15million with the help of an insolvency practitioner. (more…)

Category : Insolvency news,Personal Insolvency — Tags: , — admin @ 10:03 am