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From time to time we will post news articles and announcements relating to the firm and to various legal issues that may be of interest to you.

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Subscribe to this list via RSS Blog posts tagged in Insolvency

In what is a sign of things to come for many elements of the civil justice system in the UK, earlier this month the first stage of the Ministry of Justice’s (MOJ) Online Court went live in beta / live test form. The new online system, which over time is set to replace the current, ageing Money Claims Online (MCOL) system, will allow members of the public to issue county court money claims up to £10,000 in value. MCOL will remain live during the beta test period. A spokesperson for the MOJ said that the new technology and scheme “begins to deliver the vision set out by Lord Briggs… where he called for claims worth up to £25,000 to be solved in an online court”.

A recent High Court case has made it clear that Litigants in Person (known as LiPS – private individuals who are representing themselves in Court) will not get special treatment when bringing a legal action in the UK.

Funding your commercial claim, be it for professional negligence, a contract dispute, insolvency or a shareholder dispute, is often a crucial part of you being able to pursue your case. Below is a list of the main factors in funding a claim:

Electronics payments (i.e. BACS) are now the method of choice for UK SMEs, according to the Close Brothers Business Barometer.

The quarterly study, which gathers opinions from owners/managers across the UK and Ireland, shows that sixty five per cent (65%) of SMEs have stopped using cheques in the last five years; instead making use of electronic payment methods.

Insolvency body, R3's Business Distress Index, shows that 24 per cent of businesses are 'distressed' – which is a record low.

According to a recent study undertaken by BDRC Continental on behalf of R3 - the UK's insolvency trade body – since January 2015, businesses across the nation have had to deal with approximately 16 per cent of their issued invoices being paid late, while 50 per cent of UK-based enterprises have had invoices paid late over the same period.

This trend is concerning signed a separate R3 study showed that late payment is a major contributory factor when it comes to the number of corporate insolvencies.

The UK Government has unveiled new measures, which if approved, would force large companies across the country to disclose their payment practices twice every year.

Unfair payment practices, can cause creditors financial problems - which may lead to insolvency events.

The UK Government has this week, laid before Parliament, proposals, which if approved, will ensure insolvent businesses continue to be supplied services deemed to be "essential" – such as IT, telecoms and other utilities services, while insolvency practitioners seeks a solution.

The suppliers of such 'essential' services will not be able to simply cut off supply, nor charge premium rates to, any businesses undergoing rescue.

Following a Downing Street summit on UK payment practices, the Government has recently revealed new proposals, which are aimed at helping businesses across the country tackle the issue of unfair payment terms and other unfair payment practices

The civil litigation reforms, and the potential damage they could do to businesses once they are implemented, has put the Department for Business, Innovation and Skills (BIS) in direct conflict with the Ministry of Justice (MoJ).

The Legal Aid, Sentencing and Punishment of Offenders Act (LASPO) has placed limits on contingency fee agreements during insolvency proceedings, which trade body for Insolvency Professionals R3 have long argued will be costly to creditors by prohibiting litigants from reclaiming certain legal costs from defendants.

A new EU insolvency regime, hoped to "rescue and recover" viable businesses facing cross-border financial difficulties, has been backed by justice ministers throughout the EU. The Regulation must be formally adopted by, both the European Council and Parliament, before coming into force.

The new Insolvency Regulation is expected to come into force in 2017, and would replace the current regime - which has been in place since May 2002 - with a modern and "rescue orientated" approach. The new rules also aim to reinforce the single market while recovering from the financial crisis.

Despite a warning from the Insolvency Service showing insolvencies are on the rise for the first time since 2010 - a 5.1 per cent increase from the previous year - the Bank of England Governor has announced that he is preparing to increase interest rates.  

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