Latest News & Articles - archive

BHS Enters Administration

Well known high street store BHS enters Administration. 

Posted on 25 April 2016

Update on Insolvency Practitioners Loss of No Win No Fee

Shadow Justice Minister, Christina Rees tabled parliamentary questions on behalf of R3, the body which looks after the interest of Insolvency Practitioners.

Posted on 22 March 2016

Insolvency Profession Disappointed Over Loss of 'No Win No Fee'

Insolvency Practitioners and R3 have expressed disappointment with the government's decision to end the exemption for insolvency litigation from the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO).

Posted on 20 January 2016

Debt Advice Firm Director Banned

The boss of a so called debt management company, Marketing and Lead Generation Limited (MLG) trading as One Debt Solution, fined £330,000 and disqualified as acting as a company director for 11 years.

Posted on 13 January 2016

Byrne Association with Kirk Byrne

Byrne Associates are excited to announce that we are working in association with Kirk Byrne in order to provide the highest standard of Rescue, Recovery and Insolvency services for both clients and their professional advisors.

Posted on 11 January 2016

Payday Lender Cash Genie in Liquidation

Payday lender which owed 1,000's of customers compensation has gone into Liquidation.

Posted on 7 January 2016

Medium Sized Firms Most at Risk of Insolvency

Research based on R3's Businesses Distress Index claims to have found that 14% of medium-sized firms (employing 50 to 250 staff) were owed money by an insolvent company in 2015.

Posted on 5 January 2016

Entrepreneurs Relief and Insolvency

Entrepreneurs Relief which is a scheme available to directors who own 5% or more of a company and entitles them to a reduced, 10% tax rate on capital gains up to a lifetime limit of £10m. The relief could save entrepreneurs up to £1.8m of capital gains tax on disposal of £10m shares.

Posted on 3 December 2015

Redundancy/Insolvency 'Workable Solution'

R3 the trade body for the Insolvency Profession has criticised the government's response to its own call for evidence on consulting on redundancies in insolvencies for failing to provide a workable solution.

Posted on 25 November 2015

HMRC to Close 137 Offices

HMRC have revealed plans to close 137 regional offices and open 13 new regional tax centres.

Posted on 18 November 2015

Pre-Pack Administration Reforms

Phillip Sykes president of R3 has commented on the recently announced reforms to 'Pre-Pack administrations' which includes introduction of a pool of business experts to review 'connected party' pre-packs, "The package of reforms is an important development for the UK's Businesses".

Posted on 11 November 2015

Insolvencies Continue to Decline

Figures released by The Insolvency Service show a reduction in the level of all types corporate insolvency.  

Posted on 5 November 2015

FCA to Set Spring 2018 Deadline For PPI Claims

The Financial Conduct Authority (FCA) is set to bring to an end on of Britain's biggest financial mis-selling scandals, that of the mis-selling of Payment Protection Insurance (PPI).

Posted on 4 November 2015

Late Payment Behind £2.5bn VAT Arrears

According to an article in Insolvency News, a lender claims that UK Businesses now owe almost £2.6bn to HMRC in overdue VAT this being despite an improving economy.

Posted on 2 November 2015

Case Studies

Read our Case Studies and see how Byrne Associates have helped both company directors and individuals.

Posted on 27 October 2015

1 in 5 Businesses To Struggle With a Rate Rise

According to research by the R3 businesses are brushing off the prospect of a rate rise but 1 in 5 would struggle with a 1 percentage point rise, 2 per cent 'serious' difficulty.

Posted on 21 October 2015

Torquay Named as Britain's Insolvency Hotspot

According to information provided by Experian, Torquay has the dubious honour of being named Britain's Insolvency Hotspot followed closely by Plymouth. Interestingly the top five insolvency hotspots are all seaside towns or cities.

Posted on 19 October 2015

Bankruptcy Changes

Changes to the insolvency regime could mean fewer bankruptcies.

Posted on 13 October 2015

Personal Insolvency Statistics

The Insolvency Service have released personal insolvency statistics for 2014, broken down by gender, age and religion.

Posted on 17 August 2015

Debt Management Firms Still Failing Consumers

According to the Financial Conduct Authority (FCA), Debt Management Firms are still failing Britain's most vulnerable.

Posted on 1 July 2015

Student Lets Bristol, Investment Opportunity

Opportunity to purchase an investment property opposite the BRI in the heart of Bristol which is ideally suited for student accommodation.

Posted on 18 June 2015

Company Strike Off, When is The Procedure Appropriate

When a Limited Company is no longer required then as director you are faced with the decision of how to 'get rid' of the company.

Posted on 15 June 2015

Job Risk At Local Ladder Manufacturer

According to the Weston Mercury, local manufacturing firm, Titan Ladders Limited, is to enter administration leaving the future of the company's 44 staff in the balance.

Posted on 10 June 2015

Recruiting Senior Insolvency Administrator

Byrne Associates are currently recruiting for a senior insolvency administrator to be based in our Bristol office.

Posted on 9 June 2015

Unlicensed Debt Advisor's, Be Aware!

In recent years, the economic uncertainty caused by the recession has allowed an entire market of unregulated and unqualified advisors to thrive. Although such advisers claim to have your best interests at heart, in order to attract custom, they often make wild and unsubstantiated claims as to what they can do.

Posted on 3 June 2015

Small Firms Have Little Faith in Prompt Payment Code

Research published by the Small Business Federation (FSB) has revealed the scale of the UK's late payment culture and has suggested the need for an independent inquiry before the end of the year.

Posted on 1 June 2015

FCA List Debt Advisor's To Avoid

The Financial Conduct Authority (FCA) website contains useful warnings for consumers regarding activities of both persons regulated by the FCA and those who should be but are not!   Most importantly firms to be avoided.

Posted on 27 May 2015

R3, Why Insolvency Matters

R3, the trade body which represents the insolvency industry, has launched of its report 'Why Insolvency Matters'.

Posted on 26 May 2015

Debt Management Firms Stopped By FCA

The Financial Conduct Authority (FCA) has stopped three debt management firms from offering debt advice services.

Posted on 21 May 2015

UK Deflation

According to the Office for National Statistics, this is the first time that the Consumer Price Index (CPI) has been negative since the 1960's  

Posted on 20 May 2015

Interest Rates Rise On The Horizon

UK Interest rates have been held at 0.5% for another month by the Bank of England. However, interest rates may be on course to rise in the second quarter of next year as growth slows and wages show only moderate increases.

Posted on 19 May 2015

Is The Government Propping Up a Stagnant Economy?

Interesting article by economist Phil Mullen on his view that the government is supporting the 'zombie' economy. 

Posted on 13 May 2015

Insolvency Figures For First Quarter of 2015

The Insolvency Service has released insolvency statistics for the first quarter of 2015 confirming the downward trend in the number of corporate and personal insolvencies.

Posted on 7 May 2015

UK Recovery Remains Fragile

According to the Office for National Statistics (ONS), in the last quarter, the UK economy grew by only 0.3%, the slowest rate for 2 years.

Posted on 29 April 2015

Can Payday Lenders Survive

According to an article on the BBC website, one of the best known payday lenders, Wonga, has announced losses of £37.3m for 2014 with expected further losses for 2015.

Posted on 27 April 2015

Insolvency Litigation Exemption

Campaigning by R3 has led to an extension of insolvency litigation from the 2012 Legal Aid Sentencing and Punishment of Offenders Act 2012 (LASPO). The Act would have prevented recovery of costs in cases brought by insolvency office holders funded by condition fee arrangements (CFA's).

Posted on 22 April 2015

Collective Redundancy Consultation

Following a government report into the collapse of City Link and its failure to consult with redundant employees, The Department for Business, Innovations and Skills (BIS) has issued a call for evidence.

Posted on 21 April 2015

Take Our On-line Solvency Test

Take our simple On-line Solvency Test and see if you would benefit from speaking to our expert Insolvency and Business Restructuring Team.

Posted on 16 April 2015

Redundancy Payments Going On-line

Employees made redundant as a result of an insolvency can now make their claim online from the Redundancy Payments Service (RPS) for any monies due in respect of unpaid wages, holiday, notice and redundancy.

Posted on 15 April 2015

"Liquidation" is Not a Dirty Word

Liquidation [lik-wi-dey-shuh n] n. The process of terminating the affairs of a business by realising its assets to discharge its liabilities…

Posted on 14 April 2015

Jackson Reforms

R3 article on the Jackson Reforms: the impact of changes to insolvency litigation on HMRC and business.

Posted on 9 April 2015

Link to R3 Creditor Insolvency Guide

Link to R3 Creditor Insolvency Guide added to Byrne Associates Resources pages.  

Posted on 8 April 2015

Investment Opportunity in Bristol

Opportunity to purchase an investment property opposite the BRI in the heart of Bristol which is ideally suited for student accommodation.

Posted on 7 April 2015

No Bankruptcy If You Have a Pension

Individuals are to be prevented from applying for a Bankruptcy or Debt Relief Order if they have a pension that could clear their debts according to new guidance from the Insolvency Service.

Posted on 7 April 2015

A Popular Liquidation?

Claim company Direct Assist goes into liquidation after receiving an £80,000 fine for nuisance calls.

Posted on 2 April 2015

UK Economy Growth Exceeds Expectations

The UK has beaten growth expectations for the 4th quarter of last year.

Posted on 2 April 2015

More Under 25 Seek Help With Debt

According BBC Newsbeat website, a national debt charity has seen an increase in under 25's are seeking debt advice.

Posted on 1 April 2015

Mortgage Competition Pushes Interest Rates to New Low

The average cost of a two year fixed rate mortgage for borrowers who have a 25% deposit has fallen below 2% for the first time. Borrowers with at least a 35% deposit are now able to find deals at less than 1.25%! 

Posted on 31 March 2015

Employment Rights Limits Rise

The limit for Employment Rights payments is to rise from £464 to £475 as of 6th April 2015. 

Posted on 25 March 2015

Insolvency Practitioners for Devon & Cornwall

Did you know that Byrne Associates have had offices in Devon and Cornwall for more than 20 years and in that time have provided insolvency and business recovery services to thousands of companies and individuals.

Posted on 25 March 2015

UK Rate of Inflation falls to Zero

UK Inflation fell to 0% in February, the lowest level since records began. Read more at the BBC.

Posted on 24 March 2015

Government Announces Clampdown on Corporate Tax Evasion

Companies which aid tax evasion are to face penalties as part of plans announced by the Chief Secretary to the Treasury, Danny Alexander.

Posted on 24 March 2015

City Link Failure Exposes Insolvency Flaw

A joint report from two parliamentary committees has concluded that the current insolvency system favours investors over employees. It also said that with respect to the administration of City Link, the company took a "deliberate decision" not to inform employees of its likely failure. 

Posted on 23 March 2015

Creditors Checklist

R3 have produced a useful checklist so that creditors in an insolvency procedure can insure that they have received and if necessary complet and returned all of the correct paperwork to the Insolvency Practitioner. 

Posted on 11 March 2015

R3 Creditors Website

R3: Association of Business Recovery Professionals have created a website specifically aimed at businesses who are owed money in an insolvency.

Posted on 10 March 2015

Liquidation Is Not A Dirty Word

Liquidation [lik-wi-dey-shuh n] n. The process of terminating the affairs of a business by realising its assets to discharge its liabilities…

Posted on 5 March 2015

Another Call for Late Payments Legislation

Director of a South Wales timber frame specialists makes an emotional plea for the Government to accelerate the forthcoming Late Payment Legislation to protect firms from being forced out of business through late or non payment.

Posted on 4 March 2015

HMRC Accelerated Payments Notices

HMRC Accelerated Payment Notices (APN's) which force the tax payer to handover disputed tax within 90 days of issue of the notice. 

Posted on 19 February 2015

Government Considering Entrepreneurs Relief

With the government is struggling to make savings, Entrepreneurs Relief has come under scrutiny as its cost to the Inland Revenue have increased from £475m in 2007-8 to £2.9bn in 2013-14.    

Posted on 18 February 2015

Birmingham City Owners in Receivership

According to the BBC, The Company that owns Birmingham City Football Club has gone into Receivership.

Posted on 17 February 2015

Inflation at a Record Low

UK inflation has fallen to a record low of 3% helped by cheaper oil and food prices. 

Posted on 17 February 2015

Rise in Court Fees May Lead to More Insolvencies

Concerns have been expressed by senior judges to the proposed dramatic increases in court fees in some cases by 600%

Posted on 17 February 2015

Online MVL's Fees, Don't Believe all You Read!

With the gaining popularity of the Members Voluntary Liquidation (MVL) as an tool with which to efficiently extract capital from a solvent Ltd company, a number of 'MVL' providers, both traditional IP's and those online, have sprung up. Often the advertisements for their services are accompanied by promises of astonishingly low headline 'fixed' fees.    

Posted on 12 February 2015

Failing Companies Given a Lifeline

Failing companies to be given protection during business restructuring procedures by way of a new Government guarantee to be implemented in October 2015.

Posted on 11 February 2015

Byrne Associates Newton Abbot Office, Devon

Byrne Associates Newton Abbot office provides formal insolvency and business recovery services to businesses across Devon from our premises at 2nd Floor, 9 Market Street, Newton Abbot, Devon, TQ12 2RJ

Posted on 11 February 2015

An Upside to Credit Cards

We are always being told to avoid credit cards.

Posted on 10 February 2015

Solvent Liquidation / Group Re Structuring

The Members Voluntary Liquidation (MVL) or solvent liquidation is the perfect insolvency tool with which to cost effectively and tax efficiently restructure group companies.

Posted on 5 February 2015

Marussia F1 Team to Exit Administration

Marussia F1 Team who were placed into Administration in October 2014, are set to exit administration of 19th February via A Company Voluntary Arrangement (CVA). It is hoped that the team will be ready in time for the first race of the 2015 F1 season.

Posted on 5 February 2015

Action to Stop Big Companies Squeezing Life Out of Small Companies

Article in the Telegraph, The Government is to take further steps to stop big companies "squeezing the life" out of small suppliers.

Posted on 4 February 2015

Byrne Associates, Insolvency Practitioners, Plymouth Office

Byrne Associates, Insolvency Practitioners in  Plymouth, provide formal insolvency and business recovery services to businesses across Devon and Cornwall from our office at 1st Floor Unit 5c, Plympton Park, Bell Close, Plympton, Plymouth, PL7 4AA.

Posted on 4 February 2015

See How We Can Help, Take Our On-line Solvency Test

How do I Know if my company is Insolvent?

Posted on 3 February 2015

Consumer Debt Reaches Severn Year High

According to an article in the Guardian, the £1.25bn increase in unsecured borrowing in the form of credit cards, loans and overdrafts, last November represented the biggest rise since February 2008.  

Posted on 2 February 2015

Food Suppliers Risk Collapse

According to a report prepared by a firm within the Insolvency Industry, more than 100 food suppliers may be forced out of business as supermarkets cut prices in an effort to retain customers. The number of firms in "significant distress" is said thought to have nearly doubled in the last quarter of 2014.

Posted on 26 January 2015

Bankruptcy and Debt Relief Changes

The government plans to make access to debt relief easier for financially vulnerable people.

Posted on 21 January 2015

Marussia F1 Team Administration Deal

Marussia F1 Team who entered administration at the end of the 2014 season look set to be on the brink of a deal that could see them back in F1 in time for the 2015 season. 

Posted on 20 January 2015

Don't Trust Unqualified Advisor's

We have posted the following article previously. However, it cannot be stressed enough that you should never trust unqualified and unregulated persons masquerading as so called 'Business Recovery' or 'Insolvency Experts' to handle your personal or business affairs as to do so is likely to give inappropriate advice and would at least severely limit the rescue procedures available the majority of which are only available to a Licensed Insolvency Practitioner.   

Posted on 14 January 2015

Small Companies Locked Out of Creditor Meetings

R3 The Association of Business Recovery Professional continue to speak out against the government's proposal contained within the Small Business, Enterprise and Employment Bill, to abolish the power of the Insolvency Practitioner to call a physical creditors meeting and has meet with the Insolvency Service to discuss these concerns further.

Posted on 12 January 2015

City Link Courier in Administration

The announcement on Christmas Eve by the courier firm City Link that it was to be placed into Administration has left employees, sub contractors and creditors in a state of shock.

Posted on 7 January 2015

Ricky Gervais Members Voluntary Liquidation

Comedian Ricky Gervais star of hit TV series The Office has received £6.1 million after using a Members Voluntary Liquidation (MVL) to efficiently close down and extract the capital in his TV production company, Red Lion 90 Limited.

Posted on 5 January 2015

R3 Winners at PRCA Public Affairs Awards

Congratulations to R3 the Association of Business Recovery Professionals, who have won In-House Team of the Year at the PRCA's inaugural Public Affairs Awards.

Posted on 17 December 2014

Byrne Associates ACCA Quality Checked Firm

Byrne Associates are an ACCA quality Checked Firm.

Posted on 16 December 2014

R3 Association of Business Recovery Professionals

Alison Byrne has for a number of years sat on R3 Policy Committee and the R3's Council.

Posted on 11 December 2014

Why you should use a Licensed Insolvency Practitioner

Great article in Bdaily written by an Insolvency Practitioner on the introduction in the 1980's of the regulation of Insolvency Practitioners.

Posted on 8 December 2014

Happy 150th Birthday to The Clifton Suspension Bridge

The Iconic Clifton Suspension Bridge has celebrated its 150th Birthday with a fireworks display the likes of which the city has not seen before. 

Posted on 8 December 2014

Update to Chancellors Autumn Statement

The Chancellor made his "mini-budget" Autumn Statement. As anticipated there have been some concessions to business and in particular to Small and Medium Enterprises (SME's).   

Posted on 3 December 2014

Chancellors Autumn Statement To Support Businesses

According to the BBC, the Autumn Statement to be delivered at lunchtime today by the Chancellor, George Osborne, is expected to announce future tax and spending plans and which includes additional support for small businesses (SME's).

Posted on 3 December 2014

Can my Bankruptcy be Cancelled

If you have been made bankrupt on the petition of a creditor you may be keen to avoid the more punitive elements of the bankruptcy regime by seeking Annulment of the Bankruptcy Order. 

Posted on 26 November 2014

Caterham F1 Team Ask Fans For Help

Caterham F1 team who entered administration in October of this year have asked fans to donate £2.35m in a week to help compete in the final race of the season in Abu Dhabi. 

Posted on 20 November 2014

Byrne Associates New Website

Byrne Associates are proud to announce their new website providing professionals, company directors and individuals with an easy to navigate Insolvency resource.

Posted on 13 November 2014

See How We Have Recently Helped Save Businesses In Our Case Studies

A dental laboratory in Exeter, established in 1964, produced prosthetics, crowns and orthodontics to surgeries and laboratories throughout the UK and Ireland in addition to dental schools and hospitals.

Posted on 12 November 2014

Payday Lenders Charges Capped

The UK's Financial Conduct Authority (FCA) has confirmed a cap on payday loans at 0.8% of the amount borrowed with the maximum repayable capped at equivalent of twice that of the loan and further that the default charges be capped at £15.

Posted on 11 November 2014

HMRC Debt Repayment Level To Increase From April 2015

From April 2015 HM Revenue & Customs (HMRC) will be increasing the amount of money that it can take through PAYE to settle tax debts.

Posted on 10 November 2014

Former England International Footballer David James to Auction Football Memorabilia

According to a BBC article, former England goalkeeper David James who was declared bankrupt in May this year is to sell of hundreds of items of football memorabilia collected over his career.

Posted on 5 November 2014

Clarification Of Law Regarding Overtime and Holiday Entitlement May Pile More Pressure on SME's

In a decision published on 4th November 2014, the Employment Appeal Tribunal has clarified aspects of an ongoing dispute over calculation of holiday pay.

Posted on 4 November 2014

Implications of HMRC's Real Time Information on SME's

Many Small Medium Enterprises (SME's) remain unsure of the implications Real Time Information (RTI) reporting which became mandatory as of 6 April 2013. 

Posted on 3 November 2014

Mezze Restaurant Chain in Liquidation

The well known Bristol and Somerset restaurant brand Mezze who's flagship restaurant was opened last year in the White lion Pub Portishead, has been placed into voluntary liquidation.

Posted on 30 October 2014

Formula 1 Teams in Administration

Two Formular One teams have entered Administration within days of each other as the exotic world of Formular One takes its toll on cash strapped teams.

Posted on 27 October 2014

Farepak Compensation Unclaimed

More than 11,000 payments compensating the 116,000 affected by the insolvency of Swindon Based Farepak remained unclaimed according to a BBC article.

Posted on 20 October 2014

Personal Insolvencies Rise by 8%

According to an article in This is Money, The Insolvency Services personal insolvencies have risen by 8% in the last quarter. Our experience here at Byrne Associates is that the increase in personal insolvency appears not to be nationwide with the Bristol and the Southwest, so far, faring much in terms of Bankruptcy and Individual Voluntary Arrangement (IVA) numbers than the Northwest and Midlands.  

Posted on 16 October 2014

IT Providers Unaware of Insolvency Shake Up

An article on CBN's website suggests that many IT suppliers are unaware of proposed changes to Insolvency Legislation that would in effect treat them as 'essential suppliers' in the event of a client entering an insolvency procedure.

Posted on 15 October 2014