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Insolvency advice for creditors and debtors in 2021

Insolvency practitioners (IPs) can expect an increase in business throughout 2021, which is likely to affect creditors and debtor companies. Creditors can expect the insolvency practitioners they appoint to be uncompromising. For all intents and purposes, IPs won’t be desperate for your business.  Whereas an IP who has few clients will conduct thorough investigations, and…

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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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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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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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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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Corporate Insolvency and Governance Bill Explained

In the weeks ahead, the Government will attempt to stimulate Britain’s flagging economy with the introduction of the Corporate Insolvency and Governance Act. The Act, which recently came into law, proposes an extensive shake-up of the insolvency regime. But exactly how will these changes affect business owners? Well, that depends if your primary focus is:…

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