Sector Focus
Finance
Sponsored by: Mahay Financial Services
It always pays to be insured
By Bally Chand Mahay Financial Services
Life insurance is a practical, affordable way to protect yourself and your family. Life insurance pays out a cash sum if you were to die within the term of your policy, providing peace of mind for yourself and your loved ones. Mahay can help you arrange
guaranteed premiums which will stay fixed throughout the length of your policy, unless you request otherwise or alter your policy (certain policies). So you can rely on your premiums being fixed for the full term of the policy. No nasty surprises, no hidden extras. There is no cash-in value to
a life insurance policy. If you outlive the term of the policy or decide to stop paying premiums into the policy, the policy will end and you will not receive a payout. Some life insurance policies
come with terminal illness cover at no extra cost. If you are unfortunate enough to be diagnosed with a terminal illness (12 months or less to live) your policy will pay out after your diagnosis, rather than on death. If you are unsure how life
insurance works, don’t worry. Call one of our trained advisers who will be happy to talk you through your options and explain how your new policy will benefit your family.
T: 0121 551 7676 F: 0121 551 6274 M: 07900 545726 E:
bally@mahaysolutions.com W:
www.mahaysolutions.com
New rules may see insolvencies rise
Insolvency action may rise as an unintended consequence of the introduction of the new Pre- Action Protocol for Debt Claims on 1 October, according to an expert from Clarke Willmott LLP. Debt recovery specialist Karen Chapman
(pictured) says the Ministry of Justice’s protocol will potentially make it a longer and more onerous process to recover debts from sole traders or individuals. “This could lead to some creditors deciding that insolvency action is preferable, despite the fact it is not a debt recovery tool,” said Karen. Under the new protocol, when a creditor is
pursuing a County Court claim against an individual or sole trader, the debtor must be allowed 30 days to reply to the letter of claim (currently 7-14 days). The creditor will also have to supply more
information and additional documents with the letter of claim. Karen added: “Despite these additional requirements
on the creditor, debtors may simply go through a ‘tick box exercise’ on the new reply form and potentially gain themselves yet more time by requesting further information or seeking debt advice. “As a result, the process becomes longer and more onerous for creditors to recover their debts and
potentially makes it easier for unscrupulous debtors to deliberately delay the process or raise spurious defences.” By contrast, for debts of £5,000 or more and where there is no material dispute, issuing a Statutory Demand may appear a quicker and more straightforward option. (A Statutory Demand is a demand for payment in a specific form as required by the Insolvency Rules 2016). Alternatively the debtor can apply for
it to be set-aside within 18 days of service. Karen said: “To avoid the possibility of a Bankruptcy Order, many debtors faced with a Statutory Demand will quickly make
repayment arrangements. “This can therefore be a relatively inexpensive and a
faster way of obtaining payment/assessing a debtor’s intent to repay the debt. However, the purpose of a statutory demand is to take the first step in an insolvency action and should not be served indiscriminately. “If the debtor fails to pay and the creditor decides to
proceed with a Bankruptcy Petition, this can turn into a much more expensive route and the amount recovered is not guaranteed; it will depend on the value of the debtor’s assets, and the total amount of outstanding debts he/she has.”
Active ranking for law firm
Independent research by Experian has named Browne Jacobson’s corporate finance practice as one of the most active in the UK. The firm is listed in
Experian’s latest Top 20 deal advisor league table for the first six months of 2017 after completing 24 qualifying deals. The firm was also ranked
Grant Thornton’s newest trainees are welcomed at the Birmingham office Record intake of trainees
Business and finance adviser Grant Thornton has welcomed 21 trainees to its Birmingham office - one of its largest local intakes on record. Twelve graduates and nine A-level school leavers are embarking on new
careers working within Grant Thornton’s audit and tax services in the city while studying for a range of professional accountancy qualifications. David Hillan, practice leader at Grant Thornton in Birmingham, said:
MEMBER OF THE NATIONAL ASSOCIATION OF COMMERCIAL FINANCE BROKERS
Mahay Financial Services is a trading style of Mahay Solutions Limited. Mahay Solutions Limited is authorised and regulated by the Financial Conduct Authority. FCA number 673400.
50 CHAMBERLINK October 2017
“Each of these budding business advisers impressed us with their energy, drive and passion. We’re particularly pleased to welcome so many school leavers this year, which emphasises just how many more young people are choosing professional firm apprenticeships over higher education. “We work hard to build and maintain a market-leading experience for
trainees and this allows us to compete successfully for talent in a very competitive market place.” Grant Thornton has been ranked top employer in the Social Mobility index,
a joint initiative between the Social Mobility Foundation and the Social Mobility Commission in partnership with the City of London Corporation.
sixth most active dealmaker in the South East with seven qualifying deals and seventh in the Midlands with 13 deals. One of those deals, the
secondary management buy- out of Nottingham based Addo Food Group by mid- market private equity investor LDC and Fullbrook Thorpe Investments LLP, was also ranked as one of the top 10 deals in the Midlands region in H1 2017. Richard Cox, corporate
finance partner at Browne Jacobson, said: “We are delighted to have significantly improved our ranking alongside some of the UK’s largest corporate advisory firms.”
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