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 […]
New Insolvency Legislation to assist struggling businesses through COVID-19
As the Government eases the restrictions on businesses and the country starts to return to work, directors of UK businesses up and down the length and breadth of Great Britain are feeling the pressure and affects on their companies, redirecting cash flow after such a lengthy lockdown. We are receiving numerous enquires from directors who […]
Coronavirus: Should I put my company into liquidation?
Over the past week, we have taken a number of calls from concerned directors asking us: should I put my company into liquidation? My Insolvency are non-appointment taking insolvency firm and our initial thought is always: can the business be saved? Whilst we are still waiting to see the specific terms, the suspension of wrongful […]
My Insolvency COVID-19 Press Release
We are currently going through a period of economic uncertainty as a direct result of the global coronavirus pandemic. Whilst the outlook for the economy cannot be predicted, we want to provide advice, assistance and certainty to our clients and that’s why we pledge the following: Certainty With all new and active engagements, we […]
