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Litigation and dispute resolution news
Court agrees that accountant colluded to prejudice bankrupt's shareholding
16 December 2011
Steady rise up the rankings for B P Collins
1 November 2011
Court clerk first to be convicted under Bribery Act
18 October 2011
Strong showing for B P Collins in Legal 500
23 September 2011
Clerk first to be charged under Bribery Act
9 September 2011
Letter of claim sent to Solicitors from Hell owner by Law Society
18 August 2011
Assets must not be hidden from creditors
29 June 2010
It is highly important that firms entering insolvency procedures do not attempt to hide any assets from their creditors, the Insolvency Service has warned. It emphasised that a penalty will be imposed on any company that fails to comply with official regulations after being declared insolvent.
Les Cramp, Senior Official Receiver for the Insolvency Service, said: "It is for the Official Receiver to decide which assets should be sold for the benefit of the creditors and which may be retained by the debtor." The warning was made after the number of potentially insolvent firms hiding their assets has already surpassed 200 this year alone. This compares to just 28 in the period between 2008 and 2009.
No matter how small the assets are, it is important that the Official Receiver is made aware of them. Failure to comply could lead to insolvency restrictions lengthened by up to 15 years instead of the usual 12 months.
Posted by Suzanne Smith
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