The past decade has experienced a huge growth in the number of personal insolvencies – Back in 1998 there were less than 30,000 per year. In 2007 it is likely that over 145,000 will be declared insolvent. To put this in context that equates to the entire population of Oxford for the year or 400 people each and every day. This growth has given rise to many myths and misconceptions as to the reasons behind the growth. Continue reading
CVA
CVA Information
CVAs and Self Employed Businesses
Last month I described administration and how it affected Leeds United. In order to save the club from liquidation* the administrator propsed a company voluntary arrangement (CVA). Under the proposal, the club would be sold back to a consortium led by the majority shareholder Kent Bates, and the sale proceeds (after deduction of the costs of administration) would be distributed to unsecured creditors. Continue reading
Insolvency & Administration
Leeds United fans will have followed the current crisis at the club with great interest. Most football fans have heard of Administration and know that any club choosing this path will be automatically deducted 10 points. However, how many fans know exactly what it means and what are the implications? Continue reading