Can I Be Held Personally Liable for Company Debt?
Setting up a limited company offers an important level of protection for business owners. In most cases, it means that the company itself is responsible for its debts, rather than the individual directors or shareholders. However, this protection is not absolute. If you are a director and your business is struggling financially, it is important […]
Buy Now, Pay Later Rules Are Changing
Buy Now, Pay Later (BNPL) has become a common way to manage purchases, especially online. With a few clicks, shoppers can split the cost of clothes, tech or everyday items into smaller payments. For many people, it offers flexibility and helps spread out spending. But concerns have been growing for some time. The government has […]
How to Talk to Loved Ones About Debt Without the Shame Spiral
[vc_row type=\”in_container\” full_screen_row_position=\”middle\” column_margin=\”default\” column_direction=\”default\” column_direction_tablet=\”default\” column_direction_phone=\”default\” scene_position=\”center\” text_color=\”dark\” text_align=\”left\” row_border_radius=\”none\” row_border_radius_applies=\”bg\” overflow=\”visible\” overlay_strength=\”0.3\” gradient_direction=\”left_to_right\” shape_divider_position=\”bottom\” bg_image_animation=\”none\”][vc_column column_padding=\”no-extra-padding\” column_padding_tablet=\”inherit\” column_padding_phone=\”inherit\” column_padding_position=\”all\” column_element_spacing=\”default\” background_color_opacity=\”1\” background_hover_color_opacity=\”1\” column_shadow=\”none\” column_border_radius=\”none\” column_link_target=\”_self\” column_position=\”default\” gradient_direction=\”left_to_right\” overlay_strength=\”0.3\” width=\”1/1\” tablet_width_inherit=\”default\” tablet_text_alignment=\”default\” phone_text_alignment=\”default\” animation_type=\”default\” bg_image_animation=\”none\” border_type=\”simple\” column_border_width=\”none\” column_border_style=\”solid\”][vc_column_text]Debt doesn’t just affect your bank balance. It affects your confidence, your sleep, your relationships and your […]
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 […]
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 […]
Understanding Debt Consolidation
Managing multiple debts can be overwhelming, but consolidating them into a single, more manageable payment may offer relief. Debt consolidation involves combining several debts into one, potentially with a lower interest rate or more favourable terms. This strategy can simplify your finances and reduce monthly payments, but it\’s essential to understand the available options and […]
Shareholder Agreements in Insolvency: Protecting Interests in Difficult Times
When financial difficulties arise, a well-crafted shareholder agreement can play a crucial role in safeguarding the rights and interests of shareholders. While not legally required, these agreements outline shareholder rights, duties, and dispute-resolution processes, acting as a private contract that supplements the company\’s articles of association. Importantly, they can offer guidance on how to proceed […]
Tackling Adverse Credit: How UK Consumers Can Achieve Financial Stability
With more than 15 million UK adults affected by adverse credit, according to the latest Pepper Money Specialist Lending Study, the impact on financial stability and future prospects is significant. In fact, the number of individuals experiencing adverse credit has reached the highest levels since Pepper Money began tracking this data. But what does this […]
Managing Credit Card Debt: Effective Strategies for Financial Stability
Credit card debt can accumulate rapidly, even for those who have managed their finances responsibly for years. All it takes is an unexpected emergency or financial setback to push individuals into debt, where the situation can quickly spiral out of control. For many, the inability to pay off their credit card balance in full and […]