O'Hara and Co Insolvency Practitioners

O’Hara and Co have continued to be busy on the eve of their 20th anniversary.

Throughout the years, the practice has been successful in maintaining a continuity of experienced staff, and whilst over the years some staff have gradually gone on to pastures new, there is now a mix of experience and youth.

During this year, the majority of work has been in the Yorkshire area and covering corporate and individual failures in;

• Leisure
• Retail
• Construction Industry
• Manufacturing
• Service industries
• Sporting Organisations

Assignments have also been carried out in Gloucester and Wales and the practice is currently acting for a bank as Administrator, running a hotel complex in the Lincolnshire area. During the year, the practice has liaised with Liquidators in both Denmark and Belgium in respect of UK failures.

On the personal side, the number of appointments has dropped due to constraints placed upon Insolvency Practitioners via an organisation purportedly acting for banks who insist on a minimum dividend of 40p and at times insisting upon unworkable modifications.

In certain cases, reluctantly, individuals in trouble have been advised to see the Official Receiver were they can obtain their discharge within a year with limited financial constraints.

Despite these contraints , over the last two years dividends have been repaid to creditors, which I think is comparable with repayments made by the Official Receiver (bankruptcy cases), Debt Management Companies (debt management schemes) or indeed some of the firms larger competitors.

VOLUNTARY ARRANGEMENTS
2006 - 2007

New Voluntary Arrangements (VA's) 49

Closed Voluntary Arrangements (VA's) 77
65 successfully completed.
(10 failed VA's and 2 not proceed with)

TOTAL DIVIDENDS PAID
£743,883