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Can creditors come after my business for personal debts?
If you’re experiencing debt problems on an individual basis, and you have your own business, you may have been threatened by creditors that they can target your business for personal debts. In some circumstances, creditors can make a claim against your business to recover their debt. However, if you have a limited company, it is […]
April 5, 2021
Why should I choose an insolvency practitioner instead of … Making direct arrangements with creditors?
Being in a position where you’re unable to pay your company’s creditors is extremely stressful. In an attempt to avoid increasing the level of debt, many companies try to negotiate directly with their creditors and agree to an informal arrangement. If the debt is quite small and owed to one creditor, and the creditor is […]
March 17, 2021
When a limited company in the UK goes bankrupt … Do the creditors receive any money or do they lose out?
It’s a worrying time for creditors when a limited company goes bankrupt or enters an insolvency process. The biggest concern, particularly for the smaller unsecured creditors, is whether they will ever receive the outstanding debt owed to them. There is a predetermined order in which creditors are paid during the bankruptcy or insolvency process, according […]
March 12, 2021
When a company goes bankrupt … What is the order of liabilities they have to pay first?
Last year there were 3,883 company insolvencies in Q1 alone and that figure doesn’t include those that went into administration or entered voluntary arrangements. In the UK, when a company goes bankrupt, which is called liquidation, it stops trading, is wound up and then taken off the register at Companies House. Insolvent limited companies go […]
March 3, 2021
What costs are involved when a person has been declared bankrupt including insolvency?
Declaring personal bankruptcy or insolvency is usually the last resort for many struggling with debt. Before you go down this route, it is a good idea to understand the costs involved. Although it is an option for resolving debt issues, you will need to have sufficient funds to apply for bankruptcy and the hiring of […]
February 24, 2021
How can a person ever pay off their debt if … debt collectors buy each other’s debts?
People often find that after a period of time, usually around six months, a company to whom they owe money will pass the debt over to a debt collection agency. Paying off debts is not always an easy task when much of the time you are only paying the interest. Debts that haven’t been paid […]
February 17, 2021
Leading acquires London law firm Waller Pollins Goldstein t/a WPG Law
Leading has acquired the wills and probate business of London law firm Waller Pollins Goldstein t/a WPG Law. The business will be merged with Norfolk Will Writing, the estate planning arm of Leading. Norfolk Will Writing provides will writing, LPAs, probate and estate administration services. WPG Law closed after being unable to renew its professional […]
February 16, 2021
Can your business debt get discharged if the debt is used for investing?
Any business can get into debt trouble, at any stage. This is when business debt plans come into action. Just because a business debt plan is being implemented, it doesn’t always mean that the company is about to close. It is possible to utilise debt for a long-term investment or as working capital. If you […]
February 10, 2021
What is the role of a liquidator in the case of voluntary winding up of a company?
There are a variety of reasons why a company would enter voluntary liquidation; it could be a director or directors wanting to retire or it closing one company to start another. What’s more, it could be transferring assets from a company to its shareholders, due to a company restructure, or it could be just that […]
February 3, 2021
What is company liquidation & when should a business liquidate?
The number of businesses that can say 2020 has been a good year may be less than previous years. Due to COVID-19, just about every business across the UK has suffered financially and this trend doesn’t look like it’s slowing up any time soon. Insolvency practitioners have never been so busy. Sadly, companies throughout the […]
January 28, 2021
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