Bankruptcy is an effective way for individuals to clear their outstanding debts and gain a fresh financial start. But there are important implications to consider in regards to personal credit ratings. Bankruptcy will seriously affect your credit score. Inevitably, it becomes more difficult and complicated to apply for loans or to secure a mortgage. However,
In June 2020, the government announced the biggest changes to the United Kingdom’s insolvency laws that the country has seen for decades. In the midst of a global pandemic with businesses facing tough decisions in a declining economic climate, the UK Corporate Insolvency and Governance Act (CIGA) has been welcomed by many business leaders as
Insolvency occurs when a business can no longer pay off its debts. This difficult financial situation has challenging implications for employees, who may be owed wages, holiday pay or sick pay. Insolvency can have multiple outcomes for a business, but employees need to know exactly how they’re protected throughout the insolvency process and what rights
Receiving a winding-up petition isn’t something that any company director or business owner can ignore. Creditors issue winding-up petitions when they are owed money by a company, but have already exhausted other avenues and made multiple failed attempts to reclaim that money. Winding-up petitions are a last resort on behalf of the creditor. A successful
If your company is struggling financially and facing the threat of insolvency, there are countless different options and outcomes that you, as a director, could consider, including a Company Voluntary Arrangement (CVA) or a Members’ Voluntary Arrangement (MVA). Insolvency is a serious process and, as the director of a company, your actions will be judged
If you’re an individual in dire financial straits and no longer have the funds to pay off your debts, you can declare yourself bankrupt. Bankruptcy is one way to clear debts (for most people, it’s the most well-known form of financial legal proceedings). But it’s not necessarily the best thing for everyone. Declaring bankruptcy can