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 It’s possible to apply to have the order rescinded, but the process is complicat
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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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Business Insolvency — Why It Happens and How to Spot the Signs

Insolvency — it’s a prospect every business owner has nightmares about, even if everything seems fine at the moment. But what leads to a business becoming insolvent, and how can you, as owner, see the signs that you’re at risk? Why Does a Company Become Insolvent? Insolvency can be the result of a company no longer being able to pay its way. It may be unable to meet its debts or have more liabilities than assets, but
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Two Major Takeover Deals by Debt Collecting Companies

Takeovers are a fact of business. They’re sometimes good for the customers of the companies involved, sometimes less so, but business never stands still. Debt collection is no exception, although it tends not to get the media attention given to media, engineering or major retail companies, and two significant takeovers have recently been announced in the sector. Two Recent Takeovers Cabot Credit Management, con
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Earlier this year, Justice Secretary Michael Gove announced that planned cuts to the legal aid system were to be shelved. This was some relief to both the legal profession and to people facing substantial bills for court cases, but it didn’t reverse the swingeing cuts brought in three years ago. What Is Legal Aid? It’s a basic principle of our legal system that justice should be available to everyone, but it usen’t t
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Bailiff powers when they visit your home What you can do when a bailiff visits

A bailiff (‘enforcement agent’) may visit your home if you don’t pay your debts, eg a Council Tax bill, parking fine, court fine, county court or family court judgment. This will happen if you ignore letters saying that bailiffs will be used. You might be arrested if you don’t pay criminal debts, eg fines or penalty notices. A bailiff may also visit your home for other reasons, eg to serve court documents or give not
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7-2 vote brings interest rate rise closer

The news that two member of the Bank of England’s monetary policy committee voted in favour of an increase on interest rates at their August meeting would suggest that the historic low rates are nearing their end. We’ve written before about the possible impact of rising rates, however gradually, on businesses and consumers who are managing, just, their repayments. Once variable loan rates start to increase, whether o
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PayPal offers working capital to UK businesses

All the evidence is that small- and medium-sized companies are still finding it hard to borrow from the traditional source of business capital, the banks, to expand. Now, one of the few global internet businesses that encourages small firms, rather than trying to obliterate or buy up all the competition, has come up with an alternative source of cash. So often, the business plan for digital firms involves emulating A
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