Cornwalls’ Post

We completed more than 150 insolvency monitoring reviews in 2023. Access the infographic to find out the results, what actions were taken and for information about our role as the largest insolvency regulator in the UK. #icaewRegulation #accountancy

What is a "delinquent director"? It's a term used to describe directors who have abused their position or acted in breach of duty, adversely impacting a range of stakeholders, such as creditors, employees, and investors. Thankfully, in the UK there's a regime in place to pursue these delinquent directors. The Insolvency Act 1986 provides grounds for claims against directors, such as wrongful trading and breach of duty as well as a range of antecedent transactions. The Company Directors Disqualification Act allows for disqualification of unfit directors for up to 15 years. But what does this actually mean, and why is it important? Basically, insolvency practitioners are given substantial legal powers to investigate cases of corporate insolvency and pursue legal action against directors who have acted inappropriately. This is critical for protecting the interests of all stakeholders involved, including those who may have been negatively impacted by the actions of these delinquent directors. If you believe that a company's director has acted improperly, don't be afraid to speak up, investigate and take action. Pursuing delinquent directors is not only important for protecting the interests of stakeholders, but it also helps to ensure the overall health and stability of our wider economy.

Venturing into the landscape of insolvency resolution: from challenges to opportunities. Learn strategies for success in navigating this dynamic field. Follow: AAA Insolvency Professionals LLP #aaainsolvency #insolvency #bankruptcy #legal #valuation #highcourt #lawyers #finance #banking #fraud

Companies House corrected 800 filings for 190 companies in March 2024 using its new powers under the Economic Crime and Corporate Transparency Act 2023. The incorrect filings include payment of secured loans. It does not seem that the incorrect filings involved an insolvency practitioner but this shows that information at Companies House cannot be automatically assumed to be accurate - and that the ECCTA powers are very necessary. #insolvency #Insolvencypractitioner

What is an Insolvency Practitioner? When an individual or business is financially struggling, people often suggest speaking to an Insolvency Practitioner (Or IP for short). Typically, an IP is a professional who is authorised to act on behalf of individuals and businesses facing financial difficulties as well as those looking to restructure or retire. At The Insolvency Company, we have more than 50 years combined experience and we are proud to say we have helped thousands of clients resolve their financial challenges. Our in-house Insolvency Practitioners are licensed to act as Insolvency Practitioners in the UK by the Institute of Chartered Accountants in England & Wales (ICAEW). #accountants #accounting #bookkeeper #accountantsuk #financeprofessional #insolvency #businessadvice #mvl #cvl #cva #insolvencypractitioner #smallbusiness #somerset #IP

Ever wondered what the Individual Insolvency Register (IIR) doesn't cover? 🤔 🚫 Disqualified directors 🚫 Company insolvencies 🚫 Insolvencies in Scotland or Northern Ireland When onboarding new corporate clients, here's a tip to avoid bad debts: Check their status on Companies House. Are their annual accounts filed promptly? Any red-flag warnings on the homepage? Keep an eye out for frequent management changes—thesse could all be signal of potential issues 🔍 #IndividualInsolvencyRegister #CompanyStatus #RiskManagement

Understanding financial distress can be challenging, but the UAE's new insolvency laws provide a comprehensive legal framework to guide you. Deloitte's report explores options available for businesses and individuals, focusing on effective strategies for managing insolvency and restructuring debts. Discover practical strategies to navigate financial difficulties with confidence. #UAE #BankruptcyLaw

Landmark judgment on set-off under IBC Whether the provisions of IBC relating to Corporate Insolvency Resolution Process (CIRP) recognise the Principle of Insolvency Set-off | Interpretation of Regulation 29 of Liquidation Process Regulations, 2016- Supreme Court Coram: Mr. Justice Sanjiv Khanna and Mr. Justice S.V.N. Bhatti Case Citation: (2024) ibclaw.in 02 SC In this landmark judgment on set-off, Hon’ble Supreme Court describes five different categories to the term ‘set-off’, namely, (a) statutory or legal set-off; (b) common law set-off; (c) equitable set-off; (d) contractual set-off; and (e) insolvency set-off and interprets various provision related to set-off and #IBC. The summary of this landmark judgment is divided in following points: A. Meaning of set-off and types and principles of set-off B. Analysis of the provisions of #IBC relating to set off C. Insolvency set-off under #Liquidation Regulation 29 and Mutual dealings D. Principle of pari passu E. Application of Insolvency set-off to the Corporate Insolvency Resolution Process (CIRP) F. Other provisions of the Code do not also support principle of insolvency set-off G. Conclusion Read here COMPLETE Summary of this judgment: https://lnkd.in/gySw_K9J

🚄 Yesterday I made my way to JMW Solicitors LLP in Manchester to learn about Employee Ownership Trusts (EOTs) as well as other types of business finance structures and meet some new connection's #business #networking #finance