In 2006, the UK witnessed a significant overhaul in its corporate governance landscape with the implementation of the Companies Act. This legislation was a response to changing business dynamics, aiming to enhance transparency, accountability, and overall governance practices within companies. Over the years, the Act has had a profound impact on how businesses operate and [...]
Your responsibilities under a Power of Attorney (PoA) are an important aspect of safeguarding family assets. In the UK, individuals granted a PoA hold a significant and sensitive position of trust. Understanding the scope and limitations of this role is important to make sure the person who has entrusted you with their affairs stays financially [...]
In a move that has shocked many, Birmingham, the UK's second-largest city, has declared itself bankrupt. This announcement sent ripples across the nation, bringing to light the severe financial strain that local councils are facing. As insolvency experts, we’re here to unravel the complexities of this situation and explore why Birmingham has found itself in [...]
Financial stress is an unwelcome companion for many university students. With the increasing costs of tuition, textbooks, accommodation, and day-to-day living, it's not surprising that many students graduate with a significant amount of debt. While student loans provide an accessible way to finance studying, repaying them can be daunting, especially if you’re unable to secure [...]
Owning a business is a journey of highs and lows. For self-employed individuals, financial stability is as essential as the services they offer. Yet, there are times when debts become overwhelming, and a sustainable solution is needed. For self-employed professionals in the UK, an Individual Voluntary Arrangement (IVA) could be the answer. Specifically tailored for [...]
There are a number of terms which are thrown around when debt and money trouble are discussed. One of the more common terms is an Individual Voluntary Arrangement (which is usually referred to as an IVA). An IVA is a formal and legally binding agreement which is formed between an individual and their creditors. Its [...]
Economic uncertainty seems to be a talking point quite a bit in the modern age and as such, if you have some savings tucked away for a rainy day, you are going to want to make sure that they are safe. In order to reassure people that their savings would be safe and keep everything [...]
In what is proving to be an incredibly difficult year for businesses across the UK, the delivery company Tuffnells Parcels Express has recently declared bankruptcy. The company has collapsed as a result of fierce competition and a steady increase in costs which has made its means of doing things borderline impossible to keep up with. [...]
What is deprivation of capital? This is where an individual reduces their capital on purpose (or transfers that capital to someone else like a friend or family member) with the intention of being eligible for benefits that they wouldn’t be eligible for otherwise. Having less capital increases the scope and scale of benefits that are [...]
There are a number of different pieces of legislation and implications that get implemented which tell organisations, directors of said organisations and employees how they should act. One of the key pieces of legislation is the Companies Act 2006, which imposes several general duties on a director of a UK limited company. There are many [...]
