Many people across the UK file for personal insolvency every year. People generally have different reasons why they need to file for bankruptcy, but if this is something you are considering, you will no doubt require further information. This article will discuss how to assess whether you should file for personal insolvency and the repercussions [...]
A company voluntary arrangement (otherwise known as a CVA) is a formal insolvency process. This is where some kind of legal arrangement will be made between a company and the creditors that it is currently in debt to. They usually span across 3 – 5 years and it’s during this time that companies will make [...]
Suppose your business finds itself having financial trouble and owing money to its creditors. In that case, you will be happy to know that several methods will allow you to pay back this money effectively. One method is entering into an individual voluntary arrangement, a legally binding agreement between you and your creditors where you [...]
All the way back in 2012, the government started a scheme that was intended to assist businesses in the UK with building their brand. The scheme provided loans to people who wanted to start a brand-new business which was based in the UK. The original scheme was only available to individuals who were over 18, [...]
There are several different reasons why a business might need assistance. Many of these are within a business’s control, such as lack of planning, poor communication skills and no direction. Of course, many other reasons are not within a business’s control, and if any year can exemplify that, it has to be 2020 and 2021. [...]
During the Coronavirus pandemic, businesses suffered badly, particularly small and medium-sized businesses. Whilst many businesses bounced back as restrictions were lifted, there are plenty still struggling to recover and grow. In April 2021, the Government announced the Recovery Loan Scheme (RLS), designed to provide support for businesses affected by the pandemic that need access to [...]
If you are an owner or director of a limited company and are dealing with personal debt, you may think that your personal debt may impact your company. In most cases, this isn’t true and that’s because a limited company is treated as a separate legal entity. Therefore, any debt you owe is not related [...]
As businesses start to emerge from the coronavirus pandemic, the reality of government backed loans, furlough schemes and lost revenue is starting to bite. Couple that with rising energy costs, interest rates going up and inflation predicted to hit 8%, the number of companies struggling with debt is growing. Recent statistics report that in January [...]
Larger private companies in the UK sometimes reward their employees by giving them equity in the company, i.e. shares. It can often be used as an employee perk or part of a remuneration package, particularly when an employee has completed so many years in the business or is promoted to a senior position. Employers opt [...]
The latest insolvency statistics showed that the number of company insolvencies had risen by 63% in October 2021, compared to October 2020 which had 1,405. But the figure that stood out from this data is the number of Creditors’ Voluntary Liquidations (CVLs) – 1,248 companies in October alone, which is higher than pre-pandemic levels. Entering [...]
