When it comes to winding up a company, the process can be complex and emotionally taxing. There are many factors to consider, but one of the most crucial aspects is managing the company’s debts. Debt in winding up is a significant concern for both directors and creditors and understanding which debts to settle first can …
Which Kind of Debts Should You Settle First When Winding Up a Company? Read More »
The COVID-19 pandemic brought unprecedented challenges to the UK business landscape, prompting the government to introduce the Bounce Back Loan Scheme (BBLS). This initiative aimed to provide a financial lifeline to struggling businesses, especially small and medium-sized enterprises (SMEs). As we continue to navigate the post-pandemic economic recovery, many businesses now face the daunting task …
Maximising Your Bounce Back Loan with the Barclays Loan Calculator Read More »
There are a number of exciting prospects that come with running your own business; however, there are also many potential pitfalls that come with it as well. There are several reasons why your organisation might fall on hard times but if this is ever to happen then it may well be the case that you …
Maximising Your Returns: Simple Liquidation for Small Businesses Read More »
You can deal with different financial problems in several ways if you find yourself in difficult times. A common method to reduce the amount of debt affecting you, your business or your household is to implement a debt management plan. There are a number of advantages that come with this approach; however, there are also …
Pros and Cons of Using a Debt Management Plan in the UK Read More »
Transatlantic lending is becoming a much more viable option for a lot of businesses at the moment. With that, it is worth considering how restructuring compares between the UK and US markets. There are many differences when it comes to managing finances in these two countries; if you plan on working in both markets, you …
In April 2020, the government launched their Bounce Back Loan Scheme (BBLS) to help small and medium-sized businesses through the coronavirus pandemic. It allowed companies to borrow up to £50,000, depending on turnover, at a very low-interest rate and without having to pay a penny towards paying back the loan for 12 months. The government …
HSBC Bounce Back Loan Repayment Extension in the United Kingdom Read More »
After two years of the coronavirus pandemic (and there doesn’t seem to be much relief from it as we head into winter), retailers, small businesses, and companies in certain industries, like travel and hospitality, have struggled to keep going. In order to stay in business, many companies have adopted a particular tool in the restructuring …
Why Are Creditors’ Voluntary Liquidations So Popular in Town? Read More »
Just because your business is currently insolvent doesn’t mean that it can’t be rescued and returned to a solvent company. Part of an insolvency practitioner’s (IP) role is to assess the company’s current state of affairs, i.e. the how and why it became insolvent. If the basis of the company is essentially sound, they may …
How Insolvency Practitioners Return Insolvent Companies to Solvency? Read More »
Debt; none of us like it but over the past 18 months it’s become a necessary evil to surviving the Covid-19 pandemic. According to the latest statistics, the average credit card debt per household is £2,030, although outstanding credit card balances are dropping. But when you take into consideration the total unsecured debt per UK …
Predominantly due to the impact of the Covid-19 pandemic, Creditors’ Voluntary Liquidations (CVLs) are on the up. In August 2021, there were a total of 1,446 corporate insolvencies across the UK, most of which were CVLs; the fourth month in a row above 1,000 and a return to pre-pandemic levels. What was also evident in …
What Happens When a Corporation is Unable to Pay its Debts? Read More »
Simple Liquidation
