Liquidation has two meanings in finance. The first is converting securities into cash. The second is the sale of the assets of a company to one or more acquirers in order to pay off debts. In the event that a corporation is liquidated, the claims of secured and unsecured creditors and owners of bonds and preferred stock take precedence over the claims of those who own common stock.


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Under the law of unintended consequences, as defined by Robert Merton, where an action or policy is initiated to produce a desired result but actually produces the opposite result, recent changes or creditor backed fee reductions regarding professional compensation for Individual Voluntary Arrangement services will only lead to more complaints and issues surrounding the marketing and delivery of IVAs.

Just in the past week, some IVA firms are starting to fold up and with certainly more to come. What people generally don't appreciate is that the there are tremendous costs involved with finding appropriate candidates for IVAs.

In a perfect world the marketing of Individual Voluntary Arrangements includes many ancillary services that are delivered for free to consumers based on the total income derived from IVAs. These services include many, many hours of free advice, consumer education, general debt education to the public and many other unpaid public benefit services to consumers.

In the United States, as creditors tightened the noose around the necks of Consumer Credit Counseling Service (CCCS) groups, the primary delivers of debt assistance services, the first services to fall by the wayside were the free educational and general debt advice overhead that was no longer supported by the lower fees generated from creditors through the delivery of debt management services.

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A company that provides controversial individual voluntary arrangements (IVAs) was fighting for its future last night after its shares were suspended and it had to call in insolvency experts.

Debt Advisor Group, which employs 150 people in Bury, Lancashire, had been in discussions about a possible takeover, which failed to come to fruition, but the group insisted it was still hopeful that a new suitor might be found. Mark Cawood, marketing director, said the group was still aiming to sell itself as a going concern.

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A FLOORING tycoon siphoned more than £600,000 from his failing firms and fled to Dubai leaving 25 staff on the dole.

Darren Gemmell has been banned from being a company director for nine years after a probe by the Insolvency Service.

They found he transferred £645,000 from Glasgow businesses Larry's Laminate Land and Robyn's Rug Gallery days before they collapsed with debts of more than £500,000. It was paid into his personal account in Dubai.

Gemmell, 36, then fled to his luxury flat on Jumeirah beach in the tax haven, where he also owns a property in the £7.2billion Palm development, while 25 staff turned up for work.

Insolvency experts Findlay Hamilton were left to try to get creditors their cash back.

The report says: "Those transfers were to his benefit and to the detriment of creditors."

After the DIY king fled in April 2005, one worker said: "We're sickened he is living it up in Dubai while we scrabble about looking for work."

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Trade Group R3 Speaks Out - Nick O'Reilly

When I heard last week that Capital One had announced it would refuse IVAs with fees totalling more than £4,500, I was staggered.

Why? In effect, Capital One was calling for IVA fees to be capped under a one-size-fits-all approach. It was perfectly within its rights to do so. But such an attack on insolvency practitioners by an individual financial institution at a time when an industry-wide body is contemplating wholesale changes seems extraordinary.

Some financial institutions simply do not understand the work our members do. To make such a pronouncement a week ahead of an industry-wide forum called to thrash out all the issues around IVAs proves the point. Given that we represent 97% of this industry, we will not let this go unchallenged.

As you may know, the meeting was due on 31 May. We at R3 will have sat down with organisations including the British Bankers’ Association, the Insolvency Service and all the other major interested parties, with the shared aim of developing proposals covering not just IVA fees, but also other crucial issues such as how they are marketed.

We oppose fee capping not just because it’s unfair to our members but because it will be unfair to consumers and our creditors too. Given the imminence of that meeting, you might think Capital One’s intervention unhelpful, or at best irrelevant. It also appeared timed to highlight the fact that whatever might be agreed at the meeting, the proposals may not be universally accepted. That’s the prerogative of operators in a free market.

The reason why a capped approach to fees does not work is that every IVA reflects a unique set of circumstances and needs. Advising on an IVA is not a standardised process suited to a one-size-fits-all fee structure. Such a message does our members a great disservice.

I also think it is a message that may backfire on its source. If the fees for an IVA are capped at £4,500, then a lot of practitioners will simply leave the IVA marketplace. The result will be less choice for consumers, and many people who could have done an IVA will go bankrupt instead. And if they go bankrupt, then companies like Capital One will actually get less of their money back than under an IVA.

As we all try to seek out the best way forward for IVAs, I would be delighted to sit down with Capital One – as with every other interested party with something to contribute. But until we have done that, I think we should all focus on formulating our ideas rather than trying to grab the limelight.

Nick O’Reilly is vice president of Insolvency group R3.


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A creditor is a party (e.g. person, organization, company, or government) that has a claim to the properties or services of a second party. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property or service. The second party is frequently called a debtor or borrower.

Simply put, creditors are people to whom someone owes money.

The term creditor is frequently used in the financial world, especially in reference to short term loans, long term bonds, and mortgages. In law, a person who has a money judgment entered in their favor by a court is called a judgment creditor.

The term creditor derives from the notion of credit. In modern America, credit refers to a rating which indicates the ability of a borrower and likelihood to pay back his or her loan. In earlier times, credit also referred to reputation or trustworthiness.

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Concern has been voiced over the long-term problems that could arise from student loan debts, with fears that graduates could face substantial financial difficulty and insolvency, creating a barrier to future prospects.

Highlighting the negative effects of incurring heavy debt soon after university Credit Action spokesperson Chris Tapp warns that early insolvency can prevent graduates from entering various professions such as law or accountancy, for example.

He also asserts that debt problems can make it difficult to secure a mortgage, which is particularly important in light of reports that first-time buyers are finding it difficult to afford new homes.

"If somebody at quite a young age struggles with a debt problem and is forced to go into an IVA or bankruptcy or something like that, then that affects their credit rating over the next six years, their ability to get a mortgage, their ability to work in certain types of profession," explained Mr Tapp.

Credit Action states that student loans in themselves do not cause a significant debt problem for graduates, but contributes to a culture of debt.


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The number of corporate insolvencies is expected to rise around the world because of declining economic growth, higher debt and rising interest rates, the world's largest credit insurer said on Monday.

Euler Hermes said its Global Insolvency Index is expected to increase by 7 percent this year, compared with a fall of 17 percent in 2006.

As many as 29,800 companies, including small enterprises with only one employee, may go bust in the United States this year, followed by 27,300 in Germany, 24,300 in Britain and about 9,400 in Italy, firm said. "The economic downturn that began in 2007 will increase risks for companies, and it will also add more risk of bad debts," said Euler Hermes, a unit of German insurance company Allianz (ALVG.DE: Quote, Profile , Research).

At present, interest payment failures remain at historic lows. The amount of liquidity provided by investors, including hedge funds, and their willingness to fund distressed companies has kept struggling businesses afloat while pushing the price of distressed debt to almost par levels.

Investment banks such as Goldman Sachs Group Inc. (GS.N: Quote, Profile , Research) and Morgan Stanley (MS.N: Quote, Profile , Research) have expanded their restructuring teams, in anticipation of a rise in the number of insolvencies.

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Isolvency practitioners and banks are meeting later today in a bid to reach agreement on contentious areas surrounding individual voluntary arrangements (IVAs).

IVAs have become a popular way of managing debt problems thanks to the huge growth in personal debt in the UK. They are legal contracts between borrowers and lenders which allow people to pay off a proportion of their debt and write off the rest.

Companies specialising in IVAs make their profits by charging banks a fee for organising the repayment, from £4,000 up to £8,000. But banks claim these fees are too high and are calling on insolvency practitioners to rethink them.

Stakeholders from both sides of the finance fence have expressed their enthusiasm to "nail the detail".

Speaking on BBC Radio Five Live, Eric Leenders of the British Bankers' Association said he wanted the establishment of "some hard and fast proposals that everyone can sign up to".

"That would include of course process efficiencies and certainly would help consumers because of course we'd be looking to far more simplified paperwork which would be much more accessible I would say for them," he said.

Nick O'Reilly, vice president of the Association of Business Recovery Professionals, said he welcomed the "opportunity" of today's meeting and said a lot of progress had been made in the last few months.

"I think it's probably a question that banks don't necessarily understand the work that insolvency practitioners have to do to put a voluntary arrangement in place," he said.

"What we're… moving towards is a system whereby a certain proportion of the fee is paid first but the insolvency practitioner firm waits for a while to get the balance of their fees, and I think that's probably helpful to all parties."

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Several reports claim that UK insolvency rules must change if London is expected to keep its status as the UK’s leading financial centre, according to The European High Yield Association (EHYA)

The EHYA warns that the legislation is out dated and unable to handle complex restructuring projects that will hit the market when the economy faces its next downturn.

The restructuring professionals sent a letter to the Treasury claiming that the legislation must ease the power it gives customers and suppliers when debt ridden, or restructuring companies, enter the administration phase. It should also take away the veto rights held by some who do not see a financial gain in it for themselves.

‘The wider dispersion of debt may make traditional workouts unachievable,’ warned the association.

The ramifications of this will be felt all through the UK economy, but it will hit London like a tidal wave. Millions of consumers who took out massive mortgages and personal loans to move to, and live in, London will find themselves forced to move, or facing unemployment if financial companies go bankrupt, or are forced to move.

The negative equity felt by the London market alone will be enough to drive the economy into a recession, maybe even a depression, as millions of homeowners loose their homes and are forced into bankruptcy.

There is no word whether the government plans to change the insolvency rules, or whether they feel that the number of global corporations that located in London will buoy the economy.


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The fallout from the Just Group’s insolvency led to one of the messiest insolvency disputes in recent years
Alex Hawkes, Accountancy Age, 31 May 2007
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A businessman, who tried to have Coopers & Lybrand wound up in the 1990s, launched a stream of abuse against another party in one of the messiest insolvency disputes of recent years, a court has heard.

Mark Hardy called Christopher Jones, another party involved in the fallout from collapsed Just Group, a 'slimeball' and a 'frigging liar' on bulletin boards covering the subject.

Hardy told Jones at one point: ‘I intend to nail your nuts to the mast,’ the City of London magistrates court heard.

Just Group owned the rights to cartoon characters the Butt Ugly Martians, and the fallout from the group’s insolvency has led to unpleasant spats.

Hardy holds a power of attorney over Think Entertainment, a company formed in 2004 as part of a restructuring of Just Group, while Jones was involved in a rescue plan that attempted to revive the company in 2002.

Hardy was alleging in court that Jones had been paid unlawfully in his time at the group, and wanted magistrates to issue a summons. Jones categorically denies the allegations. The court eventually refused the request, saying it would be vexatious, malicious and constitute harassment.

Stephen John, acting for Jones, told the court that Hardy’s attempt to obtain the summons was part of a sustained campaign of harassment that, in one instance, had led to Jones contacting the police.

Hardy called Jones a 'lying scumbag' on bulletin boards, John said. ‘What language is [this] for someone holding a power of attorney?’ John said.

Hardy said: ‘The language gets colourful, that’s the nature of these bulletin boards.’

Hardy has already made accusations in court against KPMG administrators involved with Just Group.


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With bankruptcy and insolvency predicted to grow by 50 per cent over the next five years, the Insolvency Service wanted to adopt new practices that would help it to work more efficiently. The challenge is to cope with a growing caseload while maximising resources, according to Allan Cook, change programme manager.

‘The aim of the Insolvency Service is to deal fairly and effectively with financial failure and corporate and individual malpractice,’ he says.

Following a competitive procurement process considering BPM technologies, the Insolvency Service chose Lombardi’s TeamWorks platform to manage various core business processes across its 36 offices in the UK.

‘Initially we modelled all the insolvency processes and are now automating them as much as possible, so that everybody across all our offices works in the same way,’ says Cook. ‘Each office, while achieving the same outcomes, had adopted slightly different ways of completing the process.’

One of the main reasons for choosing TeamWorks, was its ability to gather data for further analysis.

‘We can take the metrics from the processing of cases and simulate where future bottlenecks may occur,’ says Cook. ‘It is this ability to refine our processes that is going to contribute to process improvement. We have the facility to predict where we are going to experience problems, and that means we can put measures in place to minimise or eliminate them.’

Compliance is important, and the BI provision within TeamWorks delivers better management information which allows the Insolvency Service to improve processes further.

‘We are reducing redundancy and waste in the system’, says Cook. ‘It is a question of getting the right piece of information to the right person at the right time, so that they have accurate, real-time information to make decisions. In the past, as a result of a delay or a change in circumstances, the information has been out of date.’

Although the project is in its early stages, the Insolvency Service has seen a significant improvement in the way it works and has increased productivity. While the initial phase of the insolvency process has to be completed at a local office, the new system means the work can be completed at any of the other offices around the country, smoothing out the workload. However, for Cook and his team the main benefit has been the ability to forecast problems.

‘What we have is a tool to help us discover the pinch points in our processes,’ he says. ‘TeamWorks can forecast the bottlenecks, if the caseloads follow the same trends as in the past, and that means we have the time to do something about it.’


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For 170 former employees of BenQ Mobile, life is about to get considerably more uncomfortable. Not only were they amongst the 1,300 employees who lost their jobs late last year when the company went into insolvency, but now they are being required to repay bonuses.

According to the German Heise online news website, which has translated a report from the daily Süddeutsche Zeitung newspaper, the insolvency administrator is disputing payments made to staff just before the company went under.


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The primary purpose of bankruptcy is: (1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has the means available for payment.

Bankruptcy allows debtors to be discharged from the legal obligation to pay most debts by submitting their non-exempt assets, if any, to the jurisdiction of the bankruptcy court for eventual distribution among their creditors. During the pendency of a bankruptcy proceeding the debtor is protected from most non-bankruptcy legal action by creditors through a legally imposed stay. Creditors cannot pursue lawsuits, garnish wages, or attempt to compel payment.


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TDX Group, the UK’s leading debt management solution provider (www.tdxgroup.com), today announced that M&S Money and First Direct have both signed up to The Insolvency eXchange (TIX), which delivers insolvency management services to creditors.

Under the agreement, TIX will process Individual Voluntary Arrangement (IVA1) proposals received by M&S Money and first direct from Insolvency Practitioners. The service will analytically decide which proposals to accept and then manage each IVA through the 5-year term of the arrangement.

HSBC, the parent company of both M&S Money and First Direct, was one of the first banks to sign up to TIX, which went live in November 2006. Following a highly positive experience that has delivered significantly improved returns for the bank, both subsidiaries have selected to join the service.

Mark Onyett, Chief Executive of TDX Group said, “TIX is really gaining momentum, and we’ve been exceptionally pleased with its success. IVA levels are significantly higher than last year and creditors recognise that they need to take an intelligent approach to IVA management to ensure they are optimising the value from this part of their portfolio. The efficiency that TIX creates for the industry, and the new level of scrutiny applied to IVA proposals, will ensure that an IVA is only set up where it is the most effective solution for both the debtor and their creditor, which in this case will be either M&S Money or First Direct.”

Chris Broom, Head of Credit, First Direct said, “TIX has quickly become established as an influential organisation within the insolvency industry. We believe its approach will improve self-regulation within the industry and this must be in the long term interests of both debtors and creditors.”

Claudine Williams of M&S Money said, “We have been reviewing for sometime how as a business we handle our IVAs and after reviewing who in the industry could assist us, we chose TIX as they impressed us regarding their industry knowledge, their pro-activeness, professionalism and the fact that their unique approach will add value to our business and the return we receive from IVAs.”

TIX is a unique approach to IVA management, enabling creditors to collectively decide IVA proposal acceptance criteria and establish industry standards. The service uses advanced analytics and technology to ensure all of the circumstances of each debtor are considered appropriately, allowing improved validation that an IVA is the most appropriate solution for the debtor.


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LONDON (Thomson Financial) - Debt management company Money Debt & Credit Group PLC said it expects further market share growth in 2007, adding it is confident about the continued progress of the group.

Recent Insolvency Service data for the first quarter 2007 showed that the IVA (Individual Voluntary Arrangement) market still continues to grow. Coupled with the recent interest rate rises, the company foresees increased demand for its services, it added.

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Solent TV, the ultra-local digital TV station for the Isle of Wight, has closed down.

The channel's 12 full-time staff have been made redundant with immediate effect after the company which operates the channel became insolvent.

Solent TV had broadcast to the island since October 2002, and expanded onto Sky Digital in January this year. It ceased broadcasting last night (Thursday).

In a statement on its website, Solent TV management said: "All the team here would like to say a massive thank you to all our viewers for their kind messages of support over the past five years."

Since its launch, the station — which was backed by a charity, Island Volunteers, and funded by sponsorship and advertising — has become a hit on the Isle of Wight with its mix of local news, sport and features.

In an interview with Press Gazette earlier this year, Solent TV chief executive Linda Ovnik said: "We have not received as much as a 10p piece in public funding. We are self-sufficient and when we make money — and I plan to make bucket loads — it will be ploughed into community projects."

The channel, believed to be one of the UK's smallest TV stations, faced competition from ITV Meridian and established regional papers, The News in Portsmouth and the Southern Daily Echo.

Solent TV’s sister organisations, Island Volunteers, Community Solutions and DV Media, are also ceasing to trade.


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If you asked thousands of UK consumers which age group carries the biggest debt burden, the answers will be as varied as the people being polled, and most of them will be wrong. While the average answer will probably be the 20 something generation, paying of their student loans, and trying to start a life, the actual group carrying the greatest debt burden is the over 60 age group.

Last year debt problems of the over 60s accelerated faster than all other age groups, while contrary to popular perception, the 20 something generation's debt burden declined, according to CCCS’ Statistical Yearbook 2006 published March 2007.

Consumer Credit Counselling Service (CCCS) predicts that by the end of 2007 its counsellors will be helping more people over 60 than under 25, based on the current trends. CCCS currently handles 10 percent of the individual debt cases in the UK.

The CCCS helpline inquiries increased by 50 percent to 300,000 in 2006 with 73,000 people needing extensive counselling from one of thir centres. An extreme debt is one that exceeds £100,000, or where the case involves more than 16 credit cards. This is almost matched by Citizen's Advice who stated they dealt with approximately 53 000 cases.

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Businesses and individuals could have their insolvencies signed off by professionals with only a fraction of the experience currently required, under new government proposals.

The proposals are stoking fears of a reckless dilution of the current regulatory climate and have set the government on a collision course with one of the major professional bodies for the insolvency industry, the Insolvency Practitioners Association (IPA).

Currently fully-licensed insolvency practitioners require 4,000 hours experience. IPA director general Peter Joyce claims the insolvency service is considering a figure of around 400 hours’ experience for a proposed qualification dubbed an ‘insolvency-lite’.

The IPA has warned that the moves could lead to reckless decision-making on behalf of debtors and might incite banks to force them into bankruptcy. It argues a minimum of around 2,000 hours will be necessary for the new qualification.

The IPA and the ICAEW have recently looked into providing the new qualifications, but the Insolvency Service’s willingness to set a low benchmark has worried the IPA.

Joyce warned that major creditors could baulk at debt plans proposed by an administrator if they believe the administrator has made an uninformed decision.

The proposals follow soaring personal insolvencies on the back of government legislation making it easier to enter formal debt proceedings. The Insolvency Service also launched a paper last week outlining ‘simple’ IVAs, for those with debts less than £75,000.

A SIVA would not include a creditors’ meeting, and a majority of creditors would have to agree to a debt proposal as opposed to 75% for regular IVAs.

‘[Creditors may] feel with a SIVA – where there’s no meeting of creditors – that in the present climate [of also introducing a lighter qualification] they might turn their faces to debt proposals. If we don’t square this, there must be a risk that debtors will have to go for the more complicated route (IVA) or go into bankruptcy,’ said Joyce.

A spokeswoman for the Insolvency Service said practitioners undertaking just voluntary arrangements would not need the same knowledge and experience as an insolvency practitioner who deals with all types of debt appointments.

The ‘insolvency-lite’ practitioner, known as a voluntary arrangement practitioner, would need to demonstrate they had ‘at least’ the same depth of academic knowledge as an existing insolvency practitioner, she added.

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Lovells has hired a second restructuring partner from US firm Stroock & Stroock & Lavan as the City giant moves to beef up it US insolvency practice.

The top 10 UK firm has recruited Robin Keller as a partner to spearhead its US business restructuring and insolvency practice (BRI).

Keller, who joined Lovells’ New York arm this week (21 May), is the second US partner to join the group this month following the addition of Christopher Donoho — also from Stroock.

The appointments come after Lovells earlier this year lost US bankruptcy head Gary Lee, fellow partner Karen Ostad and a team of associates to Morrison & Foerster (MoFo) in New York.

Lee took around half of Lovells’ US restructuring work with him to MoFo but the City firm retains a number of major clients in the sector, including Standard Chartered and Nortel Networks.

The addition of Keller and Donoho also hands Lovells a foothold in the burgeoning hedge funds market, which is increasingly active in restructuring work.

Lovells global BRI chief Robin Spencer told Legal Week: “Hedge funds are the way the market is moving and we need to move in that way as well — we were trying to recruit in this area even before [the two partners] left.”

The departure of Keller and Donoho mark the latest in a stream of partner losses from Stroock’s bankruptcy team with O’Melveny & Myers also this month recruiting a four-partner team from the firm, including joint restructuring head Michael Sage.

Keller specialises in reorganisations and out-of-court restructurings and has worked with clients including bond-holder committees and financial institution clients as well as hedge funds.

She will work closely with Lovells’ banking and finance and capital markets teams in the US, which are headed by Russell DaSilva and Rob Ripin respectively


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R3 – the association that represents 97% of regulated UK insolvency practitioners - says that Capital One’s comments are badly timed. A number of industry bodies and interest groups are currently examining ways of improving IVAs at a time when record numbers of people are using them as a means of avoiding bankruptcy and relieving indebtedness.

Some R3 members believe that at the rates Capital One wants to enforce, regulated practitioners will withdraw from the IVA market, leading to less choice and forcing consumers into bankruptcy. Ironically this would result in significantly lower returns for creditors, including the banks.

R3 Yorkshire Chairman Nick Reed said, “The timing of comments from Capital One is surprising. The industry is currently trying to draw up a protocol to further enhance help to consumers. R3 is working with the British Bankers Association and other interested parties on a whole range of issues besides the fees charged, including the marketing of IVAs. It is important that an industry wide agreement is reached which balances the interests of all stakeholders.”

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FIGURES released by the insolvency firm which took over the running of Wrexham FC reveal that the club actually made a profit for much of the time that it was in administration.

The Dragons’ trading profit was more than £208,000 during the 2005 and 2006 seasons, a report shows.

The news means creditors will now get back more of their investment than they expected.

Insolvency firm Begbies Traynor took over the club in December 2004, before finally selling it to local businessmen Neville Dickens and Geoff Moss in August last year.

In its final report, the Preston-based firm has told creditors they can expect to receive back 32.69p in the pound, an improvement on the 27.73p they voted to accept 12 months ago so that the rescue package could go ahead.

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Former Leeds United chairman Gerald Krasner has accused the current major shareholder Ken Bates as making a "derisory" offer to pay off those creditors who are seeking remuneration.

After Leeds slipped into administration in the week leading up to the last match of the Championship season, Bates has made an offer to re-purchase the club, by offering a dividend of 1p in the pound. This has been deemed unsuitable by Krasner, who has offered to use his experience in corporate insolvency free of charge in order to make sure that Mr Bates will not return as owner of the club.

'Effectively, he will have bought the club back debt free for approximately £500,000, including professional costs.

'Quite frankly I consider this offer utterly derisory and unless you agree with this proposal, it is up to you as a creditor to make your voice heard.' Krasner said.

He went on to explain his reasons behind the free help offer:

"I have had a lot of approaches recently from fellow professionals, acting either for creditors or for third parties, who wish to invest in the club, but do not want to deal with Mr Bates…

…'It is unlikely that most of you will want to spend the money to take the necessary professional advice on what is a very complex topic.

'I have, therefore, decided in my capacity as a licensed insolvency practitioner to offer to assist you absolutely free of charge.

'So if you are a trade creditor, a football creditor, a footballer, a season ticket or debenture holder then please get in touch.'

Says it all really, we have highly experienced professionals who have saved the club before offering their vast experience free of charge to keep Ken Bates away from ruining our club all over again. Other clubs throughout the league have been replacing their ageing chairman with the next generation. Only the likes of Bates and Freddie Sheppard survive, lets help to eradicate these money men from the club we love.

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Troubled Myers University won yet an other financial reprieve this week, but its supporters should hold off on popping champagne corks just yet.

In recent years, Cleveland's oldest four-year institution of higher learning has flirted with insolvency, first through ill-conceived expansions and then desperate pleas for public and private support. Last December, Myers President Richard Scaldini warned that the school faced sale or closure unless it could come up with a $1.2 million line of credit sufficient to satisfy federal officials; four months later, he was back begging again, this time for $1.5 million in grant money to keep the school open.

With Saturday's commencement approaching and no clear resolution in sight, Scaldini announced on Wednesday that a donor who wished to remain anonymous had committed $2 million to the school. A day later, news broke that the donors were in fact principals with one of Myers' for-profit suitors, the University of Northern Virginia. Chancellor Eric Fingerhut said the state was open to new approaches, but rightly condemned Myers' secretive approach. Both Myers' students and financial backers deserve "to know exactly what's going on," Fingerhut said.

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The term insolvency is often incorrectly used as a synonym for bankruptcy, which is a distinct concept, except in Germany. In some jurisdictions, a state of insolvency may lead to a legal finding of bankruptcy. In the United Kingdom, the term bankruptcy is reserved for individuals; a company which is insolvent may be put into liquidation (sometimes referred to as winding-up).

In some jurisdictions, it is an offence under the bankruptcy laws for a corporation to continue in business while insolvent, though in the United States even bankruptcy typically sees the corporation continue operations.

Both the United States and United Kingdom have established insolvency regimes which aim to protect the creditors of the insolvent individual or company and balance their respective interests. Increasingly, legislatures have favoured alternatives to winding up companies for good. Alternatives such as Company Voluntary Arrangements and Administration in the UK reflect this shift towards a rescue culture.

It is also usually grounds for a civil action, or even an offence, to continue to pay some creditors in preference to other creditors once a state of insolvency is reached. In the United States, when determining whether a gift or a payment to a creditor is an unlawful preference, the date of the insolvency, rather than the date of the bankruptcy, will usually be the primary consideration. However in the UK, both are relevant -- the liquidator or administrator will be able to recover money paid to a creditor as a preference if it was paid within the six months (or two years if the creditor is a person connected to the company) preceding the date of liquidation and the company was insolvent at the time. In addition to unlawful preferences, liquidators and administrators in the UK may also challenge transactions at an undervalue, extortionate credit transactions, some floating charges and transactions defrauding creditors.

In South Africa, owners of businesses that had at any stage traded insolvently (i.e. that had a balance-sheet insolvency) become personally liable for the business' debts. Trading insolvently is often regarded as normal business practice in South Africa, as long as the business is able to fulfil its debt obligations when they fall due.

In the United States, under the Uniform Commercial Code, a person is considered "insolvent" when the party has ceased to pay its debts in the ordinary course of business, or cannot pay its debts as they become due, or is insolvent within the meaning of the Bankruptcy Code. This is important because certain rights under the code may be invoked as against an insolvent party which are otherwise unavailable.

Government debt
Although the terms bankrupt and insolvent are often used in reference to governments or government obligations, a government cannot be insolvent in the normal sense of the word. Generally, a government's debt is not secured by the assets of the government, but by its ability to levy taxes. By the standard definition, all governments would be in a state of insolvency unless they had assets equal to the debt they owed. If, for any reason, a government cannot meet its interest obligation, it is technically not insolvent but is "in default". As governments are sovereign entities, persons who hold debt of the government cannot seize the assets of the government to re-pay the debt. However, in most cases, debt in default is refinanced by further borrowing or monetized by issuing more currency (which typically results in hyperinflation).

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Bankruptcies have reached record levels in Norfolk and Suffolk, with numbers rocketing by more than a fifth in some areas over the past quarter.

Both counties have seen a rise in bankruptcies of 2pc over the last quarter, according to insolvency data released by the Department for Constitutional Affairs last night, but Cambridgeshire has seen a 1pc fall.

King's Lynn stood out with an increase of 22pc up from 68 cases in the first three months of 2006 to 83 for the same period this year. In contrast, Norwich showed a decline of 2pc, with cases down from 293 to 287.

The figures are driven by people choosing to go bankrupt, with more than 15,000 nationally doing so.

Mark Sands, director of personal insolvency at financial consultants KPMG, said with high average debt levels it was “unsurprising that we are seeing more and more people choosing personal insolvency as the solution to their problems”.

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This summer, the holidays of up to 18 million consumers who put together their own `DIY` break could be at risk in the event of insolvency, the Civil Aviation Authority (CAA) in United Kingdom has warned.

The warning comes after the CAA found that although over nine in ten (92 per cent) of almost 5,000 holiday consumers it questioned considered holiday financial protection to be important, over a third (35 per cent) incorrectly believed that a DIY holiday they put together themselves would be protected should their airline, hotel or car hire company cease trading.

The CAA, which operates the ATOL financial protection scheme, is today urging consumers to check that their summer air holidays are financially protected.

Flights and accommodation booked separately as part of a DIY break are unconnected. This means that if an airline or accommodation provider ceases trading before consumers travel, holidaymakers could be forced to buy alternative, often more expensive, flights or accommodation. And if travellers cannot purchase new flights, they may be unable to claim back money already paid for the unused components of the holiday, such as hotels and car hire. Consumers could even run the risk of being stranded abroad if their airline went bankrupt during their break.

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Reports reveal that the majority of the population regularly overspend, prompting concerns over financial management and the likelihood of consumers falling into serious debt.

Figures published by Credit Expert show that more than 80 per cent of the population regularly overspend, leading many Brits to have to resort to extreme measures such as bankruptcy and individual voluntary arrangements (IVA).

Credit Expert highlights figures that a quarter (24 per cent) of the population find difficulty in controlling their spending and understanding financial matters while ten per cent have missed repayments on credit cards, store cards, loans or mortgages.

Meanwhile nine per cent have taken out a new credit card to pay existing credit card debts and five per cent have entered an IVA, declared themselves bankrupt or considered doing so.

"What this research seems to expose is a serious lack of understanding of the long-term consequences of these actions," commented Jim Hodgkins, managing director of CreditExpert.co.uk.

"We feel it's imperative that people fully realise the implications of not managing their finances properly."

The government's Insolvency Service recently reported that a record 30,075 went bankrupt or entered an IVA in the first quarter of 2007.

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To viewers of Channel 4's Chaos At The Chateau, he was a real-life Basil Fawlty - a businessman who embarked on a new life as a luxury hotel owner.


But now it can be revealed that David Darrell has a far from comic past - he was struck off from his previous role as an insolvency practitioner after allegations that he claimed nearly £1million for work he may not have completed.

Industry regulator the Insolvency Practitioners Association (IPA) began investigating Mr Darrell in 2003 after creditors raised concerns about him. The IPA's inquiries allege that Mr Darrell drew money from 35 bankrupt firms without providing proof that he had carried out work for them.

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IT MAY not be as certain as death and taxes, but, in the rich world, living to a ripe old age is an increasingly safe bet. Unfortunately, financing the long, leisurely retirement to which people aspire is a riskier proposition. Individuals worry that they have not saved enough, or that investments will go wrong. Or, perhaps worse, they give it too little thought. Governments struggle to muster the political support needed to keep pensions and healthcare for the elderly from ripping gaping holes in future budgets. And corporate pensions, once viewed as guaranteeing a prosperous and anxiety-free retirement, are starting to look risky too.

In order to help regulators ensure that workers who belong to occupational defined-benefit plans get the pensions they have been promised, the Organisation for Economic Co-operation and Development (OECD) has released, on Thursday May 10th, its guidelines for regulation of private pensions. Its recommendations are so sound and uncontroversial that they are nearly useless.

Few would disagree that pensions should contain enough assets to cover the benefits they have promised. Or that funds should get there by using expected lifespans and wages of current workers to calculate whether invested contributions will be enough to cover them. The devil is in the details: deciding what real rate of return is reasonable to expect from pension-plan assets; calculating how long people will work and how much their final salary will be; assessing how much overfunding should be expected from firms during stockmarket booms.

These problems have received particular attention in America, where the Pension Benefit Guaranty Corporation (PBGC), which insures corporate defined-benefit schemes, seems perpetually in danger of insolvency. Although its reported deficit has eased thanks to improving markets and legislative reform, the difference between assets and expected liabilities is near $19 billion. This deficit is unsurprising. According to the report, companies insured with the PBGC have a collective unfunded liability of $340 billion. While this is slightly less than in 2005, America’s corporate schemes are still far from solvency.

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Proposals to simplify the current IVA process for those with undisputed debts of less than £75,000 will no doubt increase the demand for IVA mortgages and remortgages, suggest Enable Finance Ltd.

Nottingham, UK (PRWEB) May 10, 2007 -- Enable Finance consider the news that the Insolvency Service are to look at simplifying IVAs, and asks: will this result in higher demand for IVA mortgages?

The British Insolvency Service has began a 12-week consultation process today looking at proposals to simplify Individual Voluntary Arrangements (IVAs). Borne out no doubt by the huge levels and some may say, out of control levels of personal debt spiraling over £1 trillion pounds.

IVAs were introduced just over 20 years ago under the 1986 Insolvency Act to provide a flexible debt resolution alternative to bankruptcy for professionals and company directors, supervised by Insolvency Practitioners (IP).

Proposals to simplify the current process for those with undisputed debts of less than £75,000 include approval of an IVA by a simple majority vote, creditors not being able to change the debtors proposals and creditors having to file their claims within 90 days.

Since their introduction IPs have continued to supervise IVAs but a growing number of people in full time jobs with debts are taking up them up as a means of managing their debts as an alternative to using a debt management company.

There are also proposals to reduce the administrative burden on Insolvency Practitioners (IPs) who supervise IVAs, ultimately reducing the administrative cost to the debtors. The industry awaits their findings after the consultation ends on the 3 August 2007.

Enable Finance Ltd. feel that simplifying the IVA process, will only result in a greater number of personal insolvency's creating and adding to a growing pool of insolvent home owners. Home owners should be aware that most insolvency arrangements may require them, as part of the IVA terms and conditions, to release equity from their property as part of a full and final settlement.

Whilst IVA's can be a good mechanism to reduce and control your debts, home owners should be mindful of their obligation to remortgage to release equity, resulting in further demand for IVA mortgage products allowing for this level of adverse credit history.

Enable Finance the bad credit remortgage specialist have spent years working with Mortgage Lenders and Insolvency Practitioners developing these types of products ensuring customers have a choice and selection that best suits their circumstances.

Notes to Editors:
Enable Finance Ltd. caters for borrowers whose credit histories fall outside high street lending criteria - for example; adverse credit; self certification; irregular income patterns. Enable Finance is authorised and regulated by the financial Services Authority (FSA). It is a member of the Finance Industry Standards Association (FISA) and the National Association of Commercial Finance Brokers.

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Commenting on figures from the Government's Insolvency Service showing that a record number of people went insolvent during the first three months of 2007, Liberal Democrat Shadow Chancellor, Vince Cable MP said:

"This increase in personal insolvencies to a staggering quarterly record, alongside the equally dramatic rise in home repossession claims, demonstrates the severity of Britain's personal debt crisis.

"These figures equate to more than 300 people being declared insolvent every day - a truly astonishing number. But these are not freak figures. Sadly, they are likely to get even worse, especially with families feeling a further pinch on their budgets when interest rates almost certainly rise .

"The Liberal Democrats have warned the Chancellor for years about the seriousness of the personal debt problem and the need for a concerted plan of action involving better financial advice and education, debt data pooling and action on irresponsible lending."

Commenting on the 8% annual rise in mortgage possession claims issued and the 17% annual rise on mortgage possession orders made, he added:

"These figures demonstrate the complete absence of an adequate safety net in the mortgage market. There is currently a considerable degree of irresponsible lending and aggressive marketing to individuals.

"Banks and building societies need to ensure that when people take out mortgages they are fully aware of the risks, and that quality insurance products are available.

"The Government should be actively working with the financial services industry to achieve a national roll-out of independent advice centres, providing people with early access to financial health checks before they get into a crisis situation."

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Information is showing that people are voluntarily accepting their insolvency and entering into IVA or Bankruptcy proceedings for themselves without pressure from creditors. In the first quarter of 2007 personal insolvencies have risen by 23.9% compared with 2006 figures. Many of these insolvencies are voluntary to the individual before creditors pile on the pressure.

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Warnings that 2007 could go down as the worst ever year for Britain's " debt crises" have been aired today after the year started with a record number of people going bust.

In all, 30,075 people went bankrupt or took out an Individual Voluntary Arrangement (IVA) between January and March - more than 330 personal insolvencies a day.

The figures, released by the Government's Insolvency Service, prompted renewed concern over the high level of indebtedness in the UK amid forecasts that things are likely to get worse before they get better.

The total number of insolvencies between January and March was up almost 24pc on the same period in 2006 and represented a jump of 1.2pc on the previous quarter.

It appeared to confirm predictions that 2007 will go down as the worst ever year for personal insolvencies - surpassing last year's record total of 107,288.

Broken down, the statistics for the first quarter of 2007 show that the growth rate of IVAs - which serve as a formal agreement between debtors and creditors - continues to outpace that of bankruptcies.

IVAs were up 47.6pc year-on-year to 13,233 in the first quarter - an increase of 4.7pc on autumn's total.

This compares to bankruptcies, which experienced an annual hike of 10pc, but a slight fall on the previous quarter.

The continued growth of IVAs comes despite a clampdown on aggressive and misleading advertising by debt firms.

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Insolvency figures to be released on Friday are expected to show a record number of people went bust in the first three months of the year, according to experts.

Official Statistics are are likely to show that about 30,000 individuals went bankrupt or took out an Individual Voluntary Arrangement (IVA) between January and March.

But debt experts are predicting a slowdown in the overall growth rate of insolvencies in the face of a toughening stance by creditors over IVAs.

A rise in IVA rejection rates could, however, have a knock-on effect on bankruptcy figures, with evidence indicating a hike in the number of people being declared bankrupt in the last month.

Between October and December last year, 29,804 personal insolvencies were recorded by the Insolvency Service - an increase of 44% on the same period a year earlier.

View this full article at Channel 4 news.

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Latest DTI insolvency figures released at 9.30am today (4 May 2007) show insolvencies topped 30,000 in the first quarter of 2007.

Key Stats

1. The total number of individual insolvencies for the year to date (Q2 2006 – Q1 2007) is 113,089, an increase of 44.3% over the previous full year (Q2 2005 – Q1 2006), 78,391.

2. The total number of IVAs for the year to date (Q2 2006 – Q1 2007) is 48,601, an increase of 46.6% the previous full year (Q2 2005 – Q1 2006), 25,965.

3. The latest quarter shows an overall increase in individual insolvencies of 1.2% over the previous quarter and 23.9% on the same quarter last year.

4. IVAs, in particular, rose by 4.7% and 47.6% respectively.

5. Individual bankruptcies fell by 1.3% since the last quarter, but rose 10.0% on the same quarter last year.

6. For Q1 2007, IVAs represented 44.0% of total individual insolvencies, compared to 36.9% for the same quarter a year ago.

7. Bankruptcies represented 56.0% of total individual insolvencies, compared to 63.1% for the same quarter a year ago.

James Falla, MD of Thomas Charles, said of the latest stats:

“Total insolvencies this quarter crept over 30,000 by a whisker and this is indeed a milestone. However, considering Q1 is usually the busiest quarter of the year, and Q4 the quietest, an increase of just 1.2% on the previous quarter is lower than expected, especially when compared to the 17.4% increase we saw between Q4 and Q1 last year. It therefore seems that personal insolvencies are slowing down significantly compared with the rapid growth we saw last year.

IVA growth has undoubtedly been slowed by a harder line stance taken by some creditors such as Northern Rock and MBNA. Without this, it is likely that we would have seen insolvencies, and IVAs in particular, continue to rise apace.

With the slowing of IVAs, we might have expected to see a rise in bankruptcies. Those being refused IVAs will normally seriously consider the only other formal insolvency route available to deal with their debts. However, bankruptcies have fallen for the first time since Q2 2006. With property prices rising to heights never seen before, the housing market may be playing part in this. Since bankruptcy usually means losing your home, debtors may fear that they will never get back on the property ladder again if they go bankrupt in the current climate.

The figures would therefore suggest that more people are being placed on Debt Management Plans, an informal agreement with creditors to reduce the amount paid each month so that the payments fit within an affordable monthly budget. Unfortunately, Debt Management plans will generally not resolve a debt problem in the short term, rather prolonging the problem far into the future. As such, we are in danger of seeing a false picture of improvement where problems are not being solved, but rather being left to fester.

If we are to tackle the debt situation in Britain effectively, I would argue that we need to educate people about money management at a young age. Introducing elements to the curriculum which help young people understand the financial world that they are going to get themselves into, and talking to them about credit cards, loans and so on could really make a difference into the future."

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Research published recently indicates that problems with debts may increase with age. The research conducted during April 2007 shows that those in over £10K of unsecured debt with the prospect of insolvency rises with age.


According to research conducted in April 2007, those in over £10k of unsecured debt reporting some likelihood of insolvency (‘quite likely’ – ‘certain’) rises steadily from just under 1 in 10 18-24 year olds (9%), to almost a fifth of 35-44 year olds (18%), right up to almost a quarter of 55+ year olds (24%).

The proportion rises steadily from 14% of 18-24 year olds, to almost a quarter of 35-44 year olds (24%), up to almost a third of 55+ year olds (32%). This means 55+ year olds are 167% more likely to go insolvent and 129% more likely to experience debt repayment problems than their 18-24 year old counterparts.

One in four of us are now struggling to meet repayments and may end up insolvent. This has increased through the last year or so.

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The Leeds United Football club is on the brink of insolvency according to the former chairman. It is a 90% certainty, in Gerald Krasner's opinion, that his former club will be in administration within the next few days.

Other club officials are refusing to comment on the recent media speculation that Leeds will enter into Insolvency. Experts are expecting the ill fated club to enter into administration within the week unless an investor bails it out.

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If the UK does not reform its insolvency rules London could loose its current status as a leading financial centre. If this is not completed before the next economic downturn we could see problems for the future.

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