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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

It’s hardly surprising that the current cost of living crisis has seen a sharp rise in people with problem debts. Recent figures suggest that one in three households have missed paying a bill in the past year, and this looks set to rise. In this atmosphere, calls have been growing for banks and credit lenders to take a more flexible and compassionate approach to repayment by vulnerable debtors. The Problem With Lende

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

With many businesses devastated by the Covid pandemic, government measures like furlough and bounce-back loans were often lifesavers. However, when the time came to start paying back, not everyone repaying as easy as borrowing. Sometimes this was due to ongoing challenges, but some cases were self-inflicted. Bounce-Back Loan Fraud — Convictions Begin Because of the urgency of the situation, bounce-back loans were oft

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

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

SMEs have faced multiple challenges for the past two years, but they might be forgiven for looking forward to better times, now all the lockdowns are behind us. Instead, a recent report shows that the cost of living crisis is creating a situation where more than two million SMEs are only just managing to break even. Why the Crisis? Many SMEs had a difficult time during the pandemic, but conditions haven’t impro

During the Covid lockdown, many businesses unable to trade or use their premises fell into arrears with their commercial rent. Although businesses are generally up and running again, many have found difficulties in catching up with these arrears. This has obviously also impacted on landlords’ finances, but the government’s Commercial Rent (Coronavirus) Act 2022, which came into force on 24th March, has se

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

It’s obvious to everyone now that we’re heading into recession. Energy and fuel costs spiralling and food prices rising are going to affect everyone on a personal level, but they could also have a knock-on effect on your business. Are you in a position to get through this? What’s Happening to the Economy? A number of factors have combined to create shortages (and therefore rising prices) across the