Category: Insolvency Rules

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,…




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…




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…




How to Stave Off Insolvency

Insolvency is something businesses of all sizes are vulnerable to as we have witnessed in recent years. Once a business gets into financial difficulty, then things tend to take on a momentum that is difficult to stop as the slide towards insolvency continues. Sometimes a business can be brought back from the brink if owners…




What Can You Do If You’re Wrongly Pursued For Debts?

You probably get spam emails every day claiming you owe money but it’s a totally different matter when the claim is genuine and your creditor is claiming you owe them money when this is not the case.   Most often this type of claim is made by an organisation you have not communicated with directly such…




HMRC Credit Card Payment Rule Change

More self-employed business owners could be pushed into debt as a result of a late change in the rules on using personal credit cards to pay tax bills.   While self-employed people with accountants or established accounts departments will have set aside sufficient funds to cover self-assessment tax bills this year, a decision by HMRC not…




Insolvency Shadow Hangs Over Major Toy Store

One of the UK’s best known toy stores has announced that it will be closing 25 stores. The news will cause more ripples of anxiety amongst big brand retailers who have already seen several big chains close in the past decade due to difficult trading conditions.   Toys R Us has become arguably the most recognised…




Should You Buy A Business In Debt?

To the less experienced entrepreneur, buying a business in debt might sound a bit counterintuitive but there are plenty of cases where this can be a wise move as long as the potential long term rewards outweigh the risks.   This assessment of risk is absolutely vital as things can go wrong even following the purchase…




Monarch Failure Blamed on Insolvency Rules

Amid the headlines surrounding the demise of Britain’s fifth biggest airline, Monarch Airlines it may have escaped notice that the company should have been celebrating its 50th year in business. Unfortunately a perfect storm of external market conditions and insolvency rules combined to result in its spectacular implosion.   A article in industry magazine Travel Weekly…