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;
MATLOCK AND SURROUNDING AREA FLOODED... THE IMPACT OF WEATHER ON BUSINESSES CAN BE DEVASTATING
All kinds of things can effect businesses, many of which we cannot control, but they can have a significant impact on trade and cash flow.
Our professionals at LM Insolvency can help you manage cash flow, whilst ensuring you do not breach your directors fiduciary duties, whether to overcome small inconveniences or major restructuring and turnaround of a business.
For a FREE CONSULTATION contact LM Insolvency on 07972928153 or email Lucinda@lminsolvency.co.uk
We are also local with a Hub in Wirksworth, Nr Matlock, Derbyshire.
MATLOCK MERCURY: Popular Derbyshire Soft Play Centre Closes
In a post on Facebook, Darren and Josina Robinson, owners of Chucklebutties in Belper, said they were not re-opening the centre following a break after the birth of their daughter.....
The article goes on to list a number of comments from locals and customers that will miss the centre...
Lucinda Matkin of LM Insolvency and Advisory Ltd was appointed liquidator of the business on May 21.
A post on their website states: "The business has traded steadily since incorporation and built a renowned brand.
"The company was however unable to be sold as a going concern due to restrictions with the leasehold premises.
"As a result the company ceased trading in May 2019 due to personal reasons and lack of resources to see the business through its seasonal low season for trading.
"The business and assets are for sale, and interested parties should contact the liquidator directly on Tel: 07972928153 or email firstname.lastname@example.org.....
See the article at The Matlock Mercury here>
THEBUSINESSDESK.COM - ‘Positive outcome’ for creditors of collapsed fireplace company
2016. She has realised all company assets including the sale company’s Nottingham showroom at Arkwright Street Nottingham (the former Queens Hotel) for £353,500, and “substantial” amounts of stock sold through auctioneers John Pye & Sons.
This has enabled the secured creditors to be paid in full receiving a dividend distribution of more than £260,000.
Matkin has also confirmed that all preferential creditors will be paid in full.
She said: “We are pleased to have realised company assets totalling more than £400,000 to enable a positive outcome for secured that have received a dividend of 100p in Pound and preferential creditors that will also receive the same.
“The dividend prospects for unsecured creditors will be reviewed following the distribution to preferential creditors.”
See the article at TheBusinessDesk.com here>
THEBUSINESSDESK.COM - Fireplace company extinguished as jobs are axed
The Derby Fireplace Company suffered from a shift in market preferences towards online retail, resulting in a fail in sales of a number of years, she says.
Matkin added that the Company had considered a CVA (Company Voluntary Arrangement) process, and making cost savings by condensing the business down to one showroom, by closing its Nottingham showroom.
The Company also tried the introduction of interest free credit and the launch of a new Company website) in an attempt to increase sales; however these initiatives failed to generate enough sales to sustain the business long term, and the directors of the company chose a CVL (Company Voluntary Liquidation) instead.
Matkin said: “The Derby Fireplace Company has been a well know family run business for over 30 years, which many will know from seeing the showroom just off the A52 at the Wyvern, Derby.
“All 11 staff have been made redundant, and the company has ceased trading. All stock including log burners, fires, fire surrounds and home accessories will be available for sale via auction through our agents, John Pye & Sons.
“The Company’s Nottingham showroom at Arkwright Street, Nottingham is also available for sale, and any interested parties should contact me in the first instance.”
See the article at The Business Desk here>