What is the Insolvency Act 1986? Insolvency happens when an individual or business runs out of money and can no longer meet its financial obligations. The legal framework for dealing with personal and corporate insolvency is primarily governed by the Insolvency Act 1986. The Insolvency Act 1986 covers: The process by which individuals or companies […]
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According to insolvency experts, more than 47,000 UK companies are on the brink of collapse. High interest rates, inflation, increasing costs, and weak consumer confidence have all contributed to a difficult economic climate that many businesses are finding challenging to overcome. If you are facing the threat of company insolvency, early action may help you
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Introduced by the government in April 2020, the Bounce Back Loan Scheme (BBLS) provided rapid access to finance for small businesses affected by the coronavirus pandemic. Through the scheme, SMEs could borrow between £2,000 and 25% of their turnover, up to a maximum of £50,000. While businesses took advantage of the BBLS, it wasn’t without
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Director Disqualification – Everything You Need To Know There are millions of directors throughout the UK, and most uphold their responsibilities effectively. However, if you fail to comply with your legal obligations, you may find yourself disqualified from acting as a director. This can have a serious and long-lasting impact on an individual, so it
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