Amidst the demise of the steel industry, the struggles of SSI, Caparo and Tata have been dominating local headlines; just this week we have heard that Tata is planning to shed another 1050 jobs. The outlook perhaps seems somewhat bleak for industry in the North East. However, recent statistics are showing that the North East has other strengths, with four in particular showing promise:

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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?

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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.

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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.

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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.

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