As inconvenient as it is, a late paying client is something all business owners will encounter. It’s one of those problems that could be a one-off and easily manageable if you have enough cash as a buffer. It becomes a real challenge when you don’t have that buffer and are reliant on prompt payment so that you in turn can pay your suppliers on time. Late paying clients won’t necessarily always be late paying, just as...
The latest statistics from the Insolvency Service have been released for the period between 1 January and 31 March 2022. It’s no surprise really to see that the number of registered company insolvencies has increased slightly on the previous quarter, and significantly on comparison to the same period last year. Let’s take a look at the numbers in a bit more detail. Comparing Q4 2021 to Q1 2022, there’s been a 6% increase...
As of today, Fortus Recovery is now TruSolv – a leading independent insolvency practice based in the South. The team you know and trust remains the same and continues to be among the most qualified and experienced in the UK, having helped hundreds of companies get on with the vital business of restructuring, refocusing and recovering. Why the name change to TruSolv? We acknowledge that a second name change in quick succession...
On 21 December 2021, Rishi Sunak announced an additional £1bn of financial support to those business most impacted by the latest Covid-19 variant, Omicron. The Hospitality and Leisure Grant Scheme will offer eligible businesses a one-off grant of up to £6,000 per premises. Insolvency practitioner, Matt Hoy, shares his thoughts on the latest funding being offered. I was a little surprised when I heard the recent announcement...
Earlier this year we highlighted the proposed changes in legislation to grant new powers to The Insolvency Service to target misuse of dissolution to close an insolvent company. The Ratings (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 received no resistance from MPs and has now received royal asset and formally become as Act of Parliament. What’s behind the change? Prior to The Ratings (Coronavirus)...
If you’ve reached the point where your company is no longer solvent, then you’ll need to look at which options are available. Insolvency Practitioners (“IPs”) often refer to their “toolkit”. The insolvency regulations are designed to provide a solution for (almost) every scenario which a company might find itself in. Although the number of face to face meetings has obviously reduced in the last 18 months, IPs will offer...
If you’re an employee of a company which is insolvent, you’ll understandably have lots of questions. Will I get paid? When will I get paid? Is there any possibility of the company being saved? It’s an uncertain time for all involved. As an employee, you’ve certain rights under the law, even when the company you work for is insolvent. You also have rights protecting your contract should the business be sold or transferred...
12 months on from our first survey, the relationship between company director and their accountant is still as vital as ever. The transition to what will be the ‘new normal’ in regard to trading is prompting requests for further advice and one-off pieces of work. Financial support from the government is tailing off and business owners will need to make some tough decisions. Just as it has been over the last 18 months, the impact...
The temporary suspension of liability for wrongful trading was originally introduced in March 2020, under section 12 of the Corporate Insolvency and Governance Act 2020. Apart from a small period between 30 September and 26 November 2020, the suspension has been in place until 30 June 2021. This means UK directors could now be subject to a wrongful trading claim. A claim could hold them personally liable if they continued to trade...
Earlier this month, the UK Government announced the current restrictions on commercial evictions will be extended until 25 March 2022. Another tough decision. This might save a few tenants by allowing commercial rent arrears to be ringfenced and guiding both parties to reach an agreeable repayment plan. But will this encourage tenants to sit on their hands for a few more months? If the tenant ends up in an insolvency process, the...
