Updates Archives - DMC Recovery

Tariffed and bust? What should businesses be considering in the face of tariffs?
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Tariffed and bust? What should businesses be considering in the face of tariffs?

Advice, Updates

Tariffed and bust? What should businesses be considering in the face of tariffs?

Although many American citizens may be questioning “ Liberation Day” there is no doubt that The US administration’s announcement of global tariffs have sent markets and world trade into uncertain times. How will tariffs impact UK businesses? Are they an opportunity or a risk? What are the tariffs and how do they apply to UK businesses At the time of writing this article the tariffs are outlined below. However, as President Trump has made a number of changes on a regular basis since the initial announcements you should check up to date information when you read it! The good news [...]

Janet Mayo2025-04-23T21:43:31+00:00April 23rd, 2025|Advice, Updates|

Rising Insolvency Rates Exceed Financial Crisis Levels – What This Means for Businesses
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Rising Insolvency Rates Exceed Financial Crisis Levels – What This Means for Businesses

Advice, Updates

Rising Insolvency Rates Exceed Financial Crisis Levels – What This Means for Businesses

In a concerning turn of events, the number of UK companies facing insolvency has now surpassed levels seen during the 2008 financial crisis. Recent figures highlight that over 25,000 businesses entered insolvency in the last year alone, representing a sharp increase driven by economic factors such as high interest rates, inflation, and ongoing market volatility. This marks a critical period for companies struggling to navigate the challenging financial landscape. Many businesses, particularly in sectors like construction, retail, and hospitality, have been hit hardest. The combination of decreased consumer spending, increased borrowing costs, and ongoing supply chain disruptions has created a [...]

Janet Mayo2024-09-30T08:34:52+00:00September 19th, 2024|Advice, Updates|

Understanding Misfeasance in Company Insolvency
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Understanding Misfeasance in Company Insolvency

Directors, Updates

Understanding Misfeasance in Company Insolvency

When a business faces insolvency, those overseeing the company’s liquidation or administration hold the power to scrutinise the conduct of its directors. Misfeasance, a term denoting wrongdoing by a company officer, can lead to significant penalties if proven. Defining Misfeasance in Insolvency Under the Insolvency Act 1986, misfeasance is identified when an officer of a company, or someone involved in its promotion, formation, or management, has: Misapplied, retained, or become accountable for company money or property; or Committed any misfeasance or breached any fiduciary or other duty in relation to the company. This broad definition is designed to capture various [...]

Janet Mayo2024-09-02T21:12:54+00:00September 4th, 2024|Directors, Updates|

Vital Support for Employees Affected by Business Insolvencies
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Vital Support for Employees Affected by Business Insolvencies

Updates

Vital Support for Employees Affected by Business Insolvencies

The Insolvency Service’s Redundancy Payments Service (RPS) has been a crucial lifeline for employees impacted by company failures. In the fiscal year 2023-2024, the RPS processed 85,592 claims, disbursing £494 million from National Insurance contributions to individuals facing financial hardship due to insolvency. The RPS ensures rapid processing of claims, averaging 10 days, and covers unpaid wages, holiday pay, and statutory notice pay. Remarkable cases include £53.7 million paid within 24 hours to nearly 10,000 former employees of Wilko. The service also issued protective awards to employees not consulted before redundancy, totalling over £3.5 million to former staff of Debenhams [...]

Janet Mayo2024-09-02T20:53:31+00:00September 2nd, 2024|Updates|

DMC Recovery Celebrates Landmark Court of Appeal Victory
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DMC Recovery Celebrates Landmark Court of Appeal Victory

Company news, Updates

DMC Recovery Celebrates Landmark Court of Appeal Victory

We at DMC Recovery are immensely proud to have been involved in a significant legal victory that reinforces the integrity of the insolvency process in the UK. On 5 August 2024, the Court of Appeal handed down a landmark judgment in the case of Re JDK Construction Limited (in liquidation), Keegan v Bland and Mayo [2024] EWCA Civ 934. This decision marks a pivotal moment for insolvency practitioners, particularly concerning the reliance on a company’s register of members during voluntary liquidation. Our team, represented by the distinguished Louis Doyle KC and Douglas Cochran, successfully defended the respondent liquidators in this [...]

Janet Mayo2024-08-29T06:34:21+00:00August 28th, 2024|Company news, Updates|

Potential Tax Rises in the First Budget of the New UK Labour Government
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Potential Tax Rises in the First Budget of the New UK Labour Government

Updates

Potential Tax Rises in the First Budget of the New UK Labour Government

The announcement of potential tax rises from the new UK Labour Government, less than a month after taking office, has stirred a mix of concerns and expectations among financial professionals. While not entirely surprising, this development is set to impact various sectors significantly. A New Chancellor's Dilemma Chancellor Rachel Reeves addressed the House of Commons, revealing a staggering £22 billion "black hole" in the public finances, attributed to unfunded pledges by the previous government. Reeves highlighted the gravity of the fiscal situation, stressing the need for immediate action to stabilise the economy. She committed to presenting full fiscal plans and [...]

Janet Mayo2024-08-26T21:46:26+00:00August 21st, 2024|Updates|

Save Consultants Wound Up in the Public Interest
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Save Consultants Wound Up in the Public Interest

Directors, Updates

Save Consultants Wound Up in the Public Interest

Save Consultants, a Manchester-based company that presented itself as an alternative solution to formal insolvency proceedings, was ordered to be wound up in the public interest on 2 July. This decision followed a thorough investigation by the Insolvency Service, which revealed that the firm was operating as an unlicensed insolvency practitioner. The Official Receiver has now been appointed as the liquidator of the company. The Services Provided by Save Consultants Save Consultants offered a brokerage service aimed at assisting directors in financial distress. The company claimed to help directors sell their interests in struggling companies, ostensibly allowing them to walk [...]

Janet Mayo2024-08-21T21:45:50+00:00August 14th, 2024|Directors, Updates|

All Change at Downing Street
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All Change at Downing Street

Updates

All Change at Downing Street

As widely predicted, the Labour Party has won the UK General Election after a notably short campaign period. The victory, while exhilarating for Labour supporters, raises several questions about the feasibility of the ambitious promises made during the campaign. Will the new government be able to deliver on its commitments, or were these pledges merely election hot air? A Campaign of Bold Promises The Labour Party's campaign was marked by a series of bold promises aimed at addressing long-standing issues within the UK. These included significant investments in the NHS, substantial increases in funding for education, ambitious climate action plans, [...]

Janet Mayo2024-07-23T06:38:50+00:00July 6th, 2024|Updates|

Taking the Leap: Starting a Business and Avoiding Pitfalls
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Taking the Leap: Starting a Business and Avoiding Pitfalls

Advice, Directors, Updates

Taking the Leap: Starting a Business and Avoiding Pitfalls

As insolvency practitioners, we see a lot of passion and drive from people starting businesses. It's an exciting time, but it's crucial to be aware of the challenges alongside the potential rewards. So, before you take the leap, here are some key considerations: Is there a market for your idea? Conduct thorough market research. Is there a gap in the market, or are you entering a crowded field? Who are your competitors, and what makes your offering unique? Do you have a solid business plan? This isn't just a document for lenders; it's your roadmap to success. It should outline [...]

Janet Mayo2024-07-01T13:15:07+00:00June 30th, 2024|Advice, Directors, Updates|

Five Top Tips for a More Sustainable Office
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Five Top Tips for a More Sustainable Office

Updates

Five Top Tips for a More Sustainable Office

As we navigate through the challenges of insolvency, it's essential to consider not only our financial health but also our environmental impact. Sustainable practices in the office can lead to significant cost savings while promoting a greener planet. Here are five top tips for creating a more sustainable office: 1.Embrace Digital Transformation Go Paperless: Reducing paper usage is one of the most effective ways to save money and be environmentally friendly. Implement digital documentation and communication systems to minimise the need for printing. Use cloud storage, digital signatures, and online collaboration tools to streamline workflows. Automate Processes: Invest in software [...]

Janet Mayo2024-06-24T23:28:19+00:00June 25th, 2024|Updates|