The last couple of years have been extremely difficult for businesses of all sizes, particularly for some industries, such as retail, travel, and hospitality. The coronavirus pandemic has hit companies hard and with support from the government ceasing in the last few months, many are struggling to stay in business. Negotiating a Creditors’ Voluntary Arrangement [...]
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 [...]
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 [...]
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 [...]
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 [...]
You have a great idea for a business and you register a company but it doesn’t quite go to plan. You want to close the business a short while later. There can be several reasons why business owners want to close a private limited company which can include the business not making the money expected, [...]
I’m sure many of us have been in the situation of having a company that owes us money but being unable to contact them. They don’t answer emails, telephone calls are ignored, rumours fly around about the business struggling. In these circumstances, questions arise. Are they still trading? Has the business closed? Are they in [...]
If your company is experiencing financial distress or going through tough times, then you may be considering getting some expert advice to help you navigate these choppy waters. This would ideally be in the form of an experienced insolvency practitioner. However, unless you have dealt with an insolvency practitioner before, you may be unsure what [...]
Businesses get into trouble. Even good businesses can have bad periods. Sometimes it is down to being run poorly, other times it is simply bad luck – you never know what is around the corner. But when the trouble starts it can be very worrying and very difficult to turn around. That’s when you want [...]
