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)...
