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Somerset based builder, K. D. J. Slade and Sons Limited, was placed into liquidation on 11 December 2013.  Michelle Weir was appointed as liquidator by the Company’s creditors.

The Company has traded since 2002 although the family business was originally founded in 1946.  In the last, nearly, 70 years the business has operated mainly as general building contractors and housing developers and has recently specialised in sustainable housing.  The directors of the Company have cited the recession and losses made on one development in Sidmouth as the main cause for the Company’s demise.

The liquidator, Michelle Weir has said, “There have been various issues with this Company in the run up to my appointment and several items of plant have been stolen from various locations.  The police have been informed and are investigating.”  She went on to say, “Over the coming months my duties as liquidator will include investigating the affairs of the Company, selling the assets and collecting the debts.  I will also be assisting the Company’s employees with their claims for wages and redundancy etc but, unfortunately, I doubt the Redundancy Payments Office will be able to process their claims before Christmas.”

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On Friday 13 December, members of the Lameys Team donned festive Christmas Jumpers in aid of Save the Children.  The money we raised goes towards helping to save children in the toughest parts of the world.  Every pound raised pay’s for a day’s high nutrient food for a malnourished child, which in turn can save a life.


Pictured below are some of the team showing off their Christmas Jumpers!

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Traditionally we have always experienced a number of calls in the early part of the year from people who have overspent at Christmas and are feeling the pinch. Whilst we can always help those individuals, it would be better to avoid it.  With Christmas seemingly getting bigger and more extravagant every year there is always the risk that people will overstretch themselves.  When taking into account, presents, nights out and a mountain of food and drink to buy, it is a very expensive time of year.

Last year we spent on average £1,000 per household on Christmas and according to the Money Advice Service, one million of us will use a payday loan to cover the cost of Christmas while a third of adults will use credit cards.  This may allow you to enjoy a Merry Christmas,  but reality will soon kick in when it comes to repaying the debts that have built up.

Christmas should be a time for everyone to enjoy but it is more important than ever to make sure that you do not overstretch yourself which will result in a worse than normal New Year hangover.
Whilst everyone should be able to enjoy the festive period, a few simple tips may help in ensuring debts do not build up:

=  Plan as early as you can.  Whether it is buying presents or stockpiling food and drink, try and spread the cost beforehand as much as possible.

=  Shop Around.  If you are after a specific gift, try and find it for as cheap as possible.

=  Borrow Smart.  If you do have to borrow money to assist, then make sure you are using a reputable lender and you know you will be able to repay the debt.  Calculate what the repayments are likely to be and whether this is affordable.  If it is not, then you should not borrow the money. If you are thinking of using a pay day loan, don’t!

=  Be Organised.  Use lists, set limits and decide exactly how much you will be spending on each person and event.  This will stop you getting carried away and overspending.

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Lameys are pleased to confirm that our charity golf day held earlier in the year at Dainton Park Golf Club, in association with Loughtons Independent Financial Advisors was a resounding success.   The charities who benefited from this year’s event were the local Rowcroft Hospice, The Army Benevolent Fund and Balloons, a local children’s charity, receiving a combined total of £1740.

We wish to thank everyone who supported the day.  Pictured below, Adam Buck presented Angie Thomas from Rowcroft Hospice with a cheque for the Hospices share of the funds raised.

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Jeremiah's Journey were thrilled with the support from the 6-a-side cricket tournament organised jointly by Lameys and Edward Symmons with teams made up of Plymouth based professionals including bankers, solicitors and accountants.

The company raised £530.00 in total - Michelle Weir, partner said “We were delighted to be able to use the funds raised on the day to support such a worthwhile Plymouth based charity. A big thank you to all who took part”.

We are already planning next years’ event on 20th June, plenty of time for practise!


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Lameys has recently secured a company voluntary arrangement rescue scheme for a regional firm of solicitors, practicing in criminal law.  The Practice, which comprises two companies and a limited liability partnership, currently employs 27 duty solicitors and in July of this year was the 15th largest criminal law firm in England and Wales.

The Practice was in regular contact with the Solicitors Regulation Authority and Legal Aid Agency who were kept appraised throughout the Company Voluntary Arrangement (“CVA”) process.

Simon Hicks of Lameys Plymouth office has stated, “In this particular case it was clear from the early meetings that the core business of the Practice was sound.  The problems facing the Practice, which included staffing levels and the Legal Aid Agency payment processes, are common problems for most criminal practices.  Indeed several firms have recently been wound up or appointed administrators, which has resulted in a much lower return to creditors than is achievable through  a CVA.  We are delighted to be able to provide the mechanism to help the Practice to avoid a similar fate.”

The Practice was facing a financial cliff, partly due to issues with the rules for payment from its paymasters’ (The Legal Aid Agency).  As with most government departments, the Legal Aid Agency has seen its budget cut in recent years and the most recent Consultation period with the Ministry of Justice looking at further significant cuts in Criminal Legal Aid has just come to an end.  Historically the Practice’s overheads were too high and it had to make cuts earlier in 2013, including several redundancies.  The consequence of previously high overheads, redundancy cost and an accumulation of fees due from the Legal Aid Agency meant the Practice was not meeting its liabilities and previously arranged payment plans were about to default and become terminal.

Lameys was able to agree CVAs for the two companies and the limited liability partnership.  As a result, the practice survives, jobs have been saved and their numerous cases and ongoing trials have not been disrupted.  The CVAs were approved by the Practice’s creditors including HM Revenue & Customs at meetings of creditors held during September 2013.  The creditors’ debts, including redundancy entitlements will be dealt through the CVAs.

The Practice’s managing partner said, “I have been very pleased indeed with the advice and support that I have received during this very difficult period.  Lameys were able to grasp the fine detail of a complicated business structure and set of processes, and apply their knowledge and experience to secure a basis of agreement in what seemed to me like impossible circumstances.  As much as one can in Criminal Law, my future is far more settled now than previously, and it feels as if a huge burden has been lifted from the firm.  The SRA have confirmed with me since the CVA that they have no issues that cause them concern with the financial position of the business.

One unexpected consequence has been that since Lameys involvement, the morale of the firm has dramatically increased, and we have enjoyed the best six months of trading since the firm started in the mid 1990s. We have, with Lameys help, achieved what I thought would have been impossible – increased income and reduced overheads, and the future looks very bright indeed.  I have no hesitation whatsoever in recommending Lameys.”

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As I am sure most people are aware, the month of November has, in recent years, been renamed Movember and men across the country have been seen sporting rather ridiculous facial hair in aid of this.  The purpose of Movember is to raise awareness for men’s health, specifically prostate and testicular cancer, and whilst just sporting the moustache is admirable, any money raised towards this can only be a good thing.

This year, 5 intrepid members of the Lameys team, Simon, Julian, Adam, Dan and Martyn, will be joining in with Movember, and will be attempting to grow fantastic moustaches whilst also trying to raise a bit of money for a great cause.  A further update will be provided at the end of the month with photographic evidence of how the team faired in their attempts!!

Any donations would be greatly appreciated, even if it’s just £1, and you can donate, and keep track of progress, at the following website:  http://uk.movember.com/team/1269981

 A big thank you to those who donate.

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Michelle Weir was appointed as joint liquidator for Thornleys Solicitors Limited on 15 October 2013.  Her appointment is indicative of the severe problems facing many legal practices at the moment.  Extensive regulation, while its intentions are clear and proper, cause many small and niche practices significant problems.  Also changes in Legal Aid have caused significant problems for some criminal law practices.

Michelle Weir commented, “Insolvency processes for law firms can sometimes lead to an intervention from the Solicitors Regulation Authority (“SRA”) in circumstances where it has concerns.  I am pleased to say, we have been able to ensure the SRA is satisfied and there has been no intervention”

The Practice had been working towards a merger or acquisition but was ultimately unable to secure a deal.  Managing director, Tony Pearce, has cited increased competition and changes to the legal profession generally as the main reasons for the downturn in the practice’s fortunes.

Some of the Practice’s staff were retained for several weeks to ensure client files and money held in client accounts have been dealt with in line with the SRA’s compliance plan.  All live client files have now been transferred to alternative local firms and client money has been reconciled.  The Practice’s staff have assisted with this process diligently even though they were losing their jobs.

The 4,000 – 5,000 wills and deeds which Thornleys held were transferred to another local firm just before liquidators’ were appointed.  Anyone who stored such documents with Thornleys can expect to be contacted in due course by Wolferstans Solicitors.

Julian Brailey from Lameys’ Plymouth office commented, “Law practices should have secured professional indemnity insurance at the beginning of October.  Those (like Thornleys) which did not, have a further 90 days to do so, or cease trading.  The clock is ticking and, unfortunately, I fear the writing is on the wall for some practices in the region.  The key to a successful outcome, compliance with the SRA and ensuring more options are available is to speak to an insolvency practitioner early and before things become terminal.”

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We have been instructed by the director of Plymstock based solicitors, Thornleys Solicitors Limited, to assist with placing the company into liquidation.  The business ceased to trade with effect from close of business on 30 September.

Thornleys was established in 1981 and provided legal services to clients in the Plymstock, Plymouth and South Hams communities.

Tony Pearce, the sole remaining director of the Company, said “it is with great regret that I have had to take the decision to cease trading.  The interests of our clients are of the utmost importance and I am working hard to minimise any disruption to them.  Maintaining clients’ confidentiality will be paramount throughout the process”.

The company, which employed fifteen solicitors and staff traded from premises in Plymstock.  The employees have been made redundant due to the cessation of trade of the business.

Michelle Weir, stated “the Company has been a victim of the effects of the recession.  Attempts had been made to try and find additional funding to support the business as well as exploring potential mergers with or acquisitions by other law practices in the city, however, these had proved unsuccessful”.

Any enquiries in relation to the business should be made to our Plymouth office on (01752) 254912.

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We are delighted that our cricket day raised just short of £550 from the entry fees and raffle.  So a big thank you to everyone who gave generously. Julian was captain of the winning team (yes, Julian has no shame about winning his own tournaments!).  In conjunction with members of his team, Julian decided that the funds raised will be donated to Jeremiah’s Journey, a Plymouth based charity that offers support and information to children and their families when someone special has died.

 

 

 

 

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Lameys have been appointed by Mr Edmund Davari to help with placing the Company, The Leading Restaurants of the World Limited, into Liquidation.

The Company traded from Sutton Harbour as: -

  • Zucca
  • Asia Chick
  • Rocco y Lola

Partner, Michelle Weir of Lameys confirmed “We echo the many messages of support and understanding expressed for what is a sad moment for Mr Davari personally, the Company’s very loyal staff and indeed the independent restaurant community in Plymouth.  However, the business has suffered during these difficult economic times with increased competition."

Edmund Davari said: “I have fought for the last two years, I have done everything I can do to keep the businesses going for the sake of my staff.  I have entered into many financial agreements, re-mortgaged my house, and tried to keep the businesses going for the last two years but it’s come to a point now where I have been left with no choice but to let it go.”

He continued: “It is 30 years’ work gone out of the door and I am distraught.  My staff have been extremely loyal and faithful to me over the last few years. Seeing them lose their jobs is most painful of all. I am also extremely sorry for any losses incurred by local businesses of which I have had long established relationships with.”
If you have any questions regarding the liquidation process please contact us rather than Mr Davari.  Our contact details are: Julian Brailey, Lameys, First Floor, Envoy House, Longbridge Road, Plymouth, PL6 8LU

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Lameys celebrates a leading 21 Years

Leading South West accountancy, business recovery and insolvency firm Lameys has celebrated the 21st anniversary of starting up its businesses in Newton Abbot.

Partners and specialist staff at the firm marked the occasion in the company of clients and professional advisers - all important contributors to Lameys’ continued success.

The firm was originally founded in the early nineties with its first office established in the professional district of Newton Abbot. Since then it has worked with companies and individuals offering a unique mix of accountancy services and business recovery advice to address financial problems and seek a successful resolution to keep businesses trading, secure jobs and minimise the exposure of company directors.

In describing the reasons behind how Lameys has reached its 21st anniversary, Partner Steve Fenn explained: “Quite simply, we’ve always focused on our client’s needs. We’re there to help them build their businesses and we’re there if they hit challenging times – it is a strategy that has served us well and enabled us to build strong relationships.”

The firm has continued to grow organically since 1992 and has attracted clients across Devon and Cornwall.  In 2000 it moved to larger premises in Newton Abbot at One Courtenay Park and last year it expanded into Plymouth by opening an office at Marsh Mills.

Fellow Partner Michelle Weir commented: “It is great to see so many clients and professional advisers join us to mark a landmark stage in our business.  We are delighted with the progress we have made and we look forward to continuing to support our local economy in what are still very challenging times.”

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Professionals from across Devon and Cornwall joined to celebrate the 1st anniversary of the Plymouth office, marking the end of a successful first year.
 
Insolvency Partner, Michelle Weir, was delighted with the attendance.  She said “We have been extremely pleased with our first year in Plymouth.  We continue to provide a local and approachable service which enables us to assist a wide range of businesses and individuals”.
 
We are also celebrating our 21st Birthday with a get together at our Newton Abbot office in May 2013.

 
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Pictured above are the members of the Lameys insolvency team:
Clockwise (from left) Simon Hicks, Julian Brailey, Peter Simkin, Adam Buck, Emily Johnson, Sophie James and Michelle Weir (Partner).

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We would like to thank all who attended our sponsored rugby match on 13 April 2013. Despite the downpour, the Newton Abbot “All Whites” completed a clean sweep of league wins over all the other Devon opposition in the division, beating Brixham 18-3.  Hours of steady rain, and the playing of a junior match beforehand, left the pitch wet and muddy and although the captains were willing to play, the referee was unhappy to start. There was therefore always a chance that the weather could bring a halt the game.


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The match, which was played until the hour mark, saw Newton outscore Brixham three tries to nil and facing the strong breeze in the second half, it was unlikely the Fishermen would have recovered.  Nevertheless it wasn’t until the following day that it was confirmed the result would stand.

Despite the conditions, all attending on behalf of Lameys had a thoroughly enjoyable afternoon and we would like to thank Newton Abbot RFC for their hospitality.

The full match report is available on the All Whites website:  http://www.pitchero.com/clubs/newtonabbot/s/match-report-12693.html?official=1&fixture_id=509505

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Adam Buck of Lameys recently attended the Newton Abbot All Whites match sponsored by Newton Abbot Chamber of Commerce.

Pictured below is Adam with other members of the Chamber.

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For the latest budget report and tax rates please click here

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We are delighted to announce that the 2012 Lameys Golf day organised in association with Loughtons Financial Advisors raised just under £2,000 for Charity.  The event at Dainton Golf Club was held in aid of Cancer Research and Rowcroft Hospice.

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Picture:  Adam Buck of Lameys presents a cheque to Katy Winter of Rowcroft Hospice

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The recent problems for high street retailers were first illustrated with the demise of Woolworths.  Barratts, Peacocks, Game, Clinton Cards, Comet and JJB Sports followed and 2013 has already seen the administration of Jessops, HMV and Blockbuster.  One has to ask, who is next?

The departure of these well-known retail businesses illustrates just how difficult it is for high street retailers at the moment.  More and more people have less and less money in their pockets and the business environment is changing faster and faster.

In these difficult economic times many local retailers are finding the cost of maintaining a physical presence too much.  Many of the independent shops which enhance our region’s appeal are disappearing from our high streets.  The resultant abundance of charity shops, if left unchecked, will start to detract from the West Country’s charm. 

Retail is experiencing an unprecedented shift in business model.  Until very recently, the main requirement for any retail businesses was a physical shop with an enticing shop window and friendly, helpful staff etc.  The internet has changed this and businesses which are not adapting are dying.

We have probably all done it.  That is, visit a shop on the high street to peruse the latest washing machines or televisions.  Avidly consume all the advice we can from the helpful staff.  Touch, feel examine.  Then go home, switch the laptop on and check out the best price the internet can offer.  It is human nature to pay less, if we can.  But human nature has always had a self-destructive edge.  The victim, here, could be our high streets and independent, niche retailers.

The retail business model has changed and many West Country retailers are struggling with the cost of maintaining a high street presence.  All retailers must consider how the internet fits in with their business strategy.  Some businesses will adapt and thrive.  Others won’t.

Whether a business is viable or not, Lameys can help to achieve a beneficial outcome for all concerned.  The key to maximising the benefit is to take early advice which will enhance the options available.

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Banks will be encouraged to offer more accounts to bankrupts under new changes that will be made to insolvency law.

Most banks will not offer even basic accounts to undischarged bankrupts – those who remain legally bound by bankruptcy – because they can be pursued by trustees in such circumstances.

The Government wants to protect banks, so they give bankrupts more opportunities to get back on their feet.

Business minister Jo Swinson has announced that bankruptcy trustees will be restricted from holding banks responsible for the loss of any new money that has been paid out from a bankrupt's account.

The change will mean that a bankruptcy trustee – who acts as an impartial intermediary between a bankrupt and creditors to see how much of the debt can be reclaimed – will have to serve banks with a notice expressing interest in any new money entering a discharged bankrupt's bank account.

If they do not serve this notice, they cannot hold banks liable should the money leave the account.

Currently, no such notice has to be served and trustees can chase banks if they feel they were entitled to a share of the cash.

Jo Swinson said: "Having access to a bank account means being able to make vital transactions quickly and safely, avoiding the risk of carrying around large sums of money.

"Most of us take these everyday tasks for granted, but for bankrupts attempting to make a fresh start, they can be a whole lot more stressful.

"Offering an account will remain a decision for the bank, but I am pleased with the positive response we've seen already. I'm confident the change will offer a lifeline to vulnerable people who have struggled to access basic financial services."

The amendment to existing insolvency law is expected to be put forward when parliamentary time allows.

The move was welcomed by Gillian Guy, chief executive of Citizens Advice, who said: "It is vital undischarged bankrupts can get a bank account to get their finances back on track. Without one, it's difficult for them to receive wages or pay bills by direct debit."

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From April 2013, HM Revenue & Customs (HMRC) are introducing a new way of reporting PAYE, known as Real Time Information (RTI). The new system will see fundamental changes to the way in which employers and pension providers must report the payments and deductions they have made under PAYE. This guide aims to provide an overview of the RTI regime, and how the new requirements may affect you.

THE NEW RTI SYSTEM

While essential aspects of the system will remain the same (ie. tax codes, deducting tax and NICs, calculating pay), RTI will require employers and pension providers to submit information to HMRC regarding deductions they have made for PAYE, NICs and student loans when each payment is made, rather than at the end of the year.
The introduction of RTI will:

  • ensure individuals pay the right amount of tax following a change of job
  • remove the need to submit year end forms P14 and P35, and form P38A for casual employees – although you will still need to provide P45s and P60s to your employees, and complete forms P11D and P11D(b) in respect of taxable benefits and allowances
  • remove much of the uncertainty that leads to errors in the child tax credits system.

The information on individuals’ employment income will also be used to support the administration of the new Universal Credit welfare benefit, which is due to come into force in October 2013.

TIMESCALE FOR THE CHANGES

The new system is being phased in from April 2013.  The RTI will be mandatory for all employers from October 2013.  HMRC will notify employers 4 to 6 weeks before the employer must begin using RTI.  You may need to change some of your business systems and procedures to ensure that your information is correct and that your staff will be paid on time. Failure to submit PAYE data on time via RTI could lead to penalties.

LAMEYS AND RTI

HMRC are asking employers to ensure they get the correct information from their employees to ensure RTI operates smoothly. If Lameys operate your payroll scheme then you have nothing to worry about.   We have designed a new employee information form and our payroll software will be able to report the information to HMRC every time we do a payroll run for you. 
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As we will be submitting information to HMRC online at the same time as we do a payroll run it is important that we get the correct information from you including gross pay amounts etc.

As a result of RTI all payroll charges will be reviewed and we will be writing to you in due course.  It is Lameys objective to try to keep payroll charges the same where possible.

If Lameys do not currently operate your payroll scheme and you would like more information or a free quotation then please contact Vikky Cottrell on 01626 366117 or This email address is being protected from spambots. You need JavaScript enabled to view it.

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