When a business fails a director’s duties continue. Directors have several responsibilities and potential liabilities they must fulfil and these cannot be avoided by entering into insolvency or liquidation – even by resigning. Generally,...
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The road to success for Small and Medium Enterprises (SMEs) in the UK isn't always paved with gold. It's often riddled with financial potholes that can derail even the most promising venture if not detected early. With a new tax year underway,...
Read more...It’s tempting to not think past the end of December and the Christmas break, but a little pre-planning now could save you heartache and insolvency later. Inflation, interest rate rises and the cost of living will continue to impact cashflows so...
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It’s often the case that January is written off, what with the recovery from the pre-Christmas rush and the subsequent focus on the end of January deadlines for tax returns. But spending some time making sure that you are “business fit” will...
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We have come across a growing trend of subcontractors who are facing financial difficulty, and in some cases becoming insolvent, because of unexpected and at times unwarranted or invalid Pay Less Notices (PLNs) issued by main contractors....
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We’ve looked at how to spot signs of financial distress in your business, as well as your duties as a director. Now, let’s look at what the options are for your business. Restructuring plan With this option, time and speed are...
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As R3 launch their Directors’ guide to getting #Backtobusiness, we’ve also been thinking about the importance of reviewing your business and knowing when to seek professional advice. Having worked with financially distressed businesses for...
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Important insolvency legislation changes have been proposed which mean that Directors of dissolved companies, particularly those that have received government support through bounce back loans or CBILS, can be investigated by the...
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The beginning of May saw the first letters go out requesting repayment of Bounce Back Loans (BBLs) which were made available by the Government from March 2021. But what happens if you can’t afford to pay back the loan and if you are a...
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As lockdown restrictions continue to ease and businesses begin to trade again there are reasons to be optimistic. Consumer spending is rising as there is more confidence in our economic future. But companies need to be aware of the risks of...
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