Media Articles

Tackling Personal Debt : Some Initial Thoughts

Very few people want to experience financial difficulty but it can happen quite easily and quickly, sometimes as a result of matters outwith your control e.g. redundancy, relationship breakdown or overspending at this time of year.  It is not uncommon for someone to use a traditional credit card or...

The Caring and Helpful Insolvency Practitioner

Perhaps the description above is not heard very often, but many tasks are undertaken by a licensed insolvency practitioner “IP” that, arguably at least, fall into such definition. At this time of year when we hear much about helping those less fortunate than ourselves and are exhorted to show...

PERSONAL INSOLVENCY : WHO DO I ASK FOR ADVICE?

Although one reads in the media about a lower level of unemployment than the Government had anticipated and a relatively positive economic outlook, the number of queries received by the Meston Reid & Co insolvency team “ the team “ suggests that there are plenty people who have either...

IT’S NOT ALWAYS ABOUT LIQUIDATIONS AND BANKRUPTCIES

When asked about the daily tasks undertaken by a licensed insolvency practitioner “LIP”, many would guess that they include business viability reviews, providing advice to directors, preparing reports to banks, advising individuals in financial distress, acting as administrator/liquidator or trustee, and assisting implementation of a turnaround/strategy that seeks to...

I’m not paying you Mr Liquidator : sue me!

When a liquidator is appointed to a company, a key task is to identify, value and recover assets. Where that asset is, say, a car that is not subject to finance, selling it at auction is a straightforward process. However, a large chunk of value is often reflected in...

HMRC : standing in line for payment like everyone else

My June article referred to various options for helping to deal with creditor pressure now that trading activity is resuming : always assuming that the business can source both product and staff. The view expressed was that over-stretching the business/personal cash flow programme is unlikely to prove fruitful if...

The often unreported experiences in the daily life of an insolvency practitioner

Reflecting upon 2020, one cannot deny that we have all faced interesting challenges and, as a licensed insolvency practitioner, much of my work has involved dealing with the failure of businesses in the hospitality, leisure and retail sectors, and one suspects that these will continue to experience difficulty in...

Wrongful trading is back should I be worried?

When the Insolvency Act 1986  became the principal law applicable to corporate insolvency in April 1986, there was much discussion around section 214 because it introduced the concept of wrongful trading in the form of personal liability falling upon a director in respect of certain unpaid company debts in...

Delinquent directors – the long arm of the law may become a little longer

A large number of people in Scotland operate as either a sole trader or partnership, preferring the flexibility compared with a limited liability company or LLP.  All types of trades and professions have self-employed people, and we have all read media reports of complaints that the level of Government...

Dealing with creditor pressure until normality returns

A large number of people in Scotland operate as either a sole trader or partnership, preferring the flexibility compared with a limited liability company or LLP.  All types of trades and professions have self-employed people, and we have all read media reports of complaints that the level of Government...