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Regulation

The Enforcement Conduct Authority — New Proposals for a Debt Enforcement Oversight Body

Many sectors of the financial world have their own independent oversight bodies. The best known is probably the FCA (Financial Conduct Authority) but similar organisations operate in various areas of finance. One notable exception, though, has been the debt enforcement sector — but that may be changing. A prominent think-tank has brought together various sides of the sector and proposed a framework for a new oversigh
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Are You Having Problems Repaying Your Bounce Back Loan?

Bounce Back Loans were a key plank in the government’s strategy for supporting SMEs through the Covid lockdown. Payment was deferred for a year, which for many seemed too far ahead to worry about — but we’re now into the second repayment month. So how is it going? What Were the Bounce Back Loans? So much has happened since last spring, when the scheme began, that even if you have a loan your memory of its
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Government Recovery Loan Scheme Now Available

With lockdown being cautiously eased, many businesses are looking forward to reopening, especially those in the retail and hospitality sectors. However, many of these have been closed, or at least operating on a restricted basis, for the past thirteen months and will find reopening difficult. However, a new wave of government support for businesses started on 6th April, under the Recovery Loan Scheme (RLS). One Schem
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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 It’s possible to apply to have the order rescinded, but the process is complicat
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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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Are You a Company Director? Do You Know Your Responsibilities

You don’t have to be a major organisation to form a limited company. Statistically, most companies have only a handful of employees, or are even solo enterprises. However, if you’re running a limited company, you’ll have the status of company director, and as such you’ll have various responsibilities. Unfortunately, not all company directors are aware of what these are. How much do you know? W
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LEGAL REQUIREMENTS FOR COMPANY LETTERHEADS AND EMAIL FOOTERS

Did you know that your business email footer must contain specific pieces of information by law? The Companies Act (UK letterhead legal requirements) states that all business must display the following business details on their letterheads. The name of their business The part of the country that the business is registered The registered company number The address of the registered office Furthermore – if you’re a par
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Council Tax Debt — Is It the Same as Other Types of Debt?

Debts come in many shapes and sizes. Most of the debts I recover are owed to private businesses or landlords, but money can also be owed to public bodies, including council tax due to local authorities. But are these debts a special case? The Dilemma of Council Tax Debts Councillors in Wolverhampton recently launched a drive to recover thousands of pounds owed in unpaid council taxes, and are looking at possible stra
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New Legislation for Rentals — What You Need to Know as a Landlord

If you’re a landlord, you’ll know how fast the rules have been changing recently. It’s not over — several new laws and regulations have either been passed recently or are being considered. So what do you need to know? The Tenants Fees Act 2019 This received the Royal Assent in February, and its provisions will be applied from the beginning of June. Under the Act, landlords will only be permitted to ask for certain pa
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When Is a Penalty not a Penalty? — Are You Offside when Claiming Interest?

When you’re signing a commercial contract with a partner, you may find it includes a penalty clause. Or possibly you’ve included one in a contract you’ve drawn up. This is, in essence, a clause which states that a specific sum is payable in the event of a specific failure, such as late delivery of materials or services, or late payment of an invoice. Liquidated and Unliquidated Damages Penalty clauses have a contenti
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