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  • 1st June 2023
    Blog

    With supply chain issues, the continuing impact of Covid-19, high inflation and an increasingly uncertain economic climate, many businesses are facing financial difficulties. If you own a business in distress, or fear that your company may soon be facing financial challenges, then you may be concerned about the legal routes open to you. However, if your business is struggling, liquidation need not be the only option available to you. There are several options available for a business in distress, and several offer viable ways for your company to return to profitability: particularly if you are taking a proactive approach to helping, or winding down, your business.


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    Blog

  • 1st June 2023

    Selling a business can be a complex and challenging process, especially if you are preparing for an asset sale. Whether you are planning to sell your entire business, or just a small number of business assets, a business and asset sale is an efficient way to structure the sale of your business. If you have decided that an asset sale is the best course of action for your business, then it is essential to take the necessary steps to ready your business for the sale, from conducting a thorough inventory of your assets and determining their value, to gaining the consent of the parties involved.


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  • 11th May 2023

    As the energy crisis continues in 2023, businesses of all sizes and sectors are experiencing difficult times. The retail sector has been hit hard by the burden of steep rises in the cost of gas and electricity. A recent report by FRP Advisory found that 22% of UK retail businesses are not confident that they will still be able to continue trading through to the end of the year. In this article, we will discuss how rising energy costs are affecting retailers and increasing the fear of insolvency in the sector.


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  • 29th March 2023

    In the current economic climate, there are a number of different factors having a significant effect on businesses in the first quarter of this year. In addition to huge hikes in energy, natural resources and raw material costs, we are also seeing considerable fluctuations in currency and finance is increasingly harder to come by. In addition to the financial challenges of these factors, businesses are also experiencing the bounce on effects of supplier and customer insolvency.


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  • 6th March 2023

    Quite simply, a company is classed as insolvent when it is unable to pay its debts or outgoings when they are due, or when it has more liabilities than assets. Whilst insolvency does not immediately mean that a business cannot be saved, it is a tricky and regrettable situation to be in. Unfortunately, the rates of company insolvency have been steadily rising due to a number of factors over the past few years, and the number of company insolvencies are expected to continue to climb throughout 2023. 


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  • 28th November 2022

    As we move toward the end of the year, economic forecasts continue to look stormy. The UK’s Insolvency statistics for the 3rd quarter of 2022 show that economic headwinds are not letting up. Whilst companies are looking for solutions to weather the economic storm, the combination of the end of COVID related government support and the range of new challenges facing businesses in all sectors mean that the number of company insolvency cases are on the rise.


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  • 23rd November 2022
    Blog

    When a person dies, it is usual that money and assets in their estate are divided amongst beneficiaries, according to their last will and testament, however, if the deceased’s liabilities exceed their assets, this is what is known as an insolvent estate.


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    Blog

  • 4th November 2022

    A bankruptcy petition (or bankruptcy order) is an application that is made to the court by creditors, against an individual who has failed to pay their debts. If the debtor cannot afford to pay their debts in response to the petition, then their assets may need to be sold in order to pay what is owed to the creditors.

     


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  • 4th October 2022

    For any company to stay in business, a healthy cash flow is vital. Money flows in and out of a business, but in order to be successful, it’s important that cash received into the business (inflow) is in excess of cash spent (outflow). A company that is owed too much money by debtors, or that owes more to creditors than they can afford to pay, can go out of business quickly. As a Licensed Insolvency Practitioner, we are here to offer our advice for keeping cash flow in the right balance and managing business debt.


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  • 4th October 2022
    Blog

    Over the last two years, the way HMRC has operated has changed considerably. With people and businesses throughout the UK experiencing financial difficulties as a result of the pandemic, measures were put in place to protect companies from winding up petitions and the HMRC was criticised initially for agreeing to write off up to £4bn. However, following criticism and since the complete removal of prohibitions on winding up petitions, HMRC has changed its stance to that of a ruthless tax collector.


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    Blog

  • 25th August 2022

    Following the end of Bounce Back Loans and other financial support put in place by the Government to help businesses get through the challenges of the pandemic, there have been many recent headlines about company directors facing the repercussions of using these support schemes fraudulently. As much as £4.9 billion has been lost as a result of fraud related to Bounce Back loans and over COVID schemes.


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  • 8th August 2022

    Despite the pressures on businesses and individuals as a result of the events of recent years, there is a lot of confusion around the term ‘insolvency’. Whilst insolvency is talked about regularly, it is frequently confused with other common terms for companies in financial distress.


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  • 5th July 2022

    If you’re a freelancer or contractor, you will have come across IR35 legislation. But what exactly is it, and how can it affect you? The truth is, IR35 legislation is a tricky customer, and can make your tax responsibilities seem even more complex. Here, we’ll take a closer look at the area, and what happens when IR35 legislation forces you to close your freelance company.


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  • 10th May 2022
    Blog

    Whilst every business works to be successful, running a business can be extremely tough and a range of challenges, including unforeseen external factors, can mean that things don’t work out as planned, debts build and a company faces insolvency. This being said, company insolvency does not necessarily mean the end of a business. There are a range of different options to consider when managing business debts.


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    Blog

  • 12th April 2022

    If you’re a business dealing with insolvency, having a strategy in place is crucial. Company insolvency is a complex area, and it’s easy to get on the wrong side of the law. When you’ve spent years building your company brand, it’s understandable you might want to keep trading under it while going through the insolvency process, but doing this can actually land you in hot water – here’s everything you need to know about trading while insolvent and the Insolvency Act.


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  • 11th January 2022

    The Covid-19 pandemic has hit most trades hard – but perhaps one of the biggest affected trades is the construction industry. We’ve seen temporary site closures, price increases, working restrictions and material shortages, to name a few. It therefore comes as no surprise that many in the industry are experiencing cash flow problems, which can put immense strain on keeping a company going.


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  • 26th November 2021
    News / Blog

    Warnings of an ‘energy crisis’ have been ever present in the media recently, with surging wholesale energy costs rising faster than ever before. With this, we’ve seen a sharp increase in the number of energy providers in financial distress, and a large number of energy firms closing down completely.


    , Senior Partner & Licensed Insolvency Practitioner
    News / Blog

  • 25th October 2021
    News

    If your business is insolvent or has serious cash flow problems that will likely lead to insolvency, administration can be a solution to potentially save your business. Going into administration means that your company is being taken under the management of an administrator (a licensed Insolvency Practitioner) to find the best solution for your business going forward. Once your business enters into administration, you are protected from any creditors that may be threatening legal action to recover debts that are owed, providing breathing space to rescue the company.


    , Senior Partner & Licensed Insolvency Practitioner
    News

  • 18th October 2021
    News / Business

    As the world continues to battle the economic challenges posed by the Covid-19 pandemic, we are likely to see significant increases in fraud and insolvency - particularly in relation to government schemes. In fact, companies that abuse government Covid-19 related schemes through fraud will now face winding up petitions from the Insolvency Service, as well as other measures such as director disqualifications.


    , Senior Partner & Licensed Insolvency Practitioner
    News / Business

  • 8th October 2021
    Insolvency solutions / Business

    A common misconception is that a business only needs the assistance of Licensed Insolvency Practitioners once the company has already become insolvent (unable to meet long-term debts and other financial obligations), however, whilst this can be true, it is not always the case.


    , Senior Partner & Licensed Insolvency Practitioner
    Insolvency solutions / Business

  • 8th October 2021
    News / Business

    The Rating (COVID-19) and Directors Disqualification (Dissolved Companies) Bill is currently making its way through parliament, and should it come into force, directors of dissolved companies could be subject to investigation and potentially disqualification in response to concerns around unscrupulous directors committing COVID benefit related fraud.


    , Senior Partner & Licensed Insolvency Practitioner
    News / Business