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You Could Be Disqualified as a Director for Failure to Keep Accounts

You have a lot on your plate as a business owner, and keeping your accounts up to date might seem like something that can be put off till you have more time. This is unwise, even if nothing goes wrong, but there are circumstances when getting caught with your accounts undone could lead to disqualification as a Director. The Case of Mitchell Smith The government has recently announced the disqualification of Mitchell
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What Can I Do About Overdue Payments?

Overdue payments are a fact of life in business, and unfortunately the situation only looks like getting worse. High inflation is going to squeeze everyone’s cashflow, and even if your customers are trying their best to keep up payments, they might be chasing bad debts themselves. So what strategies are available to you, if you want to chase money owed to you? Using Your Customer Relations When you have a probl
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Rising Inflation — How Might It Affect Your Business?

Official inflation figures have just been released for December, and it won’t be a surprise to many people that the news is bad. The figure is 5.4% — the highest inflation since March 1992. This is clearly bad news for consumers, especially those on low income, but what is it likely to mean for your business? Inflation Squeezing Household Spending Much of the recent inflation, the highest this century, is obvio
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Liquidations — Solvent or Insolvent?

The liquidation of a company doesn’t always have to be a traumatic event. There are many reasons why a decision may be taken to close down a company and, as long as it has enough assets to pay all creditors in full, this can be done in an orderly fashion through a solvent liquidation. However, occasionally this procedure goes wrong, and the liquidator is forced to convert the process to an insolvent liquidation
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One in Five Renters Finding It Difficult to Meet Their Housing Costs

A Government report released in April shows a stark picture of how households are coping with their housing costs and savings in the pandemic. The problems apply to both the home-owning and rental sectors, but renters seem to have been hardest hit. The Second Wave Household Resilience Study After more than a year of the pandemic, the Government has published a study of how households are holding up in the wake of the
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What to Do if You Want to Rescind a Winding-Up Order — and What Not to Do

If a company that owes you money has debts so extreme that there’s no possibility of payment, you can apply to the courts to have it wound up. This is a drastic measure and usually a final one — once the winding-up order is granted, it normally means the company is finished. Exceptionally, however, you might change your mind. It’s possible to apply to have the order rescinded, but the process is complicat
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Payment Holidays — Do You Understand the Implications?

The financial effects of the pandemic have been severe on many of us, whether we’re acting as companies, landlords or individuals. One lifeline has been the ability to take “payment holidays” in the repayment of mortgages, loans or debts. This has been invaluable — but is it really the straightforward benefit it seems? Recent research by Resolver suggests it may not be. Payment Holidays Early in the
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Supreme Court Ruling Offers a Lifeline to Small Businesses

Are you one of the many SME owners who have been forced to close your business, wholly or partially, during the Covid-19 lockdown? If you have Business Interruption insurance that covered closure due to disease, you may have been one of the policyholders refused payment by your insurer. However, there’s good news. A ruling by the Supreme Court on the 15th January has established that in most cases closures due
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Poverty and Debt — the Legacy of Covid-19

2020 has been a difficult year in so many ways. Quite apart from the struggles of living in lockdown, the disruption has had a devastating effect on many bank balances. Two recent reports show the growing level of hardship many households are facing and the debt burden being taken on to cope with this. 30% of Households Facing Hardship Research by the Resolution Foundation suggests that incomes have fallen significan
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Is There Light at the End of the Tunnel over Late Payments?

Late payment has for a long time been the scourge of small businesses, and this has only got worse during the pandemic. Many businesses are suffering severe cashflow problems as a result, including the risk of closure. However, there are signs the government is finally contemplating action to help struggling businesses facing this issue. The Scourge of Late Payments Most small businesses operate on very narrow margin
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