3 Tests to Find Out If You Are Insolvency-Bound
Even if your business isn’t currently facing financial difficulties, it’s important to be proactive and aware of potential warning signs that could indicate insolvency is on the horizon. By conducting regular checks and addressing issues promptly, you can take steps to protect your business and avoid a crisis. Here are three key tests to help […]
Recognising and Preventing Insolvency
Insolvency is a serious issue that can have far-reaching consequences for a business and everybody involved in that business. Early detection is crucial in mitigating losses and exploring potential recovery options. In this blog, we’re exploring key indicators that a business might be heading towards insolvency, and how you can prevent it. What is Insolvency? […]
Debunking the Myths Around Insolvency
Facing insolvency can be a stressful experience. On top of the financial burden, you might be worried about what it means for your future. Unfortunately, there’s a lot of misinformation floating around about insolvency, which can make things even more scary and confusing. So, let’s clear the air and debunk some of the most common […]
The Stigma of Insolvency: Why Seeking Help is Your Strongest Move
Financial difficulties can be incredibly stressful. But when things get truly tough and insolvency becomes a possibility, shame and stigma can often prevent individuals from seeking the help they desperately need. But here’s the truth: insolvency is a financial issue, not a moral failing. Unexpected events like job loss, illness, or economic downturns can throw […]
Understanding the Difference Between Insolvency and Liquidation
Terms like “insolvency” and “liquidation” are often used interchangeably, leading to confusion. However, they are distinct and have different implications for companies facing financial difficulties. A question we’re often asked is what is the difference between insolvency and liquidation. In this blog post we will clarify the differences and how they impact businesses. Insolvency: Insolvency […]
Most Common Causes Of Business Insolvency
Business insolvency occurs when a company is unable to meet its financial obligations, including paying its debts and bills as they become due. It is a distressing but often avoidable situation that can lead to the downfall of even the most promising ventures. Understanding the root causes of business insolvency is crucial so you can […]
Directors need to tread carefully to avoid personal liabilities
Author: Stan Coltman Any business can have a financial problem and no business is immune from the impact of recession and to think otherwise is both short sighted and naïve. Those businesses that will survive need a route map (aka a business plan) to know where they are and where they are going. By knowing […]
Calling All Suppliers
When was the last time you looked at your supply contracts and the terms and conditions contained within them? Now may be a good time to have a review in the context of Section 233B into Insolvency Act 1986 (“233B”) as the exemption for small entities expires on 30 September 2020. (233B (15)). 233B relates […]
Don’t mention the “Z” word…
Shaun of the Dead came to terms with the reality of the zombie apocalypse and grappled with all of his responsibilities before leading his friends to what he felt was the sanctuary of The Winchester. In the same way that Shaun didn’t want to mention the “Z” word for fear of hoaxing their position, directors […]
Does your company owe money to the taxman?
With the widespread disruption to businesses caused by COVID-19 and the lockdown, HMRC have both extended and relaxed some of the rules on eligibility for time to pay arrangements. A time to pay arrangement allows a company to pay their HMRC debt in monthly instalments, usually up to a 12-month period. Although, depending on your […]
