Tag

Insolvencies are on the rise. 2023’s company insolvencies were the highest since 1993, with the level of Creditors’ Voluntary Liquidations the highest since at least 1960. Company Directors are normally protected from personal liability in these cases — as long as they follow the rules. Failure to do so, however, can have serious consequences. The Rise in Company Insolvencies Over 25,000 companies entered insolvency

Late payments have long been the scourge of small businesses, especially when doing business with larger companies. The Covid pandemic and the recent economic crisis have made this worse, but there’s some light on the horizon. The Government recently announced a three-pronged attack on late payments. The Problem of Late Payments As I reported last month, the latest figures for late payments show that the proble

Of the various approaches you can take to recover money owed to you, applying for a bankruptcy against your debtor is perhaps the most extreme. While individuals who owe money they can’t repay may declare themselves bankrupt, a creditor owed more than £5,000 can also apply for a Bankruptcy Order. When to Apply for a Bankruptcy Order You can apply for a Bankruptcy Order if an individual owes you money you can

Business insolvency figures can provide a valuable clue as to the state of the economy, but the picture isn’t always straightforward. Over the past few years, in particular, figures have sometimes been skewed by the effects of the pandemic. Many failing businesses were artificially propped up by government support, pushing the figures up when they finally entered insolvency. The figures for July 2024 have been

The private rental sector has been volatile for some time, with changing regulations, fast-rising rents and difficulties for landlords, and that doesn’t look like ending any time soon. What with a reduction in the buy-to-let market, further increases in the cost for tenants and uncertainty over what measures the new government might bring in, the whole sector is holding its breath. A Fall in the Buy-to-Let Mark

SMEs may need to access finance for various reasons. Perhaps they have plans for growth requiring money up front, or maybe there’s a delay in their cashflow — a particular problem in recent years, as the scourge of late payments has grown worse. Recent figures, from various sources, have shown both good and bad news about financing small businesses. A Third of SMEs Need Finance to Survive The most alarming figu

If an individual or a company owes you money and shows no sign of being willing to pay, one option is to seek a County Court Judgement (CCJ) against them. This can be an effective strategy, but it doesn’t automatically ensure that the money will be paid. So what options are open to give yourself the best chance of recovering your debt through a CCJ? Applying for a County Court Judgement A CCJ provides you with

Bankruptcy is often seen as a badge of shame, a sign of failure — but is it really? The legal state of bankruptcy was actually introduced in the 19th century as a protection for debtors, who could previously have been thrown into prison until their debt was cleared. So is bankruptcy the end of the world, or should it be seen as a tool that can be used to get back on your feet when things have gone seriously wrong? Wh

Traditionally, people have always been terrified of “the bailiffs”. They’ve been seen as people who can descend on you and use strong-arm tactics to seize your property and leave you destitute. That’s a very Dickensian picture, and while it may have once been true, enforcement officers (as they’re more correctly called) are carefully regulated today. And a recent survey showed that 83% o

In difficult times like these, resorting to Buy Now Pay Later (BNPL) can seem like a lifesaver. Used carefully and with full understanding, it can be a good way of spreading costs for items you can’t immediately afford. The problem is that many consumers don’t fully understand the terms and, as recent research by TotallyMoney shows, repayments can very quickly build up. What Is Buy Now Pay Later? BNPL is