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According to the Asset Based Finance Association (ABFA), UK SMEs are currently owed a combined total of £67billion in unpaid invoices. ABFA’s research suggests that British SMES now have to wait longer for their invoices to be paid than they did back in 2009, at the height of the recession. This represents an increase of […]
Posted in Latest News |Many people hear the word liquidation and automatically think it is a negative process for businesses that are in trouble and suffering from insolvency through the fault of the directors. This article is going to explain the different reasons as to why insolvency occurs and highlight just how helpful a liquidation process can be for […]
Posted in Latest News |No business can survive without enough cash to meet its immediate needs, regardless of whether the company has healthy order books and profit margins. Management must have an understanding of the amount of cash flow required to operate their business and this must be an ongoing understanding from the management. If they are looking for […]
Posted in Latest News |2016 will see the current director conduct report issued by office-holders during insolvency proceedings replaced by a single online form submitted by the office-holder to the Secretary of State. Starting next year, the current director conduct reports; statutory D1 & D2 forms, will be scrapped and replaced with this new streamline report. This new report […]
Posted in Latest News |During the summer budget that was announced in July 2015 the Chancellor announced a change to the way dividends are to be taxed. From April 2016 the new rules are set to come into force where a 7.5% increase in tax is to be charged on any dividends taken from a business that exceed £5,000 […]
Posted in Latest News |Yesterday saw Chancellor, George Osbourne give the Summer Budget 2015. In his opening statement, George Osbourne explained that this is a Budget that puts security first and recognises the hard work and sacrifice of the British people over the last five years; it will be a budget for working people. Below are 8 key […]
Posted in Latest News |The Small Business, Enterprise & Employment Act 2015 has been given Royal Assent in Parliament this quarter which means there have been a number of changes that need to be acknowledged and understood going forward. Director Disqualification A new approach to the reporting of director misconduct by liquidators is being introduced which includes adding […]
Posted in Latest News |Since 1 March 2012 the attention given to the Members’ Voluntary Liquidation (MVL) process has increased, as has the number of Companies utilising the benefits of the process. We, however, believe that the process is still a bit of a grey area for many directors as they are not fully aware of the process. We […]
Posted in Latest News |Business Minister Jo Swinson announced on the 3rd March 2015 that Insolvency Practitioners will be required to provide upfront fee estimates of a completed insolvency case from October 2015. In July 2013 a review was conducted in regards to Insolvency Practitioner fees by Elaine Kempson which highlighted concerns in regards to the charges made by […]
Posted in Latest News |The Prime Minister has announced that the British Business Bank will be introducing a new programme called Help to Grow. Its aim is to allow fast-growing companies realise their potential. The British Business Bank will start a £100m pilot scheme to develop the concept. David Cameron has said the initiative will help fast-growing firms […]
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