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Hardship for 100,000 SME construction firms

How British construction subcontractors can avoid bankruptcy and insolvency

Almost 100,000 small to medium-sized enterprises (SMEs) in the construction industry faced serious money problems in the first quarter of 2021, a study by business rescue experts Begbies Traynor has revealed. The findings reveal that in the months leading up to 31 March, 96,067 British SME construction firms had either: County court judgments (CCJs) of…

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Why chase failed SMEs for unpaid Bounce Back debt?

Why chase failed SMEs for Covid debts?

The Insolvency Service recently announced plans to investigate business owners who close down companies without repaying the government’s Bounce Back Loan Scheme (BBLS) debts. Considering the chronology of events, and state of the economy, such a strategy seems unjust. Here’s why… The implementation, abandonment, and then reinstatement of lockdown restrictions caught business owners, and most…

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Tips for bankrupts and bankruptcy in 2021

Bankruptcy is a no-brainer if you have no assets and lots of debts

Considering the state of the UK economy, it should come as no great surprise if there’s an increase in the number of bankrupts and bankruptcy procedures in 2021. In the vast majority of cases, the main causes of bankruptcy are: Loan defaults Unemployment Business failures A downward trend in the economy    If you have…

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Lenders may seek aid for Covid-19 losses

Banks and other mortgage providers will seek to recover their Covid-19 losses

Although the UK government’s primary focus must be to maintain and kick-start our ravaged economy, a colossal challenge involving mortgage providers and other lenders looms around the corner. Banks, building societies, and other lenders have loaned out lots of money, and securitised properties, machinery and other assets. Additionally, they have financed the housing market by…

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Insolvency solutions for directors under pressure

Post-lockdown restructuring solutions

Post lockdown, plenty of directors will realise that placing their companies into a statutory insolvency procedure is probably their best restructuring solution. Last month, the Government introduced a moratorium procedure that provides companies with up to 40 days of protection from creditors. This new facility will prove useful to many. However, it doesn’t really matter…

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Why statutory demands and petitions are essential

It can be argued that by restricting the filing of statutory demands and winding up petitions for Covid-19-realted debts, the Government has targeted all industry sectors with a blunt instrument. Covid-19 did not adversely affect every business in Britain. Indeed, many continued to operate throughout the lockdown period, and some of them thrived. We need…

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