The Return of the Crown Preference Eshot
In 2018, with little fanfare, the Government announced a consultation on whether or not the Crown preferential status (for unpaid VAT and PAYE) should be reintroduced, having been abolished in 2003. This would have the effect of placing the Crown ahead of lenders with floating charge security.
DISGUISED REMUNERATION LOAN CHARGE AND EMPLOYEE BENEFIT TRUSTS (EBT)
You may recall that we issued an eshot back in 2017 regarding the Glasgow Rangers FC v HMRC tax case where the Supreme Court ruled in HMRC’s favour. A quick recap: An EBT is a trust that can be established either in the UK or offshore by a company to hold cash or other assets for the benefit of employees….
Tough Times For Law Firms
Recent years have been a particularly difficult time for law firms with a year on year increase in the number of law firm insolvencies increasing from zero recorded insolvencies in 2010 to 39 in 2018 with the trend set to continue.
Mahabis Slippers sold out of Administration
We provide below an article which appeared in The Times last weekend detailing the sale of the Mahabis slipper business out of Administration. We are particularly pleased with the outcome which will result in continuity of the business and a significant return to the general body of creditors. So if any of your clients find themselves in difficulty and cannot see…
Business For Sale: Project Flux
Project Flux Provision of sheet metal fabrication and welding services KRE Corporate Recovery LLP are likely to be appointed shortly as Administrators to a Company providing sheet metal and welding fabrication services. As a consequence, the Company has given us the mandate to offer for sale the trade and assets on a going concern basis. BACKGROUND The business provides sheet…
Company Voluntary Arrangements (“CVA’s”) and the Retail World
Rising business rates, internet shopping and a generally uncertain economy is wreaking havoc in high streets and other retail centres, with the worst hit being fashion retailers and restaurants. In 2018 alone we have seen CVA’s approved for the casual dining chains Byron Hamburgers, Jamie’s Italian, Prezzo and Carluccio’s and retailers New Look, Mothercare, Carpetright and House of Fraser. Not…
Insolvency Amendment Rules 2016 – How Have They Affected Creditors
The 2016 Insolvency Amendment Rules, brought in on 1 April 2017, were some of the largest changes to the insolvency industry for a number of years. The new rules were intended to make it easier for creditors to participate in insolvency proceedings through the use of technology and the streamline of some of the processes to try and reduce costs. …
Another restaurant on the barbeque
Joint administrators from KRE Corporate Recovery LLP have been appointed for a chain of Bristol-founded, US-style barbeque restaurants. The Grillstock restaurant brand later opened branches in London, Bath and Leicester and went on to start a high-profile music festival in Bristol. The business continues to operate its sites and is expected to be sold as a going concern. The weak…
A Busy and Varied 2017 for KRE so far…
Due to the confidential nature of our work, we are usually unable to publicise assignments that we have undertaken as a firm. However, KRE have had a successful start to 2017, receiving press coverage on three appointments that we would like to share with you. Stirling Ackroyd Limited Stirling Ackroyd Limited is a prestigious chain of estate agents, operating within…