Can you be made liable for a limited companies debts?
In theory, a limited company’s debts lie with the company, not the owners. This means that if a company goes insolvent, the company’s owners do not even get a smudge on their personal credit records. In practice, however, it has long been possible to make a company’s directors personally responsible for a limited company’s debts. […]
HMRC Goes to the Head of the Insolvency Line
From 1st December 2020, HMRC will move three places up the hierarchy of creditors when companies and individuals go insolvent. This puts it ahead of prescribed-part carve out creditors and floating charge creditors. Here is what you need to know about the change. HMRC now lines up with the FSCS In the new “pecking order”, […]
Top tips for saving money
With 2021 looking like it could be a very interesting year, now could be a good time to start doing whatever you can to bolster your finances. With that in mind, here are some top tips for saving money. Tackle any debts in the right order. There are basically two effective ways to tackle debts. […]
Can you take the grind out of dealing with debt?
Dealing with debt can often seem a lot more about what you can’t do than what you can. Bluntly, you can’t spend money on discretionary purchases because you need to put it towards your debts. This can be a serious downer, especially if you’re pushing hard to pay down your debt as quickly as possible. […]
Is now the right time to crush your debt?
Interest rates are about as low as they can go (without actually being negative). COVID19 is still very much around. Brexit is on the way. In short, now could be a very good time to try crushing any debt you currently hold. Here are some tips. Be very aware of the realities of financial “crash […]
What you need to know about consolidating debt
Given everything going on right now, it’s hardly a surprise that many people in the UK are looking at their debt situation and thinking about how to manage it. Debt consolidation may be an option for some people. It is, however, important to think about the situation carefully before you decide whether or not to […]
The Basics of Bankruptcy
Even in 2020, “bankruptcy” can be an uncomfortable word, at least as applied to individuals. It can certainly have uncomfortable repercussions. As a minimum, your credit record will be devastated. At worst, you could lose key assets such as the family home. All that said, however, part of the fear of bankruptcy can be the […]
Will the bounce back loans bounce back on the taxpayer?
According to figures from the Treasury, businesses in the UK have received approximately £50bn in government assistance. Of this, approximately £34bn has been in the form of “bounce-back” loans. These are loans to small businesses of up to £50K each and backed by a 100% “government guarantee”. Of course, government guarantees aren’t actually secured out […]
Will there be a reduction in consumer lending?
It seems that every day brings new headlines relating to some form of lending. Recent events have brought business and mortgage lending under close scrutiny. Now, however, people are starting to ask questions about what the pandemic means for consumer lending. Issues with consumer debt go back to long before the pandemic Back in 2014, […]
Where now for borrowers?
Arguably, there’s never a bad time to tackle debt. If, however, there was ever a good time to get to grips with your borrowing, it’s right now. With the economic effects of the Coronavirus likely to be felt for a long time to come and Brexit on the way, it’s more important than ever that […]