What Are Creditors’ Rights During an Insolvency?
Insolvency can be a stressful time for everyone involved. It’s not just challenging for the individual or business facing financial difficulties; creditors owed money often have many questions too. What happens to the debt? Will I get any money back? Do I have a say? Understanding your rights as a creditor can help you make […]
Why Going Bankrupt Is Hard Work
Bankruptcy is often seen as the last resort, a way to wipe the slate clean and start again. And while it can offer a much-needed lifeline for people overwhelmed by debt, it is far from an easy fix. In reality, going bankrupt is hard work. It takes time, honesty, and a fair amount of emotional […]
Why Debt Awareness Should Be a Year-Round Conversation
Debt Awareness Week may have come and gone, but for the millions of people struggling with financial pressures, the conversation is far from over. While national campaigns do a great job of raising awareness, the reality is that debt doesn’t stick to a calendar. It’s something that affects people every single day, and that’s exactly […]
Implications of the Spring Statement 2025 for Debt and Insolvency
The Spring Statement 2025, delivered by Chancellor Rachel Reeves, introduces several fiscal measures that could significantly affect individuals and businesses dealing with debt and insolvency. Understanding these changes is vital for those seeking to manage their financial obligations effectively. Economic Growth and Public Finances The Office for Budget Responsibility (OBR) has halved the UK\’s economic […]
Is Your Business Heading Towards Insolvency? 3 Key Tests to Watch Out For
Even if your business seems to be ticking along nicely, it pays to stay vigilant. Financial trouble rarely appears overnight – it builds slowly, often hidden behind day-to-day pressures and short-term solutions. The earlier you spot the warning signs, the more options you’ll have to turn things around. At Adcroft Hilton, we work with business […]
How Changes to Disability Benefits Could Impact Financial Stability
The UK’s welfare system is set for significant changes, with potential reforms that could see a million individuals lose their benefits. This shift comes at a time when the number of people claiming disability benefits – particularly for mental health conditions – has risen sharply since the pandemic. For those already struggling financially, the impact […]
What is a personal Guarantee?
A personal guarantee is a legal commitment made by a company director, ensuring that they will personally repay a company\’s debt if the company itself cannot fulfil its financial obligations. This arrangement provides additional security for lenders, particularly when dealing with new businesses or those with limited credit histories. Types of Personal Guarantees Limited Personal […]
What Is A Members Voluntary Liquidation
A Members\’ Voluntary Liquidation (MVL) is a formal process for winding up a solvent company, allowing shareholders to extract capital in a tax-efficient manner. This procedure is particularly beneficial when a company has fulfilled its purpose, and the directors wish to distribute its assets. Initiating an MVL The process begins with the company\’s directors conducting […]
What is A Letter Before Action?
A Letter Before Action (LBA) is a formal communication sent to a debtor as a final request for payment before initiating legal proceedings. Serving as a critical step in the debt recovery process, an LBA outlines the specifics of the outstanding debt and provides the recipient with an opportunity to settle the matter without court […]
Rising Insolvencies – What SMEs Need to Know
The UK business environment has faced significant challenges in recent years, leading to a sharp rise in company insolvencies. In 2023, over 25,000 companies became insolvent, marking a 14% increase from the previous year. Although there was a slight 5% decline in insolvencies in 2024, with 23,872 cases recorded, the overall financial pressure on businesses […]