Is Your Focus Killing Your Business???

Focus... A small word with huge potential.

You may have heard of the old saying that 'you are what you eat'; well this concept can be applied to all walks of life and more specifically today, we want to cover this concept very briefly when related to business.

So moving away from the idea of food for a moment, what we are talking about here is where you place your focus and how that can affect the results in your business and in your life. Here's a good example; your sat at home watching the TV and the news comes on. Most people watch the news, yet few think about how the content of what is projected from this little box in your front room affects your mood and consequently, your actions from that point. Most of the information that is provided on the news is likely to not be very positive or happy as the press don't believe that it makes a good story and whilst watching one news broadcast is unlikely to have a lasting affect on your subconscious you may start to be convinced of certain beliefs about the world around you, due to the content of the information that you are absorbing.

... and it's not just the TV...

What we absorb in our daily routines and through our habits can and often does determine the type of lifestyle that we live.

What sort of people do you surround yourself with on a daily basis? What sort of books, or magazines do you read? Positive? Negative? Supportive? Destructive? Motivational? Limiting???

All these things should be taken into account in order to work towards becoming a more balanced business owner or employee.

Slowly, but surely you may have been engaging in negative or self-limiting actions due to the type of people, or information that you choose to surround yourself with every day. If you look for the negative in the world, guess what you will find. Likewise, if you always look for the positive, you will find that, also.

All this can be wrapped up in a very simple, slightly amended, adage which is 'We are what we absorb'; in every sense of the word, so take the time to focus your attentions into more constructive, positive and ultimately successful areas of your life and your business, because they are there; you just need to focus on them for long enough and new habits and in turn, new results will be formed.

When people are met with challenges in business they often seek to blame the environment for the outcome and this is normal behaviour for us humans. In some cases a lack of focus can lead to serious situations such as bankruptcy or a winding up petition from a creditor against your business which leaves you with few options. Prevention is the best remedy and where you decide to put your focus can make the difference between success and failure... so think about what you focus on - on a daily basis.

Here's to your health in all forms and success in business whether you are a Director of a Limited Company, or you are employed by someone else's business.

Small success leads to large success...

By Tony Smith

New Personal Insolvency Law Introduced in Ireland

There has been a new Irish Insolvency Bill installed as recent as the end of June 2012. This new radical legislation is designed to overhaul Irish law on personal insolvency and Bankruptcy.

One major point that has been addressed is the length of a bankruptcy period from 12 years to just 3. Estimates show that around 21,000 people in Ireland could benefit from the new legislation in the coming year.

This insolvency bill comes as a relief for many people in Ireland who are struggling with personal insolvency problems.

Former Sharapova Sponsors in Administration

The previous sponsors of tennis superstar Maria Sharapova have recently gone into administration.

Prince Sports Europe Limited started some time ago in the USA as a tennis ball machine manufacturer and grew to be one of the industries leaders in manufacturing and performance. The tennis firm has recently filed for bankruptcy and administrators were appointed on the 15th of August.

Prince Sports Europe Limited backed plenty of well known tennis players such as Jennifer Capriati, Jimmy Connors, Martina Navratilova and Nikolay Davydenko.

Is the UK becoming a Brothel for Irish Bankruptcy Tourism?

While bankrupts in the UK face only one year in financial purdah, in Ireland it is 12 years – despite promises of reform from the Dublin government.

This has led to a number of Irish Business' entering the UK and changing their Centre of Main Interest (“COMI”).

Two recent cases cast different dispersions about the ability to change a person COMI

The first case was an Irish couple who built up a €1bn (£800m) portfolio of luxury property, stretching from London to Washington DC and Stockholm, will attempt to file for bankruptcy in London on Thursday.

Brian O'Donnell, a high-profile Dublin corporate lawyer, and his psychiatrist wife, Mary Patricia O'Donnell, are accused of being among the Irish "bankruptcy tourists" fleeing to the UK to use Britain's more lenient bankruptcy laws. Mr McFeely’s Coalport company built the Priory Hall apartments in Dublin, and the O’Donnells are being pursued by Bank of Ireland for €75 million in unpaid loans related mainly to property investments. Both claim their main centre of business activity is Britain where the bankruptcy laws are different to those in Ireland. The High Court has currently adjourned the hearing and it is not certain where COMI lies.

Another case involved Mr Quinn, a well known Irish businessman who originally was declared bankrupt in the UK on presentation of his own petition. He contested that he had switched his COMI to the UK. The Irish Banks were not happy that he had declared bankruptcy in the UK and sought to seek an annulment. This was based on the fact that he had not disclosed various tax and other disclosures when going bankrupt. The Bankruptcy was annulled in the UK and a few days later he was declared bankrupt in Dublin. 

Small Business Owners Risk Personal Insolvency

Small business owners tend to risk Personal Insolvency as a consequence of business failure.

Many owners of small companies invest their own money in their business, borrow in their own name (rather than the name of the business) in order to fund the Company or take out a second mortgage.  Draw on personal credit cards to help support the business.

It is important to obtain appropriate advice. There are many routes to structure the Company debts by way of formal insolvency for the Company such as Liquidation, Administration, Company Voluntary Arrangement. At the same time personal indebtedness can be structured by way of Bankruptcy, Individual Voluntary Arrangement.

Law Giant enters administration following demise in US

Law giant Dewey & LeBoeuf has put its UK operations into administration following their bankruptcy in the US.

Most of the UK branches staff have been left without jobs, save for a small team assisting with the administration. Shay Bannon and Mark Shaw of BDO have been appointed joint administrators.

The law firm operated its UK LLP from its offices in Paris and London, and is to closed down in a controlled way, safe guarding client interests and files, whilst maximising the return to creditors of both Dewey LeBoeuf’s UK LLP and sister company Dewey & LeBoeuf Services Ltd.

Troubles experienced in the US are blamed on the continued economic downturn leading to insufficient cash to cover expenses. Around 300 of the partners also left to pursue opportunities in rival firms, due to uncertainty surrounding compensation and substantial debts of between $100 million and $500 million.