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While more traditional insolvency procedures — e.g. Company Voluntary Arrangements (CVA), “pre-pack” Administrations and Schemes of Arrangements — are sometimes the best way forward, they can have disadvantages. Winding a company up isn’t always in the best interests of the creditors, any more than the debtor, but there has often been little choice. However, in 2020 a new approach was introduced — Restructuring Plans

When we set up a business, we’re not thinking of having to close it eventually. The reality is, though, that most businesses do eventually close, even if it’s after a good run. However, there are right and wrong ways of going about it. Why Might You Need to Close Your Business? It’s a sad statistic that a fifth of all businesses close within a year of being launched. There are various possible reasons. Maybe they hav

If you’re applying to the Insolvency Service for either a Creditors’ bankruptcy or a Company liquidation against someone who owes you money, a deposit is charged. This may or may not be returned, depending on the assets available. The charge for deposits has been stable since 2016, but next month it will be rising substantially. So what does this mean, if you’re considering applying? What Are Petition Deposits? If al

Any legal document requires close scrutiny before you sign it, and this is certainly true of a commercial lease. The ideal solution would be to have the agreement drawn up by a commercial law solicitor working for you, who’ll ensure there are no nasty surprises. Often, however, your landlord will present you with a ready-made agreement. Most landlords won’t be trying to cheat you, but the agreement will have been dra

Two years ago, the government enacted Part 26A of the Companies Act 2006. The aim was to offer protection for companies during the Covid-19 pandemic, allowing the option of arranging a sanctioned restructuring plan. This includes the possibility of a moratorium on the company’s debts. However, one aspect of this not specifically covered by the Act, and not previously tested in court, is the position of third-party gu

UK businesses are facing a wide range of challenges at the moment, but one of the leading issues is disruption to supply chains. Whether this is caused by the ongoing effects of the Covid 19 pandemic, the problems arising from Brexit or the war in Ukraine, either you or one of your suppliers might be running into serious difficulties. So how can you balance the need to nurture your business partners with the importan

The many regulations imposed on landlords of residential rental properties may seem a hassle at times, but most are simply what a responsible landlord would want to conform to. This is certainly true of the rules around carbon monoxide alarms — and these are to be updated in a couple of months. Why Are Carbon Monoxide Alarms Essential? The last thing any landlord wants is for tenants or their guests to be killed by c

Have you ever been asked to act as a personal guarantor on a business loan? Maybe you’ve been asked by a business owner you’re on good terms with, or maybe you’ve considered taking on the role for a limited company you’re a director of. Is it a good idea to accept the request — and what could the consequences be? What Is a Personal Guarantee? There are various ways of offering security to a lender for a business loan

When you’re selecting a letting agent to manage your rental properties, it’s vital to pick the right one. There are plenty of good agencies around, but unfortunately not every agency meets the minimum standards. Picking the wrong one could leave you in financial trouble. No doubt you have a list of questions for any prospective letting agency, but does this include whether they’re a member of a client money protectio

There plenty of challenges at the moment to SMEs, but one the major dangers comes from the global problems in the supply chain. This is largely down to the war in Ukraine and the resulting sanctions against Russia, but it isn’t a simple issue. How might this affect your business? Challenges to the Global Supply Chain The supply chain into the UK has suffered a series of blows over the past couple of years. The afterm