October 2015 has seen some significant changes to the UK Insolvency regime by way of changes to the Insolvency Act, Insolvency Rules and the professional guidance by which we operate.

Many of these changes are seen as good, some not so good and other remain entirely to be seen - how the legislators envisaged some of the provisions panning out is really not that clear, which means 2016 is probably going to be rather interesting. 

So, from a creditor’s perspective, what’s the big deal?

Read more ...

PCR are pleased to announce the launch of a new regional office in Milton Keynes! Although we were already operational in the Beds, Bucks and Herts area, this new office will give us the capability to focus on Milton Keynes and Northamptonshire from our centrally located office on Midsummer Boulevard.

Read more ...

Partner Sam Talby explains the tax benefits of using a Members’ Voluntary Liquidation (MVL) to close a solvent company.

The owners of a solvent company might want to call time on it for a variety of reasons including:

• Retirement of the main owner/manager of the company.

• Family owned business where some of the subsequent generations wish to continue with the business and others wish to extract their share.

• A Reconstruction of the company is required to return excess capital to shareholders as capital rather than as dividend thus avoiding high rates of income tax.

The above can be achieved through a Members’ Voluntary Liquidation (‘MVL’) and this article will confine itself to the tax treatment of company assets on dissolution principally through MVLs.

Read more ...

It has been a focus of governments over many years to tackle the late payment of debts by customers. Whilst some of the innovations, including the ability to impose interest on late paid debts, have assisted in a minor way, these methods do not take into account the commercial realities faced by most small businesses.

Let’s face it, if your customer is a large company and key to your business, you are unlikely to take aggressive recovery steps if they pay their bills late as you would, quite rightly, be concerned at losing their business. This can then entail seeking financial products to bridge the payment gap, thereby reducing your profit margins. This, combined often with competitive tendering for some contracts, can even force some businesses to the brink of insolvency.

Read more ...

The number of residential care home occupants currently stands at 426,000, according to Laing Buisson’s recent statistics. Those over 65 years of age make up 405,000 of the total; a figure which could reasonably be expected to rise given our ever increasing life expectancies. However, many care homes are now under severe financial pressure, and with up to a third facing the threat of insolvency, serious consideration needs to be given to the future of the care industry.

Staffing is the largest cost for care homes, amounting to roughly two thirds of total expenses. The industry has come under pressure in recent years due to reports of inadequate care and even abuse of patients, however filling rotas with competent staff is not an easy task. NHS training places for nurses have been reduced in the past 2 years, and currently no programme exists to enable care workers to train within the care homes themselves to become qualified nurses. The industry is therefore failing to attract enough young and career driven trainees, and is generally populated with staff and nurses who are considerably older than those in hospitals. Furthermore, establishments are increasingly forced to rely on more expensive agency workers to fill the gaps, increasing the overall staff costs.

Read more ...

All contents Copyright © PCR (London) LLP unless otherwise noted. None of the elements on this website may be reused without permission.