Declaring personal bankruptcy or insolvency is usually the last resort for many struggling with debt. Before you go down this route, it is a good idea to understand the costs involved. Although it is an option for resolving debt issues, you will need to have sufficient funds to apply for bankruptcy and the hiring of [...]
People often find that after a period of time, usually around six months, a company to whom they owe money will pass the debt over to a debt collection agency. Paying off debts is not always an easy task when much of the time you are only paying the interest. Debts that haven’t been paid [...]
Any business can get into debt trouble, at any stage. This is when business debt plans come into action. Just because a business debt plan is being implemented, it doesn’t always mean that the company is about to close. It is possible to utilise debt for a long-term investment or as working capital. If you [...]
There are a variety of reasons why a company would enter voluntary liquidation; it could be a director or directors wanting to retire or it closing one company to start another. What’s more, it could be transferring assets from a company to its shareholders, due to a company restructure, or it could be just that [...]
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 [...]
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 [...]
