Recent Cases & News
We are pleased to be associated with a number of local and regional organisations and to announce office news as below. See our latest quarterly insolvency bulletins.
The latest national insolvency statistics reported by The Insolvency Service can be found using the link below.
Richard J Smith & Co are currently appointed on a number of corporate formal insolvencies including the matters detailed below.
Please contact our offices to obtain further information about these and other appointments.
General news items can be obtained from a number of websites below. The R3 magazine RECOVERY is well worth a read.
Recent Cases
Mr X (a lawyer)
Mr X whose law firm became insolvent due to government legislative changes in his field of expertise wished to continue trading as a sole practitioner. He is able to do so within a protective IVA. A significant dividend was offered to his creditors including the liquidator of his former company that allows him to continue to trade, retain his practising licence and deal with his creditors.
Mr & Mrs Y. t/a Publicans
This is a substantial partnership including a trading pub and restaurant and a number of freehold investment properties. There were significant HMRC, Bank and finance creditors. We advised the partners to propose the sale of the leasehold business within a short timeframe, which would settle unsecured creditors in full, failing which, property equity and other income would be offered as required. Contributions from business income were offered from the profit of a restructured business. Bankruptcy would have delivered a significantly lower dividend of circa 10p in the £. After negotiation with major creditors the proposals were agreed. The business is now successfully trading within a protective framework of interlocking individual voluntary arrangements.
Basic MOT Ltd (CVA)('BML')
BML trades as a garage doing servicing and MOT. The directors have struggled in the last two years due to the car scrappage scheme and illness. A substantial HMRC debt had built up and liquidation was threatened. MOT licences terminate on liquidation. On the basis of cash flow and profit and loss projections for the restructured business the directors of the company proposed to continue to trade and offer a dividend of 75p in the £ to its unsecured creditors over five years from future profit. After some negotiation the offer was accepted by the creditors.
Mr & Mrs Z. t/a Groundwork Contractors
This is a typical example of a solution to a partnership insolvency problem. Mr & Mrs Z trade as ground work contactors in the construction industry. The recession and ill health have left the partners insolvent. They have significant business assets, their home and investment properties. They have substantial HMRC, bank and finance debt. Their accountant assisted the partners in restructuring a downsized business and was able to present a profitable business plan and projections. We recommended interlocking individual voluntary arrangements to deal with their assets and liabilities. After negotiations with their major creditors including HMRC we agreed monthly contributions from their business income over a period of five years and the sale of properties providing a dividend of circa 40p in the £ to joint/partnership creditors and 15-30p in the £ to sole estate unsecured creditors. The balance of their unsecured debts will be written off.
Mrs A (a local government employee)
Mrs A is a local government employee who owns her home with her husband who is recently disabled and on benefits. She has run up considerable loan and credit card debt in stabilising their lifestyle and offered her creditors contributions from her salary resulting in a dividend of circa 40p in the £ over five years with the balance being written off on conclusion.
Lastest News
Quarterly Insolvency Bulletins
We provide below our most recent quarterly insolvency bulletins. These bulletins are sent out hard copy to our major clients and contacts including accountants, lawyers, bankers ...
Read MoreWe provide below our most recent quarterly insolvency bulletins. These bulletins are sent out hard copy to our major clients and contacts including accountants, lawyers, bankers and others. If you would like to receive a regular copy of the bulletin please do not hesitate to contact us using the form below.
8th December 2011more information(Quarter 1, 2011)
more information(Quarter 3, 2011)
more information(Quarter 2, 2011)
more information(Quarter 4, 2011)Formal insolvency appointments
Giles Frampton and Hamish Adam, partners of Richard J Smith & Co have been appointed on a wide range of corporate insolvency cases in the last twelve months including the followi...
Read MoreGiles Frampton and Hamish Adam, partners of Richard J Smith & Co have been appointed on a wide range of corporate insolvency cases in the last twelve months including the following :
- Administrators of Waycotts Ltd on 6 October 2010,
- Liquidators of Rent a Fence Ltd on 13 October 2010,
- Liquidators of Dartmoor Design Ltd on 14 October 2010,
- Liquidators of Eclipse Partnership (UK) Ltd on 20 October 2010,
- Liquidators of Riviera Roofing Ltd on 9 December 2010,
- Liquidators of County Environmental Services Ltd on 24 February 2011,
- Liquidators of CA Print & Stationers Ltd on 12 January 2011,
- Liquidators of Compatix International Ltd on 16 March 2011.
- Liquidators of Hall, Merrill & Hall Limited on 24 June 2011
- Liquidators of PR Dogs Limited on 14 July 2011
- Liquidators of Heathfield Car Recovery Limited on 18 July 2011.
- Liquidators of Connoisseur Windows Limited on 14 Octobe 2011
- Liquidators of Total Employment (SW) Ltd on 4 November 2011
- Liquidators of Plymouth Metal Fabrications Ltd on 22 November 2011
Visitors should be aware that we are appointed on many other corporate, partnership and personal insolvency matters where we are not required to publicly advertise appointments and for reasons of confidentiality we do not do so. The details of such mattters are confidential between the company, partnership and individuals, their creditors and relevant government departments.
8th December 2011Office news
Richard J Smith & Co are founder members of the Long Room and continue to support Somerset County Cricket Club in Taunton.
Hamish Adam is a member and supporter of Aviva Premier...
Read MoreRichard J Smith & Co are founder members of the Long Room and continue to support Somerset County Cricket Club in Taunton.
Hamish Adam is a member and supporter of Aviva Premiership side Exeter Chiefs Rugby club in Exeter.
Giles Frampton is a longstanding Church Warden of the Ermington Parish Church. He is also a playing member of the Ermington Cricket Club.
Hamish is also a keen member of the Exeter Geriatrics Cricket Club who are based at the Coaver Club in Exeter and have just completed a successful recent tour around Marlborough in Wiltshire.
Richard J Smith are also proud to support the Theatre Royal in Plymouth.
7th June 2011Latest national insolvency statistics
2nd June 2011General Insolvency News
Our professional trade body known as R3 (The Association of Business Recovery professionals has a very readable magazine entitled RECOVERY and its website includes a library of n...
Read MoreOur professional trade body known as R3 (The Association of Business Recovery professionals has a very readable magazine entitled RECOVERY and its website includes a library of news and press items items that are regularly updated. Please see www.r3.org.uk
The Institute of Chartered Accountants in England and Wales and The Insolvency Practitioners Association have helpful websites providing information about the profession. Please see
http://www.icaew.com/en/technical/insolvency
http://www.insolvency-practitioners.org.uk
17th May 2011