More Insolvencies expected to follow Carillion’s demise

The effect of the collapse of Carillion, the Goliath construction company which won the Government’s HS2 Project, and which also managed infrastructure schemes, military contracts, hospitals and schools leaves shockwaves in the construction industry which are yet to settle. The enormity of its demise is all too clear; Carillion employed approximately 20,000 and it is estimated its debts to ordinary creditors exceed £900M and had a pension deficit of approaching £600M. As with any large-scale liquidation the knock-on effect [...]

Stripes Solicitors has been recommended as a Leading Law Firm in the Legal 500 2017 UK results for the North West

We are delighted to announce that we have been recommended as a Leading Law Firm in the North West region in the 2017 edition of the Legal 500. The Commercial Debt Recovery team celebrate their tier 2 ranking with many of our lawyers  achieving the status as “Leading Individuals” for their expertise within their field. The results released today commend Stripes for our “insight, quality and speed of service” and “keeping clients fully informed of progress throughout the process”. The Legal 500 [...]

SMEs in Manchester are least affected by late payments

Overdue invoices or late payments are a bug bear most small to medium-sized enterprises (SMEs) have to encounter.  However, according to research from the cloud accounting platform FreeAgent, Manchester is the least affected region to be plagued by late payments compared to the rest of the UK.  FreeAgent revealed that more than three-quarters of the invoices (79%) sent in Manchester last year were paid on time, placing the city well above the UK average. The issue of late payment [...]

Consumer debt judgments at an all time high

Between January and March 2017, county court judgments (CCJs) against consumers have reached the highest total for more than a decade, as creditors issued claims over smaller debts. In the first quarter, 298,901 debt judgments were registered against consumers in England and Wales, a noticeable rise of 35 percent compared to that of the same period in 2016. The average value of a consumer CCJ fell for the eighth consecutive year, dropping nearly 20 percent in the first quarter (year-on-year) to [...]

Court Fee Concern As Record Low For CCJs.

The number of County Court Judgments against businesses has fallen, according to the Registry Trust’s latest figures, increasing speculation that higher court fees are preventing businesses from accessing court procedures to recover debts.   The number of CCJs against businesses in England and Wales fell by 21% from 99,670 to 78,739 in 2016 – the lowest on record.   Registry Trust chair, Malcolm Hurlston CBE, said the continuing reduction suggested that businesses have been managing their debts better since the vote to leave [...]

New Duty To Report Regulation is updated and will come into force from April 2017

An updated set of draft regulations that specifically requires large companies in the UK to disclose their payment practices has been recently published and the legislative measures are intended to come into force as from April this year. The new 'Duty to Report' will lead to much greater transparency of the payment practices of the country's large companies and limited liability partnerships (LLPs). They will be required to publicly report twice yearly on their payment practises and performance, including the average time taken to [...]

FCA’s proposed rules for the secondary annuity market published today

The Financial Conduct Authority (FCA) has today published a consultation on its proposed rules and guidance for the secondary annuity market. The Government has confirmed that buyers and brokers in this market will need to be authorised by the FCA. The FCA has proposed that brokers must set out their charges upfront and agree them with the consumer selling their annuity, rather than being paid by commission from firms acting as buyers. In order to help consumers judge the value of their [...]

HSBC launch £10 billion UK SME lending fund today

HSBC has today launched a £10 billion lending fund to support small and medium-sized enterprises (SMEs) in the UK. The fund is the largest package of support to be announced by HSBC for SMEs in the UK and has been introduced to meet growing demand. It is structured in a way to make banking more affordable and 'user friendly' enabling businesses accross England, Wales, Scotland and Northern Ireland to access funds as their businesses develop. This latest announcement follows a [...]

Success Fees on a new CFA and ATE no longer recoverable

From 1st April 2016 success fees on a new conditional fee agreement and new ATE premiums are no longer recoverable. Insolvency Practitioners (IPs) will be faced with non recoverable ATE policies/bonds to avoid adverse costs and applications for security thereafter. Many smaller litigation and debt collection cases will prove uneconomic to run. As a result the current estimated £160m per annum recovered from negligent and fraudulent Directors will fall. <strong>ACT NOW IN THE INTEREST OF YOUR CREDITORS BEFORE IT IS TOO LATE. </strong> Stripes offer [...]

Insolvency News – Personal Insolvencies have reached their lowest point in years.

According to the latest official figures released by the Insolvency Service, Personal Insolvencies have reached their lowest point in ten years. A total of 79,965 personal insolvencies were recorded in 2015, marking the lowest annual total since 2005 according to the insolvency data and they were down by nearly one fifth compared with 2014. The official personal insolvency figures are made up of three types of insolvency: Bankruptcies – often seen as a last resort. There were 15,797 bankruptcy orders last year. The [...]