As businesses face financial difficulties, company directors must manage their companies with diligence and care. One of the most serious risks they encounter during insolvency is the possibility of a wrongful trading claim. Wrongful trading occurs when directors continue to trade, knowing there’s no reasonable prospect of avoiding insolvency. The implications of such claims can [...]
The UK Corporate Insolvency and Governance Act 2020 is one of the most significant pieces of legislation affecting corporate insolvency in the UK. Designed to provide businesses with greater flexibility and support during financial distress, this Act introduces several important reforms aimed at both helping struggling companies and making sure creditors receive fair treatment. In [...]
Insolvency in the UK is evolving rapidly, influenced by economic shifts, regulatory changes and emerging business trends. As we look towards the future, understanding the trajectory of insolvency practices and their potential impact on businesses is important for stakeholders at all levels. With increasing complexities and uncertainties, staying ahead of these changes becomes key. This [...]
The construction sector has long been regarded as a barometer of the overall health of the economy. Fluctuations in this industry often mirror broader economic trends, making it an important area for analysis. Recently, we’ve seen a concerning rise in insolvencies in the construction sector, reflecting the unique challenges within the industry and broader economic [...]
When a company faces insolvency, going through the liquidation process can be daunting. The role of a Power of Attorney is essential in these circumstances. Understanding how a Power of Attorney in UK liquidation matters can massively enhance the efficiency and effectiveness of the entire liquidation. Proper use of a Power of Attorney means that [...]
There’s been an alarming increase in construction company insolvencies across the UK in 2024. This trend has raised concerns among industry stakeholders, from contractors and suppliers to financial institutions and policymakers. In this blog, we look at the factors contributing to this growth, the implications for the construction sector, and the key steps companies can [...]
In the complex system of insolvency, creditor claims against business partners are becoming increasingly relevant in 2024. As business conditions and economic pressures change, creditors need to know their rights and the options they have when making claims against business partners. This blog aims to provide a comprehensive guide on dealing with creditor claims effectively, [...]
The rise in individual insolvencies in 2024 has become a pressing concern across the UK. Understanding the underlying factors contributing to this increase is important for both individuals and financial advisors. This blog explores the 10 key drivers behind the increase in individual insolvencies this year, offering a detailed analysis of how these factors interplay [...]
Maintaining a healthy cash flow is important for survival in a changing business environment. However, despite best efforts, companies sometimes face the challenge of dealing with insolvent customers and suppliers. When a business partner becomes insolvent, it can disrupt operations and threaten your financial stability. This blog will guide you through understanding insolvency, recognising the [...]
Facing insolvency is a daunting prospect for business owners, representing a financial hurdle and a huge emotional challenge. Beyond the immediate concerns of financial viability and operational continuity, the emotional toll can be overwhelming, affecting mental well-being and personal stability in ways that are often underestimated. In this blog post, we delve into the multifaceted [...]
