Insolvency doesn’t always spell the end of business.. A turnaround success story
Contrary to popular opinion, there are options for your business when faced with insolvency. We were recently approached by a Partnership business, which ran as a Hotel. The Hotel was facing severe cash flow difficulties and was under pressure from creditors. In particular, the main Creditor HMRC had commenced proceedings to wind up the Partnership. […]
Can Your Business Avoid Insolvency?
Financial health and insolvency are the two widest points on a scale. If your business is struggling, hold off hitting the self-destruct button by declaring insolvency, at least until you have investigated all your other options. Here are some of them. Business Administration Sometimes the fundamentals of a company are decent, it just takes an […]
10 Step Plan For Leaving Debt Behind
With interest rates at record lows, there’s really only one way they can go and as, when and if they go up, the cost of being in debt will go up with them. That being so, it’s probably a good idea to start making an extra effort to deal with the situation now. Here are […]
Understanding The Cost of Insolvency
Over recent years, there have been a few high-profile business casualties to hit the headlines, probably BHS was the most famous example of a high-street brand hitting the rocks although Woolworths can’t be far behind. When these “celebrity insolvencies” make the news, they can come along with attention-grabbing figures about the costs involved in winding […]
What Does The Budget Mean For Debt?
Debt, it’s a pretty major topic these days, all the more so after the recent interest-rate rise. Now the budget has been released, it’s interesting to think about what it means for debt and those who carry it. Private consumer debt An increase in the National Living Wage and increases both to the personal allowance […]
How to make your business more attractive to lenders
The plight of small businesses trying to get finance is a standard topic on financial websites and in the printed press. While much of the discussion tends to revolve around what the government and industry bodies can do to make it easier for small businesses to get credit, it’s worth remembering that small businesses can […]
Dealing with debt before it leads you to bankruptcy
People can argue the toss about whether there’s ever any such thing as “good debt”. Some people say that debt which allows you to buy an asset you would otherwise have been unable to afford is “good debt”. Others says that if you can’t afford it you shouldn’t buy it. If you’re in debt, however, […]
10 lessons new entrepreneurs need to learn quickly
The world doesn’t owe you a living, but if you run your business well, you can make a very good living from it. Here are 10 basic business lessons new entrepreneurs need to learn – quickly. Test your market before you launch your product or service Your nearest and dearest may think your product is […]
Understanding your responsibilities as a company director
The law can be a complex topic but sometimes it’s actually very clear and simple. If you are a company director you are legally required to stop trading the moment you become aware that the company of which you are a director is insolvent. There are no ifs, buts or maybes about this, there are, […]
Don’t fear the insolvency service
“Under investigation”, it’s not a nice phrase in any situation. In fact it probably ranks alongside phrases like “routine enquiries” in terms of expressions you don’t want to hear, at least not when directed at you. In the real world however, investigations can be triggered automatically, enquiries are often routine and frankly organisations like the […]