Category: Business Insolvency

If My Company Goes Bust Will It Harm My Personal Credit Rating?

If your business faces closure this year you will no doubt have plenty of things on your mind to worry about without adding personal worries to the equation. One of the major concerns for many directors is the potential impact on their own financial future and their credit rating in particular. To ease those worries,…




Can A Dissolved Company Be Restored?

If your business is facing insolvency this year then you may be thinking about what happens after. Will everything you worked for be gone for ever?   Sometimes a business will reach its natural end with no prospect of a rescue or rebirth while it is possible for some businesses to come back from the dead….




How to Prepare for A Meeting with An Insolvency Practitioner

If you are planning to enter into an Individual Voluntary Arrangement (IVA), you will need to have a meeting set up with an insolvency practitioner (IP) to discuss your case. The IP will expect you to come prepared with all the information required to set up the arrangement because if there is anything missing or…




HMRC Set To Rank Higher Among Creditors

Insolvent business will soon see HMRC moving up the rankings among creditors when new insolvency measures are introduced in 2020.   In the past HMRC was always a priority creditor until 2002 when the Enterprise Act was introduced and put into place in 2003 classing them as an unsecured creditor. This meant HMRC was relegated to…




Will Business Insolvency Mean I Lose My House?

Losing a business to insolvency is bad enough – losing the home you worked equally hard for is something else. This is why many business owners end up worried about the implications of their business entering insolvency and whether or not they will be personally liable.   Unfortunately for sole traders, this will almost certainly be…




Will Business Insolvency Cost Me Anything?

The answer to this is it depends both on the complexities involved, creditors and insolvency practitioners hired to deal with the process. Insolvency should never be seen as an easy option as a result of the many variables that need to be considered first.   Potential fees for a business going insolvent might include the costs…




What is Debt Management?

Your business may require debt management if it is no longer generating enough income to cover its outstanding liabilities under the original agreements made with its creditors. The process is similar to when individuals ask for help to pay their debts rather than face insolvency and potential bankruptcy.   While any company requiring debt management services…




Can You Start Up A New Company Immediately After Liquidating A Company?




More Construction Insolvencies As Carillion Fallout Continues

Anyone hoping for better news in the construction industry will have to wait longer as data shows hundreds of construction firms entered insolvency in the first quarter of the year.   The collapse of Carillion may have grabbed all the headlines due to its high profile and size, but the ripple effect is already looking a…




Is Your Business Set Up To Fail?

This may sound like an odd question, we can all talk about how we work hard to succeed at our businesses, put in the hours and so on but often this effort can be misplaced and not in the long term interests of the business.   Weaknesses in any of the key areas of what makes…