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. […]
Flybe – What Happened?
Flybe recently collapsed for the second time in (just) under three years. As with its first collapse, the pandemic will be publicly blamed. Also as with its first collapse, this is very far from being the whole truth. Flybe’s second collapse happened for much the same reasons as its first collapse. Those reasons go way […]
How Employees Can Prepare For Business Bankruptcy
One of the cold, hard truths of the current economy is that nobody’s job is safe. What’s more, nobody should count on being given plenty of notice before they are made redundant. If an employer goes bankrupt, employees may only find out when the general public does. Likewise, you should not count on being given […]
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 […]
The Government Begins To Wind Down Temporary Insolvency Protection
With the vaccine rollout well underway, the COVID19 pandemic looks to be entering its final stages. As a consequence of this, COVID19-specific relief measures are being withdrawn. They are being replaced by targeted (and hence smaller-scale measures). The latest change is to the temporary insolvency measures. Here is what you need to know. The introduction […]
Statutory Demands, Winding up Petitions and the use of a new Moratorium and new Restructuring Plan
As the lockdown restrictions start easing there is some interesting news around the changes to the insolvency rules specific to Statutory Demands, Winding up Petitions and the use of a new Moratorium and new Restructuring Plan to aid the rescue or restructure of a business. There are bans on issuing Statutory Demands and Winding up […]
The importance of insolvency law
While insolvency law can seem intimidating, it actually exists to serve a very important purpose, namely to ensure the orderly wind-up of a company. When a company goes into insolvency, there are three groups of people who feel the main impact of it, they are creditors, staff (directors and employees) and shareholders. Insolvency law gives […]