There’s no doubt these are tough and trying times for businesses across the United Kingdom. The effects of COVID-19 on the economy are unprecedented, and businesses are being forced to pivot, to adapt and, in many cases, to seek support on a level never seen before. Unfortunately many businesses have had to declare insolvency, call
If your business is starting to encounter financial difficulties, you may become aware of technical terms such as bankruptcy or insolvency. Unless you’re a financial wizard, it’s likely these two terms might cause some confusion. Insolvency and bankruptcy are often seen as the same thing. But while they might at first appear similar, they are in fact very different. To make
Companies in dire financial straits often go into administration, as they seek a way of escaping their debt and surviving as a business. Administration is a proven way of bringing insolvent businesses back from the brink of financial disaster. But there are many factors to ponder and important questions to consider before pursuing this route. One
Before claiming insolvency, it’s important to understand what the process involves and how claiming it will affect you, to help you to decide if it is the right solution for you. Claiming insolvency can help individuals suffering with debt problems to get out of debt and make a fresh start. The insolvency process depends on
If you’re considering claiming insolvency you may have concerns about how the decision will affect your credit rating. Claiming insolvency is a way of protecting yourself from debtors and resolving debts that you don’t have enough money to pay. Individuals, companies and partnerships struggling to pay their debts all have the option to claim insolvency.
No one enjoys going to court, particularly over debt recovery. If the debt you’re owed totals more than £5,000, it can take anything up to two years to reclaim it. If it is more than £25,000, you will have to pay thousands of pounds, and wait months, just to get time in the High Court.