Category: Personal Insolvency

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…




Thousands Of Estate Agents Could Face Insolvency Or Closure

Recent research suggests that estate agents have a fight on their hands if they want to avoid insolvency and closures as a result of factors such as rising levels of competition from online estate agents.   Figures from the year to May 2018 show that 153 estate agents fell into insolvency marking an increase from the…




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…




Could Personal Insolvency Rates Be Down To Insufficient Pay?

The number of people declared insolvent in the UK has risen to its highest level since the 2008 recession with a number of factors being blamed for the increase.   The personal insolvency rate in the UK increased by nearly 10% compared to 2016 bringing an end to a seven year trend of falling insolvency rates….




New Research Reveals Consequences Of Late Invoice Payments

A recent report from employee spend management firm Concur reveals the impact of late payments on the businesses they surveyed.   With late payments being responsible for 23% of companies going out of business the results highlighted in the report show that businesses need to take the issue of late payments seriously before the impact is…




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…




What is an Insolvency Practitioner And What Do They Do?

Insolvency is a process that begins when a company for various reasons is unable to keep up payments on its debts. There are various routes a business can take as part of an insolvency process and it is the job of an insolvency practitioner to not only participate in procedures but also offer the best way forward…




High Profile Travel Agency Bankruptcy Acts As A Warning

The collapse into bankruptcy of well-known online travel agency Low Cost Holidays serves as a warning that just because a business is online it doesn’t mean this guarantees long term survival in a competitive industry. The company reached the point of no return in July and the Chief Executive warned at the time that this…




Biggest Rise In Personal Insolvencies Since The Financial Crisis Could Spell Trouble For Businesses

Q2 insolvency figures offered a mixture of good and bad news in the months leading up to Brexit. On the one hand the number of business insolvencies declined while on the other, the number of personal insolvencies saw its biggest rise since the height of the financial crisis. At least part of this rise in personal…