The number of businesses that can say 2020 has been a good year may be less than previous years. Due to COVID-19, just about every business across the UK has suffered financially and this trend doesn’t look like it’s slowing up any time soon. Insolvency practitioners have never been so busy. Sadly, companies throughout the [...]
In 2020, due to the COVID-19 pandemic, the level of personal and business debt has risen exponentially. The latest October 2020 debt statistics in the UK aren’t comfortable to read: Average total debt per UK household in August 2020 - £60,526. Total unsecured debt per UK adult in August 2020 - £3,946. Between June and [...]
Despite the impact of COVID-19 in 2020, if you look at the monthly UK insolvency statistics, the number of companies that filed for bankruptcy or went into liquidation, administration or CVAs, has decreased year on year. For example, in July 2020 in England and Wales, there were a total of 955 company insolvencies which represented [...]
Debt is not something new to many corporate businesses; it’s usually manageable. However, the level of debt being held by corporate businesses in the UK is significantly higher than previous years due to the COVID-19 pandemic. A study by The Recapitalisation Group, formed by The City UK, a finance industry body, has suggested that corporate [...]
Although many have returned to work, there are still millions of workers on the Government-backed furlough scheme. This means the UK’s Debt Management Office (DMO) is working overtime in selling gilts, or government bonds, to pay the difference between what the government raises in taxes and spending to pay for the COVID-19 pandemic. This also [...]
A common question by directors and business owners after a limited company has been liquidated is, can they start again? It is possible for directors of an insolvent limited company to start a new business after liquidation, particularly if the new business is going to be trading under a different name or trade. However, if [...]
There are a variety of reasons why a director may want to close a solvent limited company. For example, retirement might initiate closure, or a merger with another company, a major company restructure or if the company is dormant. Whatever the reason, if the company is solvent, i.e. has sufficient funds to pay all of [...]
When a company goes into liquidation, a key part of a liquidator’s role is to sell any remaining assets such as property or stock. This is the case whether the company voluntary or compulsory, solvent or insolvent. Sometimes, with voluntary liquidation of a solvent company, those assets will be transferred to either the directors, shareholders [...]
Is financial stress getting to you? Are the pressures of paying bills getting too much or is there simply never enough money to keep creditors happy? It can be a very tough situation to find yourself in. Debt consolidation can be a great solution to all of the above financial problems but it is very [...]
