Centaur Global Limited directors banned for eight years
Directors of a betting investment firm have been banned from running another company for eight years for continuing trading with an insolvent company. Centaur Global Limited, based in Northumberland, collapsed in 2012 with debts of £2 million. At the time it had been trading as an insolvent company for two years. The insolvency judgment has revealed the full extent of the failure and how clients were kept in the dark, although it may not be discovered where all the money went. Centaur was...
Personal insolvency figures ‘only show tip of the iceberg’
Recent figures on personal insolvency may only be showing the tip of the iceberg, it has been warned. Giles Frampton, vice-president of R3, spoke after the Insolvency Service revealed that 101,049 individuals were declared bankrupt in England and Wales in 2013. This is down 7.9% on the 2012 figure, but Mr Frampton is worried that many people will have struggled in the first two months of this year having “done their best” over the festive period. "It will be interesting to see how these...
Reduction in insolvencies ‘masks chronic problem’
A drop in the number of personal insolvencies is good news, yet it masks a chronic debt problem, it has been warned. Insolvencies have dropped but financial struggles abound, says the StepChange debt charity in response to figures released by the Insolvency Service. It says more people are coming to the charity for help, saying they are having difficulty keeping on top of the everyday household costs such as rent, council tax and heating. In a single week last month it dealt with more than...
Wrongful and insolvent trading: A brief guide
Anyone who is running a business should seek professional advice at the very first sign of financial difficulties. Struggles to pay rent, bills or creditor accounts could be a sign that the firm is failing and must be taken seriously. If the business continues without consideration for the financial situation a director can be accused of wrongful or fraudulent trading and may be at risk of being held personally liable for debts. Insolvency practitioners are there to deal with liquidation and...
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