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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 owners generally focus most on the sales that bring in the income, rather than on their suppliers. That’s understandable, but it can also be short sighted. Recent research by retail bank Aldermore has found that well over half of SMEs have suffered supply-chain problems in the past year — and this has cost a total of £1.9 billion. Why Are There Supply Chain Delays? Disruptions to supply chains have been goin

While the current economic problems in the UK can’t really be laid at the feet of consumers, there’s no doubt that widespread poor financial management isn’t helping matters. This ranges from naivety in investment to a general “have it now, pay tomorrow” culture that’s fuelling debt. A recent survey suggests that this isn’t set to improve. The study, by Compare the Market and MyBnk, found that only 41% of young adult

One of the major financial innovations of the past decade has been the rise of open banking. This term describes the use of open APIs (application programming interfaces) to allow users more control over their banking. While uptake has been limited among consumers, it’s proved popular with SMEs. Recent research has shown more than 750,000 SMEs using it in the UK. What Is Open Banking? Open banking is the general term

During 2022, a combination of soaring prices (especially energy prices) and income lagging behind pushed the economy into recession. The bad news is that, according to forecasts by KPMG, the recession is likely to last for the rest of 2023, with output falling by 1.9%. So why are things so bad, and what’s it likely to mean for you and your business? What’s Causing the Recession? The main driving force of the recessio

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

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

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

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

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