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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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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Private Consultants and the Digital Court

The sudden and dramatic collapse of Carillion has thrown into stark relief the whole system of outsourcing public contracts to a few large companies. Even before Carillion’s collapse, though, many experts were nervous that planning for crucial reform of the court system appears to be largely in the hands of these same giant contractors. Digitising the Courts The court system in England and Wales has never been so ove
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Changes in Pre-Pack Insolvency Practice

Following a report by accountant Teresa Graham, the rules for pre-packaged sales of insolvent businesses have been updated, and the oversight of the practices has been altered. Changes in the Statement of Insolvency Practice (SIP) were introduced on 1st October and 1st November 2015, while the pre-pack pool was introduced on 2nd November. Pre-Pack Insolvency Pre-pack insolvency is an approach to Administrations where
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When should debt become a legal matter?

There comes a time, when dealing with unpaid accounts from a client, when a business has to consider taking legal action to recover the debt. If you have a longstanding legal relationship with a firm of solicitors, they can probably advise you when that point has been reached. But for most small firms, there is a balancing act to be performed. Luckily, going legal does not necessarily mean launching court action. As
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Bankruptcy threshold to rise as entering a debt relief order is made easier

If you don’t work in the collections industry, you might be surprised to find out that you could be forced into bankruptcy for owing as little as £750. To be frank, forcing someone into formal bankruptcy, with all the legal red tape and consequences involved, is a path that fewer and fewer creditors have been taking since 2010. Much better to make an arrangement for payment by a debtor with a realistic plan that sati
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Clean-up pre-pack insolvency deals or we legislate, says minister

  Business minister Jenny Willott held the threat of legislation in reserve this week when she announced plans to clean up pre-pack insolvency deals intended to ‘make sure that businesses and customers get a better deal from failing companies’. She said the government would implement in full the recommendations of regulation expert Teresa Graham’s review of such deals. This was ordered by her boss, business secr
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Insolvency – a to-do guide for company directors

In the first quarter of 2013 there were 3,619 company liquidations in England, according to the latest figures from the government’s Insolvency Service. That’s 5.3% fewer than in the previous quarter, 15.8% fewer than in the same period of 2012 and about the same position as in 2005. These figures exclude businesses that closed without entering a formal insolvency regime and where debts were too small or too few for
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