10 Things You Can and Can’t Do with Power of Attorney

Every three minutes in the UK, someone is diagnosed with dementia. However, family members are unable to access their finances or do anything about their home and care unless the court has granted them authority through a Power of Attorney (PoA) or a Lasting Power of Attorney (LPA). As people get older, they may not [...]

By |2021-11-09T18:14:13+00:00November 9th, 2021|Business Insolvency|Comments Off on 10 Things You Can and Can’t Do with Power of Attorney

Do You Really Need a Solicitor to Help with Estate Administration?

When you die, any possessions, cash, property or other assets you owned are known as your ‘estate’. In most cases, your estate will need to be administered to comply with legal requirements in terms of carrying out your wishes in your will, making sure the beneficiaries receive what has been left to them, as well [...]

By |2021-10-18T17:03:19+00:00October 18th, 2021|Business Insolvency|Comments Off on Do You Really Need a Solicitor to Help with Estate Administration?

What is the Procedure for a Members Voluntary Liquidation in the UK? Is It Complicated?

A members voluntary liquidation in the UK is a formal process to close a company and must only be entered into if solvent, i.e. there are sufficient funds to pay their debts including tax liabilities and any contractual obligations. So, why close the company? There are a number of reasons why directors of a solvent [...]

By |2021-10-16T17:42:50+00:00July 14th, 2021|Business Insolvency|0 Comments

What Should I Do If I Have Shares in Companies Which Are Under Liquidation?

If you are an investor with shares in a company, there’s always the possibility that the company may go into liquidation. If the company is solvent and it’s a case of winding up the company because it is no longer needed, or the owners wish to retire and there’s no-one to take over, as a [...]

By |2021-10-16T17:42:50+00:00July 7th, 2021|Business Insolvency, Business Rescue|0 Comments

What Are the Consequences of Personal Insolvency in England?

From January to March 2021, 29,140 individual insolvencies were registered, of which the majority were the subject of Individual Voluntary Arrangements (IVAs) or Debt Relief Orders (DROs). However, 2,643 were individuals who entered bankruptcy. The good news is that these staggering figures are 5% down on the previous quarter (October-December 2020). But being in debt [...]

By |2021-10-16T17:42:51+00:00June 23rd, 2021|Business Insolvency|0 Comments

What Happens After You File for Bankruptcy in the UK as a Firm and as An Individual?

Mention the word bankruptcy and people visibly recoil however, for partnerships and individuals who are struggling with debts in excess of £5,000 it could be the only solution. In January 2021 alone, there were 818 bankruptcies and 1,167 Debt Relief Orders (DRO) – an order that stops your creditors from taking legal action against you. [...]

By |2021-10-16T17:42:51+00:00June 16th, 2021|Business Insolvency|0 Comments

Which creditor is exposed to the highest level of risk when lending to a company?

When a creditor lends money to a company, it is taking a risk. Whether the creditor is a bank or other lending institution, a credit card or mortgage provider, bond purchasers or utility companies, or an individual, director or shareholder, lending money is a risky course of action, particularly if the debtor defaults on payments. [...]

By |2021-10-16T17:42:51+00:00May 5th, 2021|Business Insolvency|0 Comments

Is it possible not to pay back your debts by hiding your money from creditors?

Not paying back your debts is not an advisable course of action. However, if you decide to go down this route, it’s best to know where you stand and what your legal rights are. Most of the time, your debts will be chased down by a debt collection agency but sometimes, it is the creditor [...]

By |2021-10-16T17:42:52+00:00April 14th, 2021|Business Insolvency, Business Rescue|0 Comments

Can creditors come after my business for personal debts?

If you’re experiencing debt problems on an individual basis, and you have your own business, you may have been threatened by creditors that they can target your business for personal debts. In some circumstances, creditors can make a claim against your business to recover their debt. However, if you have a limited company, it is [...]

By |2021-10-16T17:42:52+00:00April 5th, 2021|Business Insolvency, Business Rescue|0 Comments

Why should I choose an insolvency practitioner instead of … Making direct arrangements with creditors?

Being in a position where you’re unable to pay your company’s creditors is extremely stressful. In an attempt to avoid increasing the level of debt, many companies try to negotiate directly with their creditors and agree to an informal arrangement. If the debt is quite small and owed to one creditor, and the creditor is [...]

By |2021-07-14T08:09:29+00:00March 17th, 2021|Business Insolvency|Comments Off on Why should I choose an insolvency practitioner instead of … Making direct arrangements with creditors?
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