Following the news that Agent Provocateur went into administration, with an immediate “pre-pack” sale of the business and assets to a buyer backed by Mike Ashley, it has emerged that unsecured creditors are likely to receive 2.9 pence for every pound they are owed.
The luxury lingerie business Agent Provocateur was sold for around £30m last week by its private equity owners 3i, in a controversial pre-pack administration to Mike Ashley, the billionaire behind Sports Direct.
Vernon Dennis explains why, despite the UK tax gap being at a record low, HMRC has placed SMEs in its crosshairs as a way of reducing it even more.
On 6 April 2017, a new set of insolvency rules will hit the UK. Many people reading this may think this will be of little significance to them, but that’s not the case.
Writing exclusively for Real Business, Jan Cavelle will be chronicling the events and moments that led to her manufacturing business going into insolvency.
What happens if you have a financial claim against a person or company who turns out to be insolvent? If it has liability insurance then a new piece of legislation may make it easier to recover your losses.
It serves as the centrepiece at the heart of the government's commitment to make the UK the best place in the world to start and grow a business – the kind of vintage glass of port at the end of a meal it hopes people will be waxing lyrical about in the future. But what exactly is in the Small Business Bill – Real Business has had a look.
While the right amount of growth is a good thing for almost any business, too much growth – or more specifically, too much growth too quickly, can be a serious threat to your business’s financial solvency.
According to recent statistics from the Insolvency Service, over 3,000 company liquidations took place in England and Wales during the third quarter of 2014. It may be the case that a number of these businesses were purchased either before liquidation or shortly thereafter but it is fair to assume that within these statistics, a fair proportion of businesses that offered attractive products of value have been let down by poor management or cashflow problems.
The high street was dealt another blow yesterday as Phones 4U, the mobile retailer, is set to go into administration after its last remaining major network partner, EE, pulled out.
Has the recession caused an increase in haggling over price? John Harlow, director at John Harlow Insolvency, thinks the answer is a resounding 'yes.'
A government review aims to improve the rules governing Insolvency Practitioners to help businesses get a better deal, particularly for unsecured creditors that lack control over the cost of the process.