Winter fuel fears
Over a fifth of UK residents are expressing concerns about falling into energy debt this winter, as highlighted by Citizens Advice Scotland. The charity\’s recent findings show that 22% of people, equating to around 360,000 individuals, are experiencing worry or anxiety about energy arrears. Notably, the average energy debt among those seeking complex debt advice […]
Reflecting on Debt and Insolvency in the UK: A 2023 Overview
Introduction The past year has been pivotal for the landscape of debt and insolvency in the UK. With the economy still rebounding from the effects of the pandemic and adjusting to new global challenges, 2023 witnessed significant developments in these areas. This article provides a comprehensive review of the trends, changes, and implications in the […]
Secured and unsecured loans
Secured and unsecured loans are pivotal in fuelling business growth, acting as a catalyst for businesses to realise their objectives. In the UK, according to the British Business Bank, small and medium-sized enterprises (SMEs) saw a significant 12.8% rise in gross bank lending between 2021 and 2022, amounting to £65.1 billion – and that\’s just […]
Scheme of Arrangement
A Scheme of Arrangement can be a lifeline for companies aiming to restructure debt whilst maintaining their trading activities. It\’s an alternative to a Company Voluntary Arrangement (CVA) and different from other debt solutions like a Creditors’ Voluntary Liquidation (CVL) or administration. A Scheme of Arrangement is a court-approved process under the Companies Act 2006, […]
Dissolving a company with debts
Dissolving a company with outstanding debts is a topic often surrounded by confusion and concern. The formal process of closing a company, known as dissolution, involves removing the company from the Companies House register, either through a strike-off application or post-liquidation or administration. Legal Obligations to Creditors It\’s important to understand that creditors must be […]
Debt Assignment
You might be familiar with the phrase \”debt assignment\” in financial circles, but its implications are worth understanding. Debt assignment occurs when your original lender transfers the debt to a third party, who then assumes the responsibility for collecting the owed amount. It\’s not merely an administrative change; it\’s a significant shift that you need […]
Will Interest Rates Cause A Surge In Insolvencies?
It\’s been observed that there\’s a rising trend in the number of insolvencies, with experts predicting it may continue in the foreseeable future, primarily due to the Bank of England\’s increased interest rates. In September, we noted a 17% increase in insolvencies from the previous year, totalling 1,967 company insolvencies. This figure surpasses levels observed […]
Inflation sees dip
In September, official data revealed an unexpected dip in food prices, marking the first monthly decline in two years. However, the relief was short-lived for motorists as fuel costs surged. The UK\’s inflation rate remained steady at 6.7% for the month, interrupting a series of three back-to-back monthly reductions. Products like milk, cheese, and eggs […]
Citizens Advice Witnesses Rising Financial Strain Among Working Individuals
Citizens Advice has reported an alarming uptick in the number of working individuals, who once managed to make ends meet, now facing financial shortfalls. While many have witnessed a surge in their earnings, the cost of basic necessities has escalated even faster, according to the charity. The situation seems particularly grim for the self-employed community, […]
Are SME’s Being Let Down?
At Adcroft Hilton, we\’ve been closely monitoring the financial landscape for SMEs. Recent findings reveal some concerning patterns, but also highlight areas of opportunity and hope. Let’s dive in. A significant 67% of UK SMEs feel that banks today are less eager to lend to them. This sentiment rises to 71% among SMEs boasting a […]