The failure of thousands of small businesses every year is blamed on late payment issues. Nationwide, the bill for unpaid invoices is estimated to run into billions. The recent economic crisis and political uncertainty brought about by the pandemic and Brexit is ultimately making credit control problems even more unpredictable for small businesses. Late payments
What Are the Pros and Cons of Declaring Bankruptcy? Bankruptcy is a legal financial process that can be brought against individuals who are no longer able to pay their debts. Bankruptcy must be brought about by court order, and it can have important implications (both short and long term) for the individual affected. Bankruptcy can
If a company enters into insolvency proceedings because it’s no longer able to pay its debts, then by law the company is forced to cease trading. If a company is liquidated due to insolvency, then as a director you may be wondering what your next steps are: is it possible to continue trading again after
What is a phoenix company? There has been fierce debate regarding the use of ‘phoenixing’ over the years, but it remains a substantial tool in the rescue process. A phoenix company is formed when an insolvent company’s business is transferred to a new company. The debts remain with the insolvent company, who ceases to trade,
In today’s ever changing and challenging economic environment, it is impossible to eliminate all the risks that can adversely impact on a business. However, it is important to make every effort to assess the most reasonable risks and plan accordingly. Identifying and mitigating risks is a crucial component of risk management. Whilst most small businesses
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