A Notice of Intention (or NOI) to appoint Administrators is a preliminary process used by a Company to inform certain parties that it intends to go into Administration. The NOI document is submitted to Court and has the effect of immediately stopping any ongoing or threatened creditor legal action against the Company. Why file an NOI? The use of the
As the festive season approaches, the business news continues to be dominated by reverberations from the Budget. There has been a stream of grim warnings about job cuts and closures from prominent business leaders in the sectors, which will be most seriously affected. UKHospitality predicts a £3bn annual hit from next April, while the British Retail Consortium is forecasting an
The calendar year 2023 gave us the unwelcome statistic of the highest annual figure for business failures on record, as 26,766 companies across the whole UK went into one or other insolvency procedures. Since then, the rolling twelve-month total rose almost uninterrupted until it reached 27,188 in July 2024. The publication of the latest corporate insolvency number of 1,976 for
The old business cliché that ‘Cash is King’ has a dark flip side for businesses. A lack of cash can mark the trigger point for a business’s decline. When cash flow is poor, bills may not be paid on time, meeting payroll becomes an issue, suppliers may query the delivery of goods and services or even cease taking orders through
The number of pre-pack Administrations has increased dramatically since new regulations came into force in 2021 aimed at bringing more scrutiny and transparency to the asset sales they facilitate. Since the introduction of the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021, the number of pre-packs has risen 171% from 201 in 2021 to 545 in 2023, according
Within a week of its election in early July 2024, the new government was shouting from the rooftops about its ambitious plans to address the UK’s housing crisis by building 300,000 new homes a year over the five-year life of the current parliament. This is mainly to be facilitated by significant reforms to the planning system, which the major housebuilders
