Industry News
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On Your Marks, Get Set, Go!
What great fun! Thank you to everyone that came and made our go karting day a success. It was great to see you all there putting your best driving skills forward and challenging to become winners. The ...

What great fun! Thank you to everyone that came and made our go karting day a success. It was great to see you all there putting your best driving skills forward and challenging to become winners. The Three Sisters in Wigan was a great track for all to race around, with three racers doing particularly well and our MD Andy Rosler finishing a respectable 8th.

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ICS Christmas Drinks 2015!
We would like to thank everyone that came to our Christmas Drinks event last week. It was an enjoyable evening which was well attended. Everyone enjoyed the entertainment, the singer and magician crea ...

Christmas Drinks

We would like to thank everyone that came to our Christmas Drinks event last week. It was an enjoyable evening which was well attended. Everyone enjoyed the entertainment, the singer and magician created a great atmosphere. It was lovely to see so many of our clients and contacts, celebrating a successful year and we look forward to seeing many of you again next year!

Christmas Drinks 2

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Is a CVA (Company Voluntary Arrangement) the right choice for you?
Do you understand the implications of a CVA? If your business is struggling you may have considered moving forward with a Company Voluntary Arrangement (CVA), this is often a suitable choice for Dire ...

Do you understand the implications of a CVA?

If your business is struggling you may have considered moving forward with a Company Voluntary Arrangement (CVA), this is often a suitable choice for Directors and can help a business get out of a sticky situation but sometimes it may not be the best choice for you.

Therefore it is important that you understand all of the implications that come with a CVA and the likely consequences that may affect your future trading capability.

Disadvantages of a CVA…

  • Creditors/ suppliers may begin to require cash upfront
  • Some suppliers may try to increase their prices, or re-negotiate credit terms voiding previous agreed discounts in an attempt to regain debts owed to them.
  • A creditor owed 25% or more of the debt may be able to dictate terms limiting what may be available to you
  • It effects the company’s credit rating
  • It does not bind secured lenders
  • A CVA will only work if the company is inherently profitable
  • It can take time to achieve. CVAs will run for 3-5 years
  • At least 75% by value of creditors have to agree
  • Companies operating under a CVA may be issued a VAT bond by HMRC. This is where VAT has to be paid up-front, causing cash-flow problems for businesses and often leading to the need for specialist loans.
  • Many Directors who had previously paid themselves by way of a dividend payment can no longer do this; thereby significantly impacting on their personal tax liabilities.

Other options that may be available…

At Ideal Corporate Solutions we offer a number of business finance solutions which could provide an alternative solution to a CVA. Depending on your situation you could apply for one of the following:

Invoice Finance
Asset Finance
Business Loans
Bridging Finance & Credit Lines

If you would like more information on CVA’s or other options that may be available to help your business contact the team at ICS today on 0800 731 2466

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On Your Marks, Get Set, Go!
What great fun! Thank you to everyone that came and made our go karting day a success. It was great to see you all there putting your best driving skills forward and challenging to become winners. The ...

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What great fun! Thank you to everyone that came and made our go karting day a success. It was great to see you all there putting your best driving skills forward and challenging to become winners. The Three Sisters in Wigan was a great track for all to race around, with three racers doing particularly well and our MD Andy Rosler finishing a respectable 8th.

T1

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Female First owner bought out of administration
We were recently appointed as administrator for First Active Media, and were able to save jobs by helping the management team buy out the assets. Read about it here http://www.insidermedia.com ...

We were recently appointed as administrator for First Active Media, and were able to save jobs by helping the management team buy out the assets. Read about it here http://www.insidermedia.com

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R3 introduce new website for Creditors
R3 the Association for Insolvency Professionals have recently launched a new website for creditors. The website provides unsecured creditors with a step-by-step guide for the insolvency process. It w ...

R3 the Association for Insolvency Professionals have recently launched a new website for creditors.

The website provides unsecured creditors with a step-by-step guide for the insolvency process. It will be particularly helpful for small businesses that are often unfamiliar with the insolvency process.

Creditor engagement is important to ensure a strong, fair and trusted insolvency regime and R3 has been working closely with creditor representative groups and the government to find ways to improve transparency, understanding and confidence in the insolvency process for unsecured creditors.

So if you are a creditor looking for guidance on insolvency and how it affects you then visit the website at www.creditorinsolvencyguide.co.uk

If you have any questions or would like to discuss further please contact one of our team today on 0800 731 2466

 

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Committee members running struggling clubs are now better protected and have more choice under new regulations.
How does this help clubs with financial worries? Registered Societies now have the benefit of recovery options of the Insolvency Act. This means there are more ways we can help clubs to recover, manag ...

How does this help clubs with financial worries? Registered Societies now have the benefit of recovery options of the Insolvency Act. This means there are more ways we can help clubs to recover, manage creditors and achieve maximum value for their assets and distribute funds back to members. If you are running a club that is struggling financially you have more options than ever before including CVA’s and Administrations; whereas previously only compulsory liquidation was available for an insolvent Society.

A CVA: Company Voluntary Arrangement can offer formal protection for viable clubs concerned about their current liabilities and who are struggling to negotiate revised payment terms. If a club has some surplus income or assets to offer to existing creditors, a CVA may be an appropriate course of action to consider. This is a process whereby a club in financial trouble seeks to reach a binding agreement with creditors in relation to the payment of all or part of its debt within a stipulated period of time. CVA’s must be arranged and supervised by a licensed insolvency practitioner such as ICS. This solution provides the club with the space it needs to manage its own affairs without having to deal with the immediate threat posed by creditors. Click here for more information and benefits of an approved CVA.

Administration is a formal insolvency procedure which can be used as a tool to rescue a club that is having financial problems. An administration may restore the club’s viability and save it as a going concern, protect the club from its creditors whilst it tries to come to an arrangement, or may help realise the club’s assets for the benefit of any secured and preferential creditors. To find out more about Administration please click here

The most important thing to do is to seek advice from a licensed Insolvency Practitioner as early as possible to give your club the time to seek advice and support for the best solution to meet their requirements.

The legal bit explained? From  1  August 2014 following regulatory changes Industrial and Provident Societies ceased to exist they are now all known as Registered Societies and they must be either a Co-op Society or Community Benefit Society.’

The legislation related to Friendly Societies differs from Registered Societies, if you are managing a Friendly Society which is struggling financially please contact the ICS team for Specialist Advice on the different range of options available to you.

Why is it important to make Committee Members aware of their ‘Directors’ duties? Committee Members of Registered Societies are considered Directors and are therefore, under the new legislation, subject to the Companies Director Disqualification Act and as such should take their responsibilities as seriously as though they were Directors of Companies registered at Companies House.

ARE YOU A MEMBER OF A LONG-STANDING CLUB / SOCIETY STRUGGLING FINANCIALLY? We can help you. Contact ICS today to talk to a specialist Advisor who can help you understand the options you have to manage your financial situation, supporting you to get the best solution for your Society and its Members.

FIND OUT MORE ABOUT HOW ICS HELPED KESWICK LABOUR CLUB

CLUBS STRUGGLING FINANCIALLY CAN GET HELP AND GUIDANCE FROM ICS

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IS IT TIME TO PAY?
When it comes time to pay Corporation Tax lots of businesses can’t because the money has already been spent! HMRC wants its money and is promptly issuing legal proceedings. The payment can have a s ...

When it comes time to pay Corporation Tax lots of businesses can’t because the money has already been spent!

HMRC wants its money and is promptly issuing legal proceedings. The payment can have a clocksevere effect on your cash flow for the rest of the year and by then, there may be arrears in both VAT and PAYE.

Time to pay arrangements can be proposed to HMRC, by working with your Accountant and licensed Insolvency Practitioner they can quickly assess if this will be a viable option for your business and help you to prepare a business recovery and Time to Pay plan that meets the rigorous scrutiny of the HMRC and will help you to resolve your debts and successfully re-build your business. Find out more about Time to Pay Arrangements click here.

Ideal Corporate Solutions provide a comprehensive range of business recovery and insolvency solutions.

ICS have a number of insolvency and business funding solutions available that can be tailored to your particular situation. By getting in touch with us, you can expect to deal with specialists who are friendly, professional and effective in what they do.

Our track record in dealing successfully with businesses facing worrying financial problems speaks for itself.  To find out more contact ICS today.

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Directors
Director Disqualification is on the increase: Do you know the facts?
The Insolvency Service are taking tougher action as the number of Directors disqualified in England, Wales & Scotland increased by 25% since last year. Figures from the Insolvency Service show th ...

The Insolvency Service are taking tougher action as the number of Directors disqualified in England, Wales & Scotland increased by 25% since last year.

Figures from the Insolvency Service show there were 1,208 disqualified directors during 2013/2014, up from 969 in 2012/2013.

In the year 2013 the Insolvency Service also increased the number of Director disqualification proceedings they issued by 19%.

A clear warning to Directors to act in accordance with their fiduciary duties and behave responsibly to creditors. This crackdown is directly in line with Business Secretary Vince Cable’s recent announcement regarding even tougher measures to tackle ‘dodgy directors’ and improve business transparency.

READ MORE ABOUT HOW DIRECTORS DISQUALFICATIONS WORK HERE….

Many company Directors don’t fully understand their duties and often turn to their Accountants for advice.  It’s vital that Accountants have a good understanding of Directors duties, including recent changes in legislation and the disqualification process to ensure they can provide the best advice and documentation to help clients and to protect their practice.

ICS are holding two free seminars for Accountants to help them understand what the Directors Duties Act means for you and your clients.

 

DIRECTORS DUTIES KNOW THE FACTS…

14th October at Holiday Inn, Bolton
AND
21st October at the Halliwell Jones Stadium, Warrington

Both events are 12pm until 2.30pm, with lunch provided

To enrol for this critical seminar, simply email us at ICSseminar@idealcs.co.uk and state which event you will be attending. (Bolton or Warrington)

 

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