The latest insolvency statistics showed that the number of company insolvencies had risen by 63% in October 2021, compared to October 2020 which had 1,405. But the figure that stood out from this data is the number of Creditors’ Voluntary Liquidations (CVLs) – 1,248 companies in October alone, which is higher than pre-pandemic levels. Entering [...]
The probate process in the UK can be time-consuming, even if the deceased’s estate is a simple affair and they left a will. The length of time probate takes will often impact the period between probate being granted and when the beneficiaries receive their inheritance money after probate. Before beneficiaries receive their inheritance money after [...]
The last couple of years have been a struggle for many and secured loans with attractive interest rates have never been so appealing. Secured loan debt comes in many forms; it may be the mortgage on your home, it may be the loan on your car or it may be the only way you could [...]
The voluntary winding up of a company that is solvent can be accomplished under the Insolvency and Bankruptcy Code, 2016. Under the Insolvency Act 1986 is the Insolvency Rules 2016 that apply in England and Wales which sets out the procedure for the voluntary winding up of a company. The Insolvency and Bankruptcy Code (IBC) [...]
The last couple of years have been extremely difficult for businesses of all sizes, particularly for some industries, such as retail, travel, and hospitality. The coronavirus pandemic has hit companies hard and with support from the government ceasing in the last few months, many are struggling to stay in business. Negotiating a Creditors’ Voluntary Arrangement [...]
When an insolvent company enters a liquidation process, one of the key tasks for the insolvency practitioner (IP) is to sell the company’s assets before liquidation. In many cases, the assets are sold to third parties, sometimes to competitors or a director may wish to buy the asset from the company for personal use or [...]
Debt is debt, right? Well, yes and no; whilst owing money is debt, there is secured debt and unsecured debt, both of which have their pros and cons. In some cases, you may not be able to access unsecured debt as lenders need collateral to lower the risk of lending money to you. In other [...]
There are many reasons why you’d want to dissolve a company, whether it is solvent or insolvent. Closing down a limited company with or without debts is a cost-effective way of removing a dormant company from Companies House and doesn’t require the need for liquidation. Dissolving a limited company, also known as voluntary dissolution, removes [...]
Every three minutes in the UK, someone is diagnosed with dementia. However, family members are unable to access their finances or do anything about their home and care unless the court has granted them authority through a Power of Attorney (PoA) or a Lasting Power of Attorney (LPA). As people get older, they may not [...]
Nobody can deny that the past 18 months have been some of the toughest times ever for businesses across the world. The Covid-19 pandemic forced companies, firms and organisations into adapting to completely different work environments, economies and implementing new technology. But, as nations around the world are emerging from the worst economic climate since [...]
