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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
Personal and business debt plans in the United Kingdom
In 2020, due to the COVID-19 pandemic, the level of personal and business debt has risen exponentially. The latest October 2020 debt statistics in the UK aren’t comfortable to read: Average total debt per UK household in August 2020 – £60,526. Total unsecured debt per UK adult in August 2020 – £3,946. Between June and […]
January 19, 2021
Who pays the Liquidator’s fees (in the UK) if the company has gone bankrupt?
Despite the impact of COVID-19 in 2020, if you look at the monthly UK insolvency statistics, the number of companies that filed for bankruptcy or went into liquidation, administration or CVAs, has decreased year on year. For example, in July 2020 in England and Wales, there were a total of 955 company insolvencies which represented […]
January 13, 2021
What are some good plans that could be considered when you repay debts for your business?
Debt is not something new to many corporate businesses; it’s usually manageable. However, the level of debt being held by corporate businesses in the UK is significantly higher than previous years due to the COVID-19 pandemic. A study by The Recapitalisation Group, formed by The City UK, a finance industry body, has suggested that corporate […]
January 6, 2021
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