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"In my judgment this is exactly the sort of proposal that the court should filter out at the earliest opportunity."

A further observation in the judgment was:

"In short, the Debtor, freed from (on his case) £25m worth of debt and any legal proceedings by his existing creditors in exchange for (at best) 1p in the £, would be permitted under the terms of the proposed arrangement to run up further debts of unlimited amounts on a largely unsupervised basis for the duration of the arrangement, with no indication as to how such further debts would be repaid or how the servicing of any such debts (if they were serviced) would impact on returns within the arrangement."

EFG Private Bank Ltd v Babaee (Re Insolvency Act 1986) [2024] EWHC 444 (Ch)
IVA Proposal Fails To Stop Bankruptcy
"In my judgment this is exactly the sort of proposal that the court should filter out at the earliest opportunity." A further observation in the judgment was: "In short, the Debtor, freed from (on his case) £25m worth of debt and any legal proceedings by his existing creditors in exchange for (at best) 1p in the £, would be permitted under the terms of the proposed arrangement to run up further debts of unlimited amounts on a largely unsupervised basis for the duration of the arrangement, with no indication as to how such further debts would be repaid or how the servicing of any such debts (if they were serviced) would impact on returns within the arrangement." EFG Private Bank Ltd v Babaee (Re Insolvency Act 1986) [2024] EWHC 444 (Ch)
There have been many Bounce Back Loan investigations by the Insolvency Service when Directors have gone into Liquidation because of exaggerated turnover on the application form, misuse of the funds for personal purposes and applying for more than one loan.
Bounce Back Loan Investigations By The Insolvency Service
There have been many Bounce Back Loan investigations by the Insolvency Service when Directors have gone into Liquidation because of exaggerated turnover on the application form, misuse of the funds for personal purposes and applying for more than one loan.
Can't Pay Bounce Back Loan

#businessuk #businessowneruk #smallbusinessuk #smallbusinessowner #smallbizuk #businesssupportingbusiness #supportsmallbusinessuk #smallbusinesssupport #smallbusinessadvice #businessadviceuk #liquidation #insolvency #freeguide #freeadvice Loan, Paying, Things That Bounce
Can't Pay Bounce Back Loan?
Can't Pay Bounce Back Loan #businessuk #businessowneruk #smallbusinessuk #smallbusinessowner #smallbizuk #businesssupportingbusiness #supportsmallbusinessuk #smallbusinesssupport #smallbusinessadvice #businessadviceuk #liquidation #insolvency #freeguide #freeadvice
Do you want to clear Director Loan Account? There are five simple ways clear a Director’s loan account that is overdrawn in most companies that are owner-managed businesses.

#businessuk #businessowneruk #smallbusinessuk #smallbusinessowner #smallbizuk #businesssupportingbusiness #supportsmallbusinessuk #smallbusinesssupport #smallbusinessadvice #businessadviceuk #liquidation #insolvency #freeguide #freeadvice Small Business Uk, Small Business Advice, Business Owner, Loan Account, Free Advice, Free Guide, Director, Accounting, Clear
Clear Director Loan Account
Do you want to clear Director Loan Account? There are five simple ways clear a Director’s loan account that is overdrawn in most companies that are owner-managed businesses. #businessuk #businessowneruk #smallbusinessuk #smallbusinessowner #smallbizuk #businesssupportingbusiness #supportsmallbusinessuk #smallbusinesssupport #smallbusinessadvice #businessadviceuk #liquidation #insolvency #freeguide #freeadvice
How to close a Limited Company will depend on the status of the company:

solvent or insolvent
has ceased trading or not
has debts to be paid Limited Company, Closed
How To Close A Limited Company
How to close a Limited Company will depend on the status of the company: solvent or insolvent has ceased trading or not has debts to be paid
"... case of Essex Trading Ltd v Revenue & Customs [2024] UKFTT 69 (TC). The taxpayer was Essex Trading Ltd (“ETL”). The usual order for costs was not dished out. An unusual one was instead. HMRC is now nursing an adverse costs order of £3461.50 following the tribunal’s finding that: ... HMRC acted unreasonably in opposing ETL’s application for disclosure on grounds of confidentiality and irrelevance … ... Helpfully the meaning of what constitutes unreasonable conduct was fleshed out by the tribunal and clarified as follows: There is no definition of “unreasonable conduct”." Disclosure, Revenue, Nursing, Tax, Acting, Unusual, Meant To Be, Trading, Grounds
HMRC Hit For Costs In The Tax Tribunal: The Unusual Order
"... case of Essex Trading Ltd v Revenue & Customs [2024] UKFTT 69 (TC). The taxpayer was Essex Trading Ltd (“ETL”). The usual order for costs was not dished out. An unusual one was instead. HMRC is now nursing an adverse costs order of £3461.50 following the tribunal’s finding that: ... HMRC acted unreasonably in opposing ETL’s application for disclosure on grounds of confidentiality and irrelevance … ... Helpfully the meaning of what constitutes unreasonable conduct was fleshed out by the tribunal and clarified as follows: There is no definition of “unreasonable conduct”."
Liquid, Start
How To Start A Liquidation - Oliver Elliot
In this article you’ll learn about: What to do about an overdrawn Director’s loan account in insolvency. Issues for a Director to consider when negotiating with a Liquidator. How you can negotiate a Director’s loan account with a Liquidator. Negotiating with a Liquidator in good faith. #business #debt #covid #energy #money #smallbusiness #finance #businessnews #smallbiz #smallbusinessuk #insolvency #liquidation Business News, Financial Position, Creditors, Negotiation, Debt
Cannot Pay Director’s Loan Account And Getting Stressed?
In this article you’ll learn about: What to do about an overdrawn Director’s loan account in insolvency. Issues for a Director to consider when negotiating with a Liquidator. How you can negotiate a Director’s loan account with a Liquidator. Negotiating with a Liquidator in good faith. #business #debt #covid #energy #money #smallbusiness #finance #businessnews #smallbiz #smallbusinessuk #insolvency #liquidation
#business #debt #covid #energy #money #smallbusiness #finance #businessnews #smallbiz #smallbusinessuk #insolvency #liquidation Tax Debt, Income Tax, Financial Year End, Tax Lawyer, Tax Attorney, Nigerian Government, Tax Advisor, Government Spending, Us Tax
Do Directors Have A Duty To Minimise Company Tax?
#business #debt #covid #energy #money #smallbusiness #finance #businessnews #smallbiz #smallbusinessuk #insolvency #liquidation
- Statutory duties - Requirement to answer questions - Records you need to hand over #business #debt #covid #energy #money #smallbusiness #finance #businessnews #smallbzi #smallbusinessuk #insolvency #liquidation Phoenix Company, Certified Copy, Purchase Invoice, Fixed Asset, Liquidators
Director Duties To The Liquidator
- Statutory duties - Requirement to answer questions - Records you need to hand over #business #debt #covid #energy #money #smallbusiness #finance #businessnews #smallbzi #smallbusinessuk #insolvency #liquidation
#business #debt #covid #energy #money #smallbusiness #finance #businessnews #smallbzi #smallbusinessuk #insolvency #liquidation Finance, Energy, Money, Silver
Can You Write Off A Bounce Back Loan?
#business #debt #covid #energy #money #smallbusiness #finance #businessnews #smallbzi #smallbusinessuk #insolvency #liquidation
Industrial Strategy, Court Order, Best Positions, Travel Agent, Argument, Overseas, Investigations
Director Disqualification Proceedings - Oliver Elliot
What Is An Unlawful Dividend?- Oliver Elliot
What Is An Unlawful Dividend?- Oliver Elliot
This is a complete guide to records a company must keep. In this guide you’ll learn: Why must a company keep records? What accounting records must a Director create? What are a company’s statutory books? What documents must be kept for corporation tax? What documents must be kept for VAT? What documents must be kept for PAYE? What records must a company keep for meetings and resolutions? Public Limited Company, Company Secretary, Keep Company, Email Template Design, Capital Partners, Tax Deductions, What Is It Called, Tax Return
Company records you must keep
This is a complete guide to records a company must keep. In this guide you’ll learn: Why must a company keep records? What accounting records must a Director create? What are a company’s statutory books? What documents must be kept for corporation tax? What documents must be kept for VAT? What documents must be kept for PAYE? What records must a company keep for meetings and resolutions?
The Directors are not personally liable for any element of a bounce back loan that has not been repaid. You can therefore Liquidate your company with a Bounce Back Loan. Loan Lenders, Owe Money, Bank Loan, Repayment, The Borrowers, Element, Company
Can't pay bounce back loan?
The Directors are not personally liable for any element of a bounce back loan that has not been repaid. You can therefore Liquidate your company with a Bounce Back Loan.
Never did we think these little green 🟩 🟩 🟩 buttons could be so influential. #work #people #bank #software #IT #informationtechnology Green Button, Information Technology, Buttons, Turn Ons, Software, People, Computer Technology, People Illustration, Folk
The Little Green Buttons That Turned Truant
Never did we think these little green 🟩 🟩 🟩 buttons could be so influential. #work #people #bank #software #IT #informationtechnology
HMRC Investigations And A Fishing Expedition: Mr Oliver And Mr Elliot Chat #hmrc #tax #taxenquiry #taxinvestigation #taxavoidance #business #smallbusiness #smallbiz #money #finance #debt Elliot, Expedition, Oliver, Finance Debt, Snoopy, Fishing, Movie Posters, Fictional Characters
HMRC Investigations And A Fishing Expedition: Mr Oliver And Mr Elliot Chat
HMRC Investigations And A Fishing Expedition: Mr Oliver And Mr Elliot Chat #hmrc #tax #taxenquiry #taxinvestigation #taxavoidance #business #smallbusiness #smallbiz #money #finance #debt
Wrongful Trading - What is it?
Wrongful Trading is trading whilst insolvent without having reasonable prospect of avoiding insolvent liquidation. However, a Director is not necessarily liable for such loss caused if he or she took every step to minimise the loss. #business #smallbiz #smallbusiness #company #money #finance #insolvency #director #liquidation #creditor #debt #creditors #debts #cashflow #financeandeconomy #businessandmanagement #creditcontrol #latepayment
#debt #insolvency #creditor #money #finance #business #smallbusiness #smallbiz #liquidation #administration #cva #COVID19 #COVID Fall Flats, Administration, Finance Business, Options
What Are Your Options With Bounce Back Loans That Have Fallen Flat?
#debt #insolvency #creditor #money #finance #business #smallbusiness #smallbiz #liquidation #administration #cva #COVID19 #COVID
What Are Your Options With Bounce Back Loans That Have Fallen Flat?
Did your Bounce Back Loans fall flat and if so what are your options? If it did not give you the lift you needed and has now gone what are your options? If your company has not recovered from the effects of the Pandemic and you cannot repay the Bounce Back Loan you do have a number of options that you could consider. #covid #business #insolvency #debt #creditor #smallbusiness #smallbiz #money #finance #bounceback #loan #covid-19 #company
Creditor Burden Of Proof In Insolvency
Creditor Challenges Claim Of Another Creditor: Application by Levi Solicitors LLP (“Levi”), as creditor of the company Farrar Construction Limited (“the Company”), for relief in relation to a proof of debt of the Second Respondent, JKR Property Development Limited (“JKR”). The proof was admitted by the First Respondent, David Wilson, who is the supervisor of the Company’s Company Voluntary Arrangement (“CVA”). #cva #insolvency #debt #company #business #smallbusiness #smallbiz #money #finance
What Is An Insolvency Preference?
What is a Preference Payment? In simple terms, a preference is a transaction that results in a party being placed into a better position than they otherwise would have been had the transaction not been entered into. This is set out in sections 239 and 340 of the Insolvency Act 1986.
How To Claim As A Creditor In Insolvency
How To Fill In A Proof of Debt And Proxy Form #proofofdebt #debt #insolvency #liquidation #administration #creditors #money #claim #finance #business #smallbusiness #smallbiz
Schedule 36 Of The Finance Act 2008 HMRC has the ability under Schedule 36 of the Finance Act 2008 to obtain information and documents from the taxpayer reasonably required to check a tax return. #tax #hmrc #debt #taxpayer #investigation #business #smallbiz #smallbusiness #smallbusinesses Tax Payer, Documents, Schedule, Business, Check, Timeline
What Information Does HMRC Require To Check A Tax Return?
Schedule 36 Of The Finance Act 2008 HMRC has the ability under Schedule 36 of the Finance Act 2008 to obtain information and documents from the taxpayer reasonably required to check a tax return. #tax #hmrc #debt #taxpayer #investigation #business #smallbiz #smallbusiness #smallbusinesses
How To Set Aside A Statutory Demand is an article that is organised to explain AND show you by providing EVIDENCE from a recent real case, the basis upon which you can set aside a Statutory Demand or not as the case might be. Note that a Statutory Demand cannot be set aside based on the mere SUGGESTION of the debt being disputed. #pg #business #debt #bankruptcy #insolvency #smallbiz #smallbusiness #company #director #demand Dispute, Fun Slide, Demand, Evidence, Note
How To Set Aside A Statutory Demand
How To Set Aside A Statutory Demand is an article that is organised to explain AND show you by providing EVIDENCE from a recent real case, the basis upon which you can set aside a Statutory Demand or not as the case might be. Note that a Statutory Demand cannot be set aside based on the mere SUGGESTION of the debt being disputed. #pg #business #debt #bankruptcy #insolvency #smallbiz #smallbusiness #company #director #demand
What Are The #Bankruptcy Restrictions? #insolvency #business #SmallBusiness #smallbiz House Of Lords, Bankrupt, House Of Commons, Company Work, Person
Bankruptcy Restrictions
What Are The #Bankruptcy Restrictions? #insolvency #business #SmallBusiness #smallbiz
#Bankruptcy is not necessarily a cheap option. In fact, it could be one of the most expensive means of settling your #debts. #insolvency #business #SmallBusiness #smallbiz Most Expensive, Affordable, Cheap, Store, Business Illustration
Can you afford to go Bankrupt?
#Bankruptcy is not necessarily a cheap option. In fact, it could be one of the most expensive means of settling your #debts. #insolvency #business #SmallBusiness #smallbiz
Some notable and influential quotes from Court decisions; #insolvency and beyond. But, if you do like them, well ... we have others. #business #SmallBusiness #smallbiz #debt #company #director Judgment Quotes, Influential Quote, Notable Quotes, Judgement Quotes
Judgment Quotes
Some notable and influential quotes from Court decisions; #insolvency and beyond. But, if you do like them, well ... we have others. #business #SmallBusiness #smallbiz #debt #company #director
Court Of Appeal In Ireland rejects appeal when removal application dismissed. #business #insolvency #SmallBusiness #smallbiz #liquidation #liquidator #debt Court Of Appeals, Good Cause, Rejection, Intentions, Appealing, Ireland
The Court Is Likely To Be Slow To Remove A Liquidator Absent Being Shown Good And Just Cause
Court Of Appeal In Ireland rejects appeal when removal application dismissed. #business #insolvency #SmallBusiness #smallbiz #liquidation #liquidator #debt
The Court Is Likely To Be Slow To Remove A Liquidator Absent Being Shown Good Cause. In the matter of Dominar Group Ltd (In Voluntary Liquidation) (Unapproved) [2021] IECA 284 the Liquidator was not removed by the Court of Appeal in Ireland. #insolvency #liquidation #liquidator #business #smallbusiness #smallbiz #debt #litigation #legal #court #creditors #company Slow, Matter
Liquidator Not Removed By Court Of Appeal
The Court Is Likely To Be Slow To Remove A Liquidator Absent Being Shown Good Cause. In the matter of Dominar Group Ltd (In Voluntary Liquidation) (Unapproved) [2021] IECA 284 the Liquidator was not removed by the Court of Appeal in Ireland. #insolvency #liquidation #liquidator #business #smallbusiness #smallbiz #debt #litigation #legal #court #creditors #company
How to deal with an HMRC Tax Investigation. https://www.oliverelliot.co.uk/hrmc-tax-debts/how-to-deal-with-an-hmrc-tax-investigation/ "it is idle for any taxpayer to say to the Revenue, “Hidden somewhere in your vaults are the right answers: go thou and dig them out of the vaults.” That is not a duty on the Revenue." #HMRC #debt #insolvency #business #smallbusinessuk #smallbusinessowner #smallbusinessuk #company #director #liquidation #liquidations #litigation #legal #taxavoidance Dig, Answers, Sayings
HMRC Tax Investigation Survival
How to deal with an HMRC Tax Investigation. https://www.oliverelliot.co.uk/hrmc-tax-debts/how-to-deal-with-an-hmrc-tax-investigation/ "it is idle for any taxpayer to say to the Revenue, “Hidden somewhere in your vaults are the right answers: go thou and dig them out of the vaults.” That is not a duty on the Revenue." #HMRC #debt #insolvency #business #smallbusinessuk #smallbusinessowner #smallbusinessuk #company #director #liquidation #liquidations #litigation #legal #taxavoidance
Company Insolvency And Tax Avoidance Schemes #HMRC #debt #insolvency #business #smallbuisness #smallbusinessuk #smallbusinessowner #smallbusinessuk #company #director #liquidation #liquidations #litigation #legal #taxavoidance Legal Advice, Glasgow, Schemes
No Timeout For The Tax Adviser
Company Insolvency And Tax Avoidance Schemes #HMRC #debt #insolvency #business #smallbuisness #smallbusinessuk #smallbusinessowner #smallbusinessuk #company #director #liquidation #liquidations #litigation #legal #taxavoidance
Fielding the Director’s Nomination for #Liquidator #liquidation #debt #ethics #business #smallbiz #smallbusiness #company #director #insolvency Fields, Ethics
Who Should Not Be The Liquidator
Fielding the Director’s Nomination for #Liquidator #liquidation #debt #ethics #business #smallbiz #smallbusiness #company #director #insolvency
How a company director can save themselves by keeping proper records. #debt #business #company #director #SmallBiz #SmallBusiness #liquidation #insolvency Unclear, Rescue, Records, Business Company, Canning
Records To The Rescue
How a company director can save themselves by keeping proper records. #debt #business #company #director #SmallBiz #SmallBusiness #liquidation #insolvency
The following quote was referred to by ICC Judge Barber whilst dismissing a petition in Petitioner v Company (Preliminary Hearing Under Schedule 10 to CIGA) [2021] EWHC 2905 (Ch) #debt #business #smallbusiness #business #smallbiz #covid #COVID19 Rich Man, Barber, Judge, Hearing, 10 Things
Paying Debts On Time
The following quote was referred to by ICC Judge Barber whilst dismissing a petition in Petitioner v Company (Preliminary Hearing Under Schedule 10 to CIGA) [2021] EWHC 2905 (Ch) #debt #business #smallbusiness #business #smallbiz #covid #COVID19
We Know Insolvency Inside Out. #insolvency #liquidation #business #debt #company #smallbusiness #smallbiz #business #COVID19 Inside Out, Wanted
Want To Close A Company?
We Know Insolvency Inside Out. #insolvency #liquidation #business #debt #company #smallbusiness #smallbiz #business #COVID19
UK general government gross debt was £2,223.0 billion at the end of the financial year ending March 2021 https://oliverelliot.co.uk/2021/10/31/government-borrowing-more-than-gdp/ #governmentdebt #debt #business #smallbusiness #company #Gdp #governmentborrowing #covid19impact #covid19economy #covid #covid-19 #economy Government Debt, Bar Chart, March, Bar Graphs
UK Government Borrowing More Than GDP
UK general government gross debt was £2,223.0 billion at the end of the financial year ending March 2021 https://oliverelliot.co.uk/2021/10/31/government-borrowing-more-than-gdp/ #governmentdebt #debt #business #smallbusiness #company #Gdp #governmentborrowing #covid19impact #covid19economy #covid #covid-19 #economy
Where there’s Oliver Elliot there’s a way – we help with debt, insolvency and liquidation of a company #business #SmallBusiness #insolvency #liquidation #Covid19UK #covid #Covid_19 #company #SmallBiz Expert Witness, Chartered Accountant, Professional Advice, Tough Times, Proactive, Recognition
We Know Insolvency Inside Out
Where there’s Oliver Elliot there’s a way – we help with debt, insolvency and liquidation of a company #business #SmallBusiness #insolvency #liquidation #Covid19UK #covid #Covid_19 #company #SmallBiz