There is a mistaken belief that insolvency and bankruptcy mean the same thing. However, whilst the terms do have similarities, there are several distinct differences between the two. First and foremost, insolvency is the financial state of a company or an individual, whereas bankruptcy is the legal procedure when an individual has been declared insolvent. […]
Is There a Difference Between Insolvency and Bankruptcy? Read More »
Businesses in the UK are battling the onset of the Omicron coronavirus variant which threatens recovery across the UK, due to the re-introduction of restrictions, and may be a cross too much to bear for many. Insolvency has been knocking on the door throughout the past couple of years but closing the business doesn’t always
How to Overcome Financial Loss Issues with a Reliable Insolvency Company Read More »
No one likes to be in debt and any type of debt will affect your credit rating. Declaring bankruptcy is often considered the last resort for insolvent individuals but while it has its advantages; it also comes with disadvantages. One of the main issues is bankruptcy and credit ratings as it has a much longer,
How Does Bankruptcy Impact Your Credit Profile? Read More »
When an insolvent company is liquidated and closed down, its assets are sold to raise the necessary funds to pay back the company’s creditors. Whilst not every creditor is likely to get their money back, most priority creditors are successful. There are two forms of insolvency procedure for a company with debts and assets –
How to Close an Insolvent Company with Debts and No Assets Read More »
In April 2021, the government launched a new loan scheme to help businesses recover from Covid-19. In partnership with a number of financial institutions, the Recovery Loan Scheme (RLS) helps companies that have been affected by Covid-19 with funds being made available to assist them with cash flow, investment in equipment or staff and business
Is My Business Eligible for the Recovery Loan Scheme? Read More »
After two years of the coronavirus pandemic (and there doesn’t seem to be much relief from it as we head into winter), retailers, small businesses, and companies in certain industries, like travel and hospitality, have struggled to keep going. In order to stay in business, many companies have adopted a particular tool in the restructuring
Why Are Creditors’ Voluntary Liquidations So Popular in Town? Read More »
Just because your business is currently insolvent doesn’t mean that it can’t be rescued and returned to a solvent company. Part of an insolvency practitioner’s (IP) role is to assess the company’s current state of affairs, i.e. the how and why it became insolvent. If the basis of the company is essentially sound, they may
How Insolvency Practitioners Return Insolvent Companies to Solvency? Read More »
Debt; none of us like it but over the past 18 months it’s become a necessary evil to surviving the Covid-19 pandemic. According to the latest statistics, the average credit card debt per household is £2,030, although outstanding credit card balances are dropping. But when you take into consideration the total unsecured debt per UK
Important Tips to Get Out of Debt in 2023 Read More »
Perhaps surprisingly, considering the country’s business sector forced into lockdown situations and taking the Government’s hand of financial support, the number of insolvencies to date has remained lower than expected. That’s not to say we won’t see more insolvencies over the coming months as the financial support ends and the companies that were in trouble
A Practical Guide to Restructuring and Corporate Recovery in the UK Read More »
If you have debts, chances are you are now being chased by your creditors for payment. If you are considered insolvent and unable to pay your debts, it may well be worth considering an Individual Voluntary Arrangement (IVA). Of course, if you own any assets of significant value, you may be able to sell those
Individual Voluntary Arrangements – Selling Assets to Pay Off or Clear Debts Read More »
