Christmas time at the office! Merry Christmas and a Happy and Healthy New Year Everyone!
YEAR ON YEAR LM INSOLVENCY & ADVISORY CONTINUE TO RECEIVE RECOGNITION AND ACHIEVE HIGH STANDARDS FOR CLIENTS
We pride ourselves on our service and expertise's. This is recognised by our Peers, Regulatory bodies and specialists within the Industry whom judge numerous awards throughout the year.
Over the past year, despite the difficult circumstances of 2020 we have continued to receive considerable recognition and achievements with the firm and its insolvency Practitioner, Lucinda Matkin, being recognised for numerous top industry awards, year after year.
We are particularly proud with these achievements being a sole practitioner and a family based firm competing against the likes of the Big 4 accountancy firms, universities, and professional bodies.
It is with great pleasure we share the details of these awards. To read more click here>
CORPORATE INSOLVENCY AND GOVERNANCE ACT CHANGES EXTENDED
Changes to the Corporate Insolvency and Governance Act were due to expire on 30 September 2020. These measures from the Corporate Insolvency and Governance Act have been extended to relieve pressure on businesses dealing with coronavirus. These are summarised below;
WARDELLS DESIGN LIMITED AND CAMP PARTNERS LIMITED WOUND UP IN THE PUBLIC INTEREST
On 4 December 2020 Wardells Design Limited and Camp Partners Limited were wound up in the public interest, having come to the attention of the insolvency Service through the investigation of associated companies.
The insolvency Service have the power, with the court to wound up companies in the interest of the public (they do not have to be insolvent).
The Company received £600,000 from investors, but all of the funds were removed from the companies’ bank accounts.
The two companies were wound up by the court on the grounds they had been incorporated or used as vehicles for fraud with their sole purpose being to receive monies wrongly obtained as investments from members of the public.
Read the full press release here >
MARKETING BOSS BANNED AFTER MAKING MORE THAN 75,000 NUISANCE CALLS
Elia Bols (32) now living in Australia, was director of AMS Marketing Limited, a telephone marketing company incorporated in January 2016.
The Telephone Preference Service (TPS), received 71 complaints and the nformation Commissioners Office (ICO) received a further 32 complaints for unsolicited call.
The ICO informed Elia Bols that a fine of £100,000 would be issued, but the company was wound-up in the courts with the fine outstanding. Further joint investigations and action against the director resulted in Elia Bols being disqualified for 6 years from acting as a director or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.
As of the 26 November 2020 , Andy Curry, Head of Investigations at the ICO said:"Our work with the Insolvency Service has seen the successful disqualification of 17 directors who have shut their business down to try and avoid paying a fine for illegal marketing activity".
Read the full press release from the Insolvency Service here >
Closing a business does not necessarily negate the responsibilities and duties of directors. Directors often think we as Insolvency Practitioners have a magic wand, but Directors should seek professional advice, and be mindful action against them as directors may be taken for wrong doing, even when a company has been wound up or dissolved.
SECOND AT NATIONAL AWARDS FOR BOUTIQUE INSOLVENCY AND RESTRUCTURING FIRM OF YEAR
On 9 December 2020 the TRI (Turnaround, Restructuring and Insolvency) Awards 2020 were held digitally to announce the winners.
For the third year LM Insolvency & Advisory Limited came 2nd nationally at the for Boutique Insolvency Firm of the Year. Second was a great achievement for our firm being a truly boutique firm, a family business, that is not a division of a much larger corporate.
The Turnaround, Restructuring & Insolvency (TRI) Awards champion pioneers and leaders operating within the Insolvency industry and are some of the most renowned awards.
We were also finalists in the category Personal Debt Solution Provider of the Year.
Likewise becoming a finalist for Personal Debt Solution Provider of the Year is also a great achievement, and was always going to be tough against the winner, a national charity, StepChange.
SHAREHOLDERS OF OUR PRICE RECORDS LTD DUPED OF £3.5 MILLION
Directors of online affiliate marketing company, Our Price Records Ltd, raised funds of £3.5 million from shareholders under false pretences and breached financial regulations.
In 2017 the Company entered into Administration and further investigations by the Insolvency Service revealed the Company breached financial regulations.
The two company directors who provided prospective shareholders with false information to secure millions in investments have been banned for a total of 17 years. Lee Anthony Skinner (60) has been banned for 10 years, while Karen Ferreira (60) has been disqualified for 7 years.
Full details of the disqualification can be found here >
AGGRESSIVE SALES TACTICS SEES SAGE MEDIA NATIONAL LTD SHUT DOWN
Publisher of police motor club magazine claiming a readership around the UK and Europe shut down for aggressive sales tactics and misleading advertisers. Sage Media National Ltd were wound up in the public interest at court on 25 November 2020.
The Insolvency Service has the powers to investigate and close businesses that not only insolvent but those in the interest of the public due to misleading customers and as a result of aggressive sales tactics as in this case.
Members of the public who have been affected by the actions of Sage Media National Ltd can contact the Official Receiver at firstname.lastname@example.org quoting LQD6023073, with details of their case.
Read the full press release from the Insolvency Service here>
RATIONALE ASSET MANAGEMENT PLC, VALUE ASSET MANAGEMENT PLC AND MERYDION CORPORATION LIMITED CREDITORS WITH CLAIMS TO COME FORWARD
Official Receiver calls on investors and creditors of property investment companies placed into provisional liquidation to provide details of their claims. Three companies being Rationale Asset Mamagement PLC, Value Asset Management PLC and Meridian Corporation Limited
See the full press release here>
FINALISTS OF TWO NATIONAL AWARDS
We are extremely pleased to announce that LM Insolvency and Advisory Limited has been shortlisted as a finalist at the National TRI Awards 2020 (Turnaround Restructuring and Insolvency Awards) in two categories
Boutique Insolvency Firm of the Year; and
Personal Debt Solution Provider of the Year
At these unprecedented times debt advice and formal Insolvency advice or procedures will become increasingly important for individuals and companies throughout the UK. These awards recognise our achievements and high standards in the industry of such advice on a national level. The awards promote professional and licensed advisers achieving high standards, their innovative approaches and high levels of customer satisfaction.
The winners will announced on 9th December 2020.