Increase in IVAs and personal insolvencies

Bankruptcies fall, but individual voluntary arrangement (IVA) and personal insolvency procedures increase in the first quarter of 2022

Personal insolvencies increased dramatically in the first quarter of 2022, according to the latest Government figures. Between January and March, the Insolvency Service reported 32,305 personal insolvencies, 14% more than during the first quarter of 2021. Clearly, the effects of the Covid-19 lockdowns are in full swing. Serious financial downfalls are to be expected as…

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Solutions for profitable but insolvent companies

If you’re the director of an insolvent but profitable company, now is the perfect time to consider your options. Why? Because the Government recently lifted restrictions placed on the insolvency regime to combat the economic fallout from Covid-19. Over the past two years, a lot of companies used these restrictions to stay profitable by avoiding…

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How to challenge a statutory demand

Company directors, business owners, and individuals can expect to receive more statutory demands in 2022 compared to previous years. Why? Covid-19 has forced many people and companies to give more credit than usual, and making a statutory demand is the first thing they’ll do when attempting to recover overdue debts. A statutory demand is a…

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Corporate fraudsters: Are UK laws tough enough?

Why are the US government's fraud laws more strict?

Several articles discussing UK fraud laws have been knocking about over the past week, and a few of them ask a fascinating question: Compared to the USA, is the UK tough enough on corporate wrongdoing? It’s safe to say the answer is ‘No’. Now, by no means is the American justice system due any praise…

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How to protect yourself in an unregulated investment

Sometimes when an investment goes wrong, you can be left feeling really isolated, powerless, and hopeless. You may think: “How can I, one individual, fight this?” But few creditors are aware of the power they can obtain simply by uniting with others – because unity is strength. So, we’re here to shed some light on…

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Laws for winding up orders need more clarity

New measures for the issuing of winding up petitions unclear

Entrepreneurial small business owners should be overjoyed with Government plans to increase the debt threshold for winding-up petitions to £10,000. The move is in harmony with new protections and laws designed to support businesses. Temporary measures introduced last year under CIGA 2020 will be replaced from 1 October to 31 March 2022. Subsequently, more debtor-friendly…

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