All your resources at your fingertips.Learn More
As we eagerly await the latest statistics release this Friday, we can busy ourselves with some other news stories. The Daily Mail is reporting that Hooters has gone bust. Cash flow and disatisfied customers seems to have been the problem. Elsewhere the Insolvency Service has reported an interesting story on BROs and bankrupt barristers. The piece notes:
"Leeds District Registry, this month dismissed an attempt by Mr Paul Robert Williams, a practising barrister, to overturn a five-year Bankruptcy Restrictions Order (BRO) imposed upon him. The BRO was imposed on Mr Williams following an investigation by The Official Receiver’s Office in Hull, part of The Insolvency Service.
Paul Robert Williams, 44, of York, practising as ‘Paul Williams’, a self-employed criminal barrister, was made bankrupt on 12 November 2009, having presented his own petition.
On Friday 1 April 2011, York County Court made a five-year Bankruptcy Restrictions Order against Mr Williams for neglecting his business affairs. He had also failed to pay a total of £137,692 in respect of self-assessed income tax, national insurance contributions and VAT. These sums had been assessed as being due based on returns previously submitted by Mr Williams. Mr Williams’ actions had materially contributed to his own bankruptcy which resulted in financial losses to all classes of creditors.
The Order was made in Mr Williams’ absence having made an unsuccessful last minute application for an adjournment.
Under the terms of the Bankruptcy Restrictions Order Mr Williams is restricted from acting as a company director without the permission of the court. He must also disclose his bankruptcy restrictions when applying for credit of more than £500, and the name by which he was made bankrupt when seeking to do any business in a different name.
In deciding the length of the restriction, the judge took into the account the period of time that the pattern of neglect had been building up.
Mr Williams was given leave to appeal against the decision not to grant an adjournment of the application for a Bankruptcy Restrictions Order, and against the making of the Bankruptcy Restrictions Order. His appeal was dismissed on 7 July 2011 by the Leeds District Registry of the High Court sitting at York County Court. In addition, an order for was made against Mr Williams."
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...