Category: Debt Management

Builder Case Highlights Danger of Taking Clients’ Money During Company Insolvency

Continuing to trade in the knowledge that a company is insolvent can be a precarious business as a press release displayed on the government website.gov.uk highlights.   The article relates to a builder who is now disqualified from trading altogether after it was discovered that he continued to take on work and receive payments while the business…




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…




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…




Guide to Exit Strategies

Every business owner(s) or shareholders should have an exit strategy because there will inevitably come a time when the business itself reaches the end of its life or the owners wish to leave the business and move on. But what exactly is an exit strategy in practice? Here’s a brief guide to explain…  The confusing…




What Rights Do Workers Have When A Company Becomes Insolvent?

While the news is dominated with reports of the demise of large businesses little is mentioned about what happens to their employees other than the usual reports of the numbers having to find themselves alternative employment. This can produce a false sense of security to insolvent business owners who may not be fully aware of…




Debt Management Plan Or Insolvency Practitioner – Which is Best?

Many people live from one pay day to the next and simply continue to service debts which have built up over a number of years to levels where the person is trapped in a debt cycle. Sometimes this debt reaches a point where income is no longer enough to keep up repayments and bankruptcy looms.  …