Moorfields Corporate Recovery shortlisted again for National Corporate Recovery Firm of the Year

Moorfields Corporate Recovery LLP are delighted to have been shortlisted for the “Corporate Recovery Firm of the Year” award in the prestigious Credit Today Insolvency and Rescue awards.

Now in their 6^th year, the Insolvency and Rescue awards are recognised as a mark of distinction amongst professionals, celebrating professional excellence in a challenging sector.

The award, open to firms with up to 10 licensed appointment taking IP’s, recognises significant growth, depth of experience, excellence in chosen sectors and focus on client satisfaction.

Moorfields was successfully awarded Corporate Recovery Firm of the year at last year’s awards after demonstrating an excellence in their specialist sectors and strong focus on client satisfaction.

Phil Smith, Partner “We are delighted to have been shortlisted for the Corporate Recovery Firm of the Year award, after winning last year’s award we believe we hold a strong position in the market and always ensure we differentiate our service offering to that of our peers.”

Simon Thomas, Partner “I hope that Moorfields will successfully retain their title this year, we are focused on client satisfaction and have continued to improve our specialist service sectors especially our property offering.” 

Moorfields hope to go on to claim victory again this year at the awards ceremony in October.

Moorfields appointed Administrators over portfolio of 50 assets in Scotland

Simon Thomas and Shelley Bullman of leading insolvency and restructuring firm Moorfields Corporate Recovery LLP have been appointed administrators over St Vincent St (491) Ltd (SVS) on 14^th February 2013.

The Scottish portfolio with an estimated guide price of around £15m consists of 56% retail, 30% commercial and 14% residential, with much of the portfolio consisting of prime retail outlets in Glasgow.

The company is one of the last major trading companies of The Coakley Group formally owned by property tycoon Thomas Coakley. The tycoon was once estimated to be worth £70 million but was made bankrupt earlier this year.

The portfolio will continue to run as normal while the administrators carry out a strategic review.

For further details please contact Moorfields Corporate Recovery LLP on 0207 186 1144 .

For media enquiries, please contact:

Katie Smith
Tel: +44 (0) 20 7186 1143
Email: ksmith@moorfieldscr.com

Warning signs your business may be in trouble

The collapse of high street chains such as Comet, HMV and Blockbuster have served to demonstrate that even established brands are not secure within the current financial climate. A number of businesses, regardless of size, may be assessing their current position as they try to figure out whether or not they need to start making contingency plans for the near future. Falling sales Falling sales are a definite sign that your business needs to consider what direction it is heading in. A warning sign that sales are about to drop is if people have stopped talking about your company – or if what they are saying is negative. If you are not getting any new business, or if profits are steadily declining, take this as an advanced warning that your business is potentially in trouble. Vital signs When was the last time you checked your vital signs monitor? Some of the key vital signs for a business include turnover, average order value, productivity rates, employee accuracy, costs, returns and margins. Rapid fluctuations among any of these vital components of your business could indicate that you need to make changes. Fading Morale When so much focus is concentrated on the inner workings of the business itself, and on the customers, it is easy to forget about your staff. However, employees have a significant impact on the success of the business, since the goods and services offered by the business stem from their collective efforts. It is vitally important that you take steps to consider the needs of your staff and whether or not they are sufficiently motivated. This could potentially have a bearing on how effectively your business is able to deal with financial challenges. A business insolvency specialist can assist business leaders and financial directors to deliver pro-active solutions for their business. Enlisting the help of such a service could be an intelligent financial decision in the current climate.

If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1143 or visit our website.

What are the options for a struggling business?

When a company finds itself in serious financial difficulty, they have serious questions that they need to face up to. The most sensible option regarding what to do next may be to call in specialist insolvency practitioners to confront the challenges ahead. However, for many companies there is confusion surrounding their options. What will happen to the company assets? Which option is the most sensible one for my business? How much control will I still have? We have looked at a few of the most common options that a struggling business can pursue: Administration Administration is a process that protects a business from creditors whilst the process of restructuring takes place. The process can involve a reduction of overheads, re-financing or key changes to the management structure. Liquidation Liquidation becomes the most likely option if the company is unable to continue running and, as a result, administration is not possible. The central objective of liquidation is to ensure the release of as many assets as possible to pay off creditors. CVA Alternatively, creditors may agree to the installation of a Company Voluntary Arrangement (CVA) if they are convinced that this will achieve a better long-term result than liquidation. A CVA is a legally binding agreement that allows a company to freeze any unsecured debts and repay them over a specified period of time. Compulsory Liquidation Compulsory liquidation can only happen when a court order is issued to wind up a company completely. It can be one of the most complex options for a company which is in trouble due to the potentially lengthy nature of the process. Once the court has appointed a local Official Receiver then a corporate insolvency service can become involved. Corporate insolvency specialists A corporate insolvency specialist can assist business leaders, financial directors and stakeholders to deliver pro-active solutions for their business. They can also offer insightful advice regarding how to proceed in the unstable economic climate of 2013.

If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1143 or visit our website.

Bank of England expect inflation to remain above target for 2 more years

Bank of England (BoE) policy-maker David Miles has argued that the BoE may need to contemplate boosting its programme of quantitative easing by a further £175 billion in an effort to bolster the UK’s sluggish economy.

This comes after the bank’s governor Sir Mervyn King suggested that inflation could sit above its 2% target for a further two years.

Sir Mervyn joined the call for the bank to continue its bond-buying programme this past Wednesday (21^st February), after predicting that inflation could reach at least 3% this summer.

Miles also echoed the idea that inflation “may go a bit higher” in the near term, as economic growth continues to be protracted and productivity continues to fall below trend.

Unstable times head for the economy

Arguing that the UK has not been through “a normal recession”, Sir Mervyn argued that the road to recovery won’t be “normal” either.

"Growth is likely to be weak in the near term but further out a continued easing in domestic credit conditions, supported by the Bank's asset purchase programme and the Funding for Lending Scheme, together with the stronger global backdrop, underpin a slow but steady recovery in output," stated the Governor.

The BoE has predicted that the economy is likely to lift by a figure of 1% in 2013, potentially rising more significantly by 2015.

Joshua Raymond, chief market strategist at City Index, argued that an uncertain economic climate means that the BoE has to weigh a number of factors when outlining a plan for the reversal of the UK’s economic fortunes.

"The Bank remains between a rock and a hard place in trying to strike a balance between the rising pressures of inflation and supporting the economic recovery," he said.

Insolvency practitioners

An insolvency practitioner can assist business leaders in identifying and implementing solutions in terms of finance, recovery and risk management. These companies specialise in providing corporate recovery advice to the numerous financial problems that can arise in the current financial climate.

If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1143 or visit our website.

Income growth stutters in the face of rising inflation

A new report on consumer spending power in 2013 has indicated that income growth remains weak as incomes struggle to keep pace with rising inflation levels. The Lloyds TSB Spending Power Report has revealed that consumers were no better off for December 2012 than during the same period in 2011. The rising cost of essential items as well as the effects of rising inflations levels has countered a small growth in income of 2.9%. Patrick Foley, chief economist at Lloyds TSB, commented on the significance of the report: “The latest Spending Power Report shows consumers remain under some pressure. Essential spending growth has clearly been affected by the snow in January, but the picture of weak discretionary spending power remains in place at the start of 2013." “Looking ahead, inflation is likely to remain high and is expected to pick up in the first half of the year, so what happens to income growth will dictate the extent of the squeeze on households.” Christmas costs begin to add up The research also suggests that almost a third of people who actually compiled a budget for Christmas spent more than they originally intended to. This could mean that the fall in spending power at the start of this year could be exacerbated by Christmas purchases that consumers are still paying for. Retailers are likely to feel the effects of this latest squeeze on household finances, with consumers increasingly likely to focus their finances on essential purchases. Insolvency specialists As a result, high street stores that are already struggling may need to call in a specialist business restructuring advisor to help them deal with the financial challenges ahead. A corporate insolvency specialist can assist business leaders, financial directors and stakeholders to deliver sustainable solutions for their business. A number of businesses may find themselves in a financially distressed situation in 2013. Seeking advice at a sufficiently early stage make a crucial difference in terms of how your company deals with the situation.

If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1144 or visit out website.

Manufacturing sector provides timely boost to UK economy

A strong finish to the year within the manufacturing sector has raised hopes that the industry could be poised to make a sustained and positive contribution to the UK economy.

A relatively disappointing 2012 for the sector was rescued by a successful final couple of months, during which demand for export to countries outside of the EU increased.
The indexes for production (1.1%) and manufacturing (1.6%) both increased between November and December 2012, according to figures from the Office for National Statistics (ONS).

The manufacturing boost was due to demand rising in a number of areas, including the manufacture of machinery (8%) and chemicals/chemical products (5.6%).

EU links falter

The industry was also helped by increased demand from a number of new sources. Countries within the European Union (EU) were the primary export destinations for the UK manufacturing sector up until the latter part of last year.

However, the recent financial uncertainty that has taken hold within the eurozone has caused previously strong trade links to stutter. Manufacturing exports to other EU countries fell by 4.8% in the last 2 months of 2012.

As a result, a number of manufacturing companies were left with little choice but to seek new trade links. Manufacturing exports to non-EU countries increased by 11.7% during the same period, which was a welcome boost to UK manufacturing companies who may have been wondering what the future held for them.

Numerous government figures have made frequent reference to the importance of a strong manufacturing sector if the UK economy is to recover sufficiently in the near future. These ONS figures suggest that things may be moving in the right direction.

Insolvency practitioners

Businesses which are not performing as successfully as they may wish could potentially benefit from seeking advice sooner rather than later.

A business insolvency specialist can assist business leaders and financial directors to deliver pro-active solutions for their business, as well as advising them on how to adapt to the ever-changing economic landscape in 2013.

If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1143 or visit our website.