Blog 

After an highly eventful summer for all of us, here is our roundup of the past three months in our seasonal recap. All this information and more can be read early by subscribing to our newsletter.

Breathing Space Schemes launched

The Breathing Space Scheme launched on 4 May 2021 to provide individuals with legal protections from their creditors for 60 days with most interest and penalt...

Steve joined the team in February 2020 having previously worked in legal accounts for over 15 years. Not many of you will have had the pleasure of meeting him yet though as the pandemic has put that on hold.

Steve has already shown himself to be a real asset to the team, demonstrating a natural flare for insolvency casework and flying through his introductory insolvency courses and associ...

As part of their Back to Business campaign, R3 has launched a free guide for company directors that explains how to spot signs of financial distress, the options open to them for resolving it, and where to find sources of regulated advice.

The guide:  

• Provides a one-stop guide to the main options that are available to resolve corporate financial distress;

• Explains how the insolv...

With nearly two decades worth of experience at Richard J Smith, there isn't much that our longest serving Insolvency Administrator, Karen Quant, hasn't encountered. Learn a little bit more about her in our latest Q&A!

What is your role at RJS?

I am an Insolvency Administrator here at RJ Smith & Co having joined the firm in September 2001, so this year is my 20 year anniversary, wow I feel...

On the 4th May 2021, the government launched the long-anticipated Debt Respite Scheme, branded as ‘Breathing Space’, allowing those in problem debt to have 60 days to seek advice or take steps to deal with their debts without further interest or charges being levied, and crucially creditors cannot take enforcement action against debtors in the scheme.

Further information for those in debt ...

Many of you will have known Hamish Adam for many years already, with Hamish having worked in accountancy and in the world of Insolvency since 1990 at a smaller firm Robson Taylor in Bristol & Bath then at Ernst & Young in Exeter and qualified as a Licenced Insolvency Practitioner in 2000

Hamish is based in Exeter with his wife and adult children but spent much of his working life working ...

Pre-pack Administration reforms approved by Parliament

New pre-pack regulations were approved by Parliament and will come into force on 30 April 2021. The new regulations provide for sales of business assets to connected parties in Administrations to be scrutinised. In summary, an Administrator will be unable to dispose of all (or a substantial part) of the company’s assets to a person co...

Not very many people will have had the pleasure of meeting Claire in person but if you have ever called our office, you will almost definitely have spoken to her as Claire is our longest serving member of staff. She joined Richard J Smith & Co in 1995 on a temporary basis and on a full time, permanent basis from 1996. I know, she doesn’t look old enough!

As well as looking after receptio...

We note with interest the Government’s intention to regulate connected party sales in administrations, see link:

The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (legislation.gov.uk)

Interestingly, the restrictions proposed are not actually limited to pre-packs. Instead, they cover substantial disposals to connected parties within 8 weeks of enter...

Many of you will have known Jonathan Trembath for many years already, with Jon having qualified as a licenced insolvency practitioner in 2010 with a few years experience already under his belt at that time.

Jon is based in Cornwall with his wife and young family but spent much of his time in Insolvency working in Plymouth and Exeter. He is very well connected across the region through hi...