Company insolvencies stay at worrying levels
The basic principle of company insolvency is much the same as personal insolvency. In short, it means a company is unable to make even the minimum payment on all of its various obligations. As with personal insolvency, there are different ways a business can go insolvent. All of them, however, create implications for company directors. […]
Debt Management For Small Businesses
Around the world, many small businesses are still struggling to get back on their feet after COVID19. In the UK, there has been the added disruption of Brexit. Unsurprisingly, this has led to many small businesses being forced to take on debt. With that in mind, here is some advice on debt management for small […]
Cost-of-Living Crisis & the Hospitality & Leisure Industry
It has been well documented that we are currently going through a cost-of-living crisis. With everyone tightening their purse strings, the effect this is having on the hospitality and leisure industry is catastrophic. When looking at finances, whether personal or business, usually the first thing that will go are things considered ‘luxury items’ such as […]
Personal Liability And Insolvency, What Company Directors Need To Know
One of the advantages of trading as a limited company (as opposed to a sole proprietor) is that, generally, company liabilities stay with the company. The protection from personal liability is, however, not absolute. It’s therefore important that company directors clearly understand where it applies and where it doesn’t. The basics of company liability vs […]
How You Can Protect Your Business From Insolvency
Right now, business owners are picking their way through a whole minefield of challenges. Most business owners will, therefore, probably be only too well aware of the potential for insolvency. With that in mind, here are some steps business owners can take to protect their businesses from it. Incorporate as a limited company If you’re […]
Dealing With Debt Threat Letters
In these days of email and social media it can seem we only receive two kinds of letters, greetings on special occasions, which we are usually happy to receive, and everything else, we’d quite happily live without, junk mail, some bills – and debt threat letters. Here are five tips on how to deal with […]
Has The UK Averted A Debt Crisis?
Financially, the pandemic was very much a tale of two groups. One group made savings and/or paid down debt. The other group, at best, managed to get by, at worst used up savings and/or took on debt. Some of the latter needed the help of the COVID19-support measures. These are now coming to an end […]
What Type Of Business Should You Be?
There are all kinds of business models, but only three basic types of businesses. These are sole traders, partnership and limited companies. Each one has its pros and cons. Here’s a quick guide to what you need to know. Sole traders As a sole trader, you literally are your business and your business literally is […]
How To Get Rid of Your (Post-Lockdown) Debt
Hopefully, spring 2021 will see the arrival of the post-pandemic “new normal” so many people have been craving for so long. Part of this new normal will, however, mean the withdrawal of COVID19-related financial support. It will also mean tackling (post-lockdown) debt. Here are some tips to help. Establish a realistic baseline Your baseline is […]
How SMEs Can Tackle Business Debt
It isn’t just consumers who have been financially damaged by COVID19. Many businesses are barely scraping by. Some have been forced to rely on financing and may now have (a lot) more debt than they’d like. If this sounds familiar, then here are some tips on how to tackle post-pandemic business debt. Get your financial […]