The winds of financial uncertainty can shift at a moment's notice, companies often find themselves in precarious situations. The ebb and flow of market forces, coupled with unforeseen challenges, can swiftly destabilise even the most robust enterprises, leaving them teetering on the brink of insolvency. Yet, amidst the chaos and turbulence, there emerges a beacon [...]
A notable trend has emerged that signals a shift in how UK companies are navigating financial challenges. The surge in voluntary liquidation cases over the past year highlights a strategic decision by many businesses to address insolvency proactively. This decision, although seemingly drastic, is often a calculated move to reduce long-term financial damage and pave [...]
With much economic volatility, many UK small and medium-sized enterprises (SMEs) find themselves at a critical crossroads, facing the daunting prospect of liquidation. These businesses, often the lifeblood of local economies, are now struggling with unprecedented challenges, navigating through uncertain terrain and striving to stay afloat in turbulent waters. The repercussions of the global pandemic [...]
The landscape of business administration has undergone significant transformation in recent years, especially in the UK. With the introduction of the digital age, the role of administration, particularly in the context of insolvency and liquidation, has evolved in ways that are both challenging and opportunistic for businesses. The integration of digital tools has revolutionised data [...]
There has been some controversy recently as two East Midlands bosses have been banned thanks to Bounce Back Loan abuse. This is because they have misused or falsely claimed a bounce-back loan throughout the covid pandemic, which amounted to £80,000. Bounce Back Loan Abuse 101 Before going any further, it is worth discussing what is [...]
In October 2022, the Public-sector cloud provider, UKCloud, was forced to enter into compulsory liquidation. What is Compulsory Liquidation? Compulsory liquidation is a process of insolvency where proceedings are initiated by somebody (usually a creditor) opting for the winding up of a company. Essentially, it means that the company has outstanding liabilities to the point [...]
If your business finds itself struggling financially and wants to enter into a formal insolvency procedure, creditor's voluntary liquidation is one of the most common options. This is because doing so comes with speed, flexibility and considerably low costs. That is not to say, though, that the other procedures available to you do not also [...]
The coronavirus pandemic caused many businesses to close temporarily and many employees were placed on the government’s furlough scheme. The period the business is closed is known as a lay-off and during this time, employees are entitled to receive their normal pay throughout the lay-off. However, some employee contracts have a clause that allows an [...]
There are a number of situations whereby a company can be liquidated. The majority of company liquidations are either voluntary or compulsory. However, the circumstances for entering a company liquidation process are different for each company. When to enter company liquidation? There are three types of company liquidation: Compulsory liquidation – the company is unable [...]
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 [...]
