Debt and insolvency

Our debt and insolvency blog covers the most current debt and insolvency issues for both individuals and businesses. If you are struggling with your finances and looking at what options are open to you, take a browse through our blog – you can find information on bankruptcy, alternatives to bankruptcy, IVAs, debt recovery options, your rights against creditors, and insolvency.

If you need more advice on what you find, or if your question is not answered here, Contact Law can put you in touch with specialist debt and insolvency solicitors in your local area.

Unpaid bills might be a more costly affair

In today’s straining financial climate many are finding it difficult to pay their bills on time. However, most people don’t expect a visit from the bailiffs over an unpaid parking fine. Councils are increasingly turning to bailiffs for help to retrieve overdue money, and these visits are then added to the person’s bill.

Growing payday loan debt requires tighter regulation, says CAB

The Citizens Advice Bureau has said that the number of people running up debt as a result of taking out ‘payday’ loans has quadrupled in the last two years. Attracted by the simplicity of obtaining the credit and driven by the need to obtain cash before payday, over a million people take out small, short-term [...]

Small claim, big deal

For financial disputes of less than £5,000 in value, the county court has an allocated the ‘small claims track’ to handle such claims. It is said to be a more straightforward process by which reason claimants can represent themselves.   However, many disputes are not simple cases and claimants can find the prospect of going through [...]

Waterstones sold for £53m

Britain’s best known bookshop chain has been sold by HMV for £53m in order to help the company restructure its debt and refocus its business, as the sale of DVDs and CDs has declined in the face of digital sales. HMV has sold the bookshop chain to A&NN Capital Fund Management, a company in which [...]

Statutory demand – a powerful debt collecting method

Most people turn their attention directly towards litigation when an outstanding amount of money is owed to them by a debtor. An often overlooked but effective alternative to retrieving a debt is through filing a statutory demand. A statutory demand is a written formal request to a person or business that owes you money for [...]

Landlords come to the rescue of JJB Sports

JJB Sports, the sportswear and equipment retailer, has been granted a final lease of life by a group of landlords who in a last minute deal have agreed to accept 55% of their current level of rent. JJB Sports needed the group of 89 landlords to accept the rent cut in order to help secure [...]

Ex-Farepak directors face disqualification

Nine former directors of the failed Christmas hamper company Farepak are facing disqualification after the Insolvency Service started disqualification proceedings against them in the High Court last month.

UK investors to bring class action lawsuit against RBS

UK institutional investors who lost millions following the collapse of RBS in 2008 are considering bringing an American-style class action against the bank in the new year.

Supermodel successfully sues bank

Elle ‘The Body’ Macpherson has won more than £2.5 million in a ruling against the Isle of Man branch of the collapsed Iceland bank, Kaupthing.

New rules to protect consumers from banks mis-selling PPI

The Competition Commission has announced new rules to prevent banks from selling payment protection insurance (PPI) to borrowers at the ‘point of sale’, after the deluge of compensation claims that have arisen for mis-sold PPI.