O Hara & Co, Insolvency Practitioners, Household Debt, Debt Matters, Corporate Recovery

Under Section 1024 of the Companies Act 2006, there is a new procedure that allows a company to be restored to the register without the need to go to Court.

Although the process is relatively simple, there are certain conditions which must be met, and the procedure can only be used if the company has been struck off under Sections 1000 or 1001 of the Companies Act 2006, or Section 652 of the Companies Act 1985.

These sections allow the Registrar of Companies to strike a company off the register if it appears not to be carrying on business or in operation (Section 1000) or it if is being wound up but it appears that no Liquidator is acting or that the affairs of the company are fully wound up (Section 1001). (Section 652 of the Companies Act 1985 covers both of these).

The procedure is not available if the company has been struck off voluntarily (ie at the request of its directors), under Section 1003 of the Companies Act 2006, or under Section 652A of the Companies Act 1985.

From Monday 6th of April 2009 a new form of Debt relief is being launched in England and Wales. Its an alternative to bankruptcy or individual voluntary arrangements and its called a Debt Relief Order.

The orders are aimed at people struggling to repay debt, who owe under £15,000, have no assests and a very low income.

You can apply for an Order online, but you need an approved insolvency practitioner to complete the application. The process costs about £90 and you can pay by installments.

An order lasts or 12 months during which you dont pay off any debt and your creditors cant take any action against you to recover their money unless they get permission from a court.

To qualify you need:

If you require any further information about the new Debt Relief Orders please try our new Debt Relief Order application form or contact O’Hara & Co and one of our Insolvency Practioners will be happy to supply you with the details you need.

O’Hara & Co were successful in completing the sale of this long established Club to new management, enabling the Club to take part in all the 2009 competitions. Clarion Solicitors assisted O’Hara & Co with this sale. Throughout the negotiations, the Officials of the Rugby Football League were kept informed assisting the purchaser and also giving guidance to the Administrators in respect of the League’s requirements and rules.

O'Hara & Co have now been involved in the successful rescues of a number of rugby clubs in both the Super League and the National Leagues, including Wakefield Trinity Wildcats, Doncaster Lakers, Featherstone Rovers, Halifax Bluesox and Keighley Cougars.

Despite the current economic climate, I am pleased to report the successful sale of The Pyewipe Inn Public House, Functions Venue and Accommodation Lodge at Saxilby Road, Lincoln.

The site and complex had fallen into a decline due to lack of investment, but I am pleased to say that a sale of £1,350,000 was achieved.

This followed an appointment by Allied Irish Bank in February and I was assisted in the succesfull sale by Sanderson Weatherall and my agents, Clarion Solicitors.

Usually when something arrives from the Official Receiver's list it is nothing to get excited about. Recently however, I received and appointment as Compulsory Liquidator of a Company whose trading activities were centered on Skegness.

The Limited Company was an umbrella of three separate trading entities - a nursing home, specialising in the care of mentally disturbed residents, an infants day care nursery and a beauty parlour - an unusual combination I think you will agree.

It was immediately apparent that in the case of the nursing home, immediate closure was not in the best interest of any of the parties concerned. To enable me to achieve my object of trading on, an immediate application was made to the Court for the appropriate sanctions to enable all three aspects of the business to continue. The judge was persuaded of the merit of this approach and has provided a series of Orders extending the time on trading until the business could be marketed and sold as a going concern. Much to the relief of the nursing home staff, although the residents themselves have been completely unaware of the process as the threat of closure could have had an adverse effect on their health, and was sold in November as £310,000.

I am continuing to trade the infants day nursery, and have provisionally agreed a sale and negotiations are at an advanced stage. I am hopeful of a successful conclusion which will persevere employment for the staff with no disturbance to the 60 or 70 children who are registered at the nursery.

The beauty parlour traded from leasehold premises and after consultations with my agent, I agreed a price for the business with the existing operator.

O'Hara & Co were assisted in the sale by Legal advisors, Messrs Raworths of Harrogate, and Sanderson Weatherall Chartered Surveyors of Leeds.