Wednesday Guest Blog

Jeremy Frost writes:

And this week we are talking about hairdressing and debt collection.   The first is probably not going to be an insolvency, but rather a cold hard look at the finances together with an even colder and harder discussion with a number of creditors about what they might or might not get back!  In the middle though is a guy that knows how to cut hair and knows how to employ other stylists who also know how to cut hair.  So we have lots to do on the admin side and a bit of realism to spread around; but we should save a big chunk of the business and leave them with the basic structure to assist them in running it going forward.   As I tell all my clients, we are like an A&E Department.   We can bandage you up, but we are not here to help you walk again.  We do know a number of people that can help you learn to walk if you would like us to refer you?.

The debt collection did put a smile on my face.  On one of our cases we were met with a debtor who, although we had cast iron paperwork, refused point blank to pay us!  “I would rather spend the money fighting you” was his precise statement.  Fair enough then I think!  Onwards!

County Court Judgment is obtained as, rather than turn up, they thought it was a good idea to instead send us an e-mail a few hours before the hearing stating they hadn’t had enough time to deal with the matter yet and asking for another month.   Next, because of the debt’s size we transfer the debt to the High Court (I am sure we all know a lawyer to assist with this process) and instruct the Sheriffs.  You know the ones on the telly!  The next thing that happens is we receive an application to set aside the judgment. So many deficiencies in the application that this should be a nice trip out to the Court in a couple of weeks!  And then, this week  we receive an emergency application.  What is that for I think?  Well it appears that the Sheriffs paid them a dawn visit earlier this week!   Got to meet a Personal Assistant at 5:00am in the morning!   They are obviously very lucky with their hiring policy.  I struggle to get my staff in for 9:00am!

Jeremy Frost FABRP MIPA, Director  Frost Group Limited

Tel: 0845 260 0101   Fax: 020 8915 1018    http://www.frostbr.co.uk

Freedman Alexander LLP  – solicitors in Epsom and Ewell – http://www.fallp.co.uk

Wednesday Guest Blog

Jeremy Frost of Frost Business Services writes:

I am very lucky that I get to deal with a good number of different things during anyone week.  This week is no exception.

On the one hand have been involved in a very contentious Liquidation where all the Company papers have alledgedly been lost (by me if you believe some stories! ) and it is very clear that none of the parties one would usually go to for information hold any credibility.

As Liquidator I am the arbitrator of first resort.  I have so little information and have a considerable amount of “third party gossip” concerning a number of side deals, changes made to papers and withholding papers etc.  If I had limitless resources then my response is clear.  Sue and be damned.  None of you are good witnesses!  But do I really want to be involved in potentially years of litigation, funded by my personal resources?

But you must be confident of winning I hear you ask.  My response is simple.  Even when you think you have everything straight, matters can come up and judges can take decisions which look quite bizarre from below the bench; And when you have three individuals, who you have faith in, all confirming a story that you believe not to be true, but just can’t get enough info to rubbish it, then you are left with my word against theirs?   So doe anyone know a decent lawyer to ask for advice?

At the other end of the scale I am attempting, with the assistance of others to plan a new theatre for Croydon in my role as Administrator of the Warehouse Theatre.  If it was just a business plan then that would be simply.  Before that though we have to convince the powers that be that what we planning works on a variety of cultural and planning bases to fit within the various planning consents.  Oh yes and it has to make money too!  That will be easy then.

Jeremy Frost FABRP MIPA, Director  Frost Group Limited

Tel: 0845 260 0101   Fax: 020 8915 1018    http://www.frostbr.co.uk

Freedman Alexander LLP  – solicitors in Epsom and Ewell – http://www.fallp.co.uk  

Reduced Rate of Inheritance Tax

The rate of Inheritance Tax is 40% for estates over the “nil rate band” of £325,000.   After 6 April 2012 the 40% tax has been reduced to 36% if 10% or more of the relevant estate is given to charity.  This new measure affects people who are considering leaving or who have already left a charitable legacy in their Will.

If your Will contains legacies to charities or you want to benefit a charity and pay less tax then it would be an appropriate time to take our professional advice with regard to your Will.

Graeme.Aston@fallp.co.uk

Freedman Alexander LLP  – solicitors in Epsom and Ewell – http://www.fallp.co.uk