Category: Insolvency Trade Body

What effect does debt have on mental health?

Business owners at risk of becoming insolvent may find that their mental health is suffering as well as their finances. There’s no doubt about it, debt is a burden, not just to your business, but to your health too. The strain of a failing business can also cause problems with personal finances, causing the pressure…




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…




5 Business Turnaround Strategies to Consider

Business turnaround strategies inevitable involve change. This can be a change of direction, a change in the approach and even branching out into new areas. The first step is to accept the new realities of the sector your business operates in and embrace change with the following strategies for business turnaround success.   Accept losses and…




What Happens Following The Liquidation Limited Liability Company

One of the advantages of being a director of a limited liability company is that when the company is liquidated you will not face the same risks as directors of companies that don’t have this status.   In fact there may even be cases where a director can claim a redundancy payment if they are on…




Are Hotel Insolvencies Set To Increase Following Brexit?

They are according to a recent survey of nearly 2,000 hotel companies. According to accountancy firm Moore Stephens, 1,800 hotels had a 30% risk of insolvency over the course of the next three years. The hotel industry is not alone with the travel industry also facing the threat of more insolvencies with costs increasing due…




Way To Manoeuvre Your Small Business Out Of Debt

If you run a small business, there’s a good chance that you will have experienced the unpleasant burden of debt at one point or another. Sometimes what seemed like manageable levels of debt can soon become a mountain if you lose one or two of your best paying clients and this is when debt can threaten…




1% Rise In Interest Rate Could Lead To 18,000 More People Going Bankrupt

While an increase in the Bank of England base rate isn’t yet on the cards, even a small rise could trigger 18,000 more bankruptcies by 2020. This was according to government calculation on the impact of any future rate rise on the general public. The findings suggest that a significant number of people are vulnerable…




Can I Strike Off My Company If It’s Insolvent?

Some company directors might consider striking off their company as a way to avoid paying back creditors or the HMRC if tax debts have accumulated. Some company owners might even get away with this method of avoiding debts but unlike other processes such as company liquidation or winding up orders, the striking off your company…




Growing Number of Zombie Businesses A Worry for Insolvency Trade Body

Insolvency trade body R3, has highlighted its concerns over the number of zombie businesses in the North East. A zombie business is an indebted business that only generates enough money to pay interest on loans and the number of these businesses is surprisingly high in the North East region, which also happens to be one…