Planning for succession should be in the thoughts of everyone in business from early on. After all, what is to happen to your business when you decide it is time to retire? In other words, what is your own exit strategy when either you have attained your goal or age has finally caught up with you and retirement prevails?
Top cash flow tips for SMEs
One of the most crucial aspects of running a business is maintaining a healthy cash flow. After all, if a business can’t pay its staff and suppliers it can’t operate, regardless of how much it is selling or the size of its profit.
Top reasons why a business plan is essential
Too often, business plans are only thought of in relation to obtaining funding for a business. In fact, a business plan is much more than that. It is a valuable tool for every business owner from start-ups and those looking to grow, to those that have been in business for years. Creating a business plan makes an owner take a holistic view of their company, and the sector in which it operates.Continue reading
Bad debts for SMEs – what are the early warning signs?
Although the economic situation is improving, SMEs should be doing more to protect themselves from bad debt and late payments from customers. Continue reading
Changes To The Personal Insolvency Market
The government has recently announced changes that will affect the personal insolvency market from October 2015, making it easier for financially vulnerable people to access debt relief.Continue reading
Do you argue or debate?
Are you embroiled in a dispute with another party? Do you feel it is heading nowhere but to the court? The obvious problems with court intervention include the uncertainty and costs. What is even more frustrating can be on disclosure of evidence you find the whole matter could have been resolved at far less cost beforehand.Continue reading
2015 – A year to sort your finances?
As the year continues to progress it is not uncommon for us to start to receive a number of calls from individuals who are in financial distress. With this in mind, it seems like a good time to provide some advice on how people may be able to help themselves. These include:Continue reading
City Link – In what order do the creditors get paid?
As you probably saw over the Christmas period, Citylink became the latest high-profile insolvency to hit the headlines. As someone who has spent most of their professional life working in insolvency, I suppose I should be used to it. However, I still find myself surprised at the lack of understanding of the practical and legal situation in the press.
At the beginning of the process, the press tends to have quite an understandable focus on the human impact. In this case, the holiday season timing made the story particularly poignant. I think we can all understand the terrible impact of learning you will be potentially losing your job at Christmas. You cannot help but feel for the staff in this situation.Continue reading
Landlord liability post disclaimer of lease
Landlords have been experiencing a rough time of late with both the introduction of the Commercial Rent Arrears Recovery provisions and court rulings on various issues surrounding landlords and tenants.
It is a common occurrence that a liquidator will disclaim a lease under section 178 Insolvency Act 1986. A disclaimer does not prohibit a landlord pursuing any guarantors (who remain liable) but what about the landlord’s liabilities for business rates? This question formed the basis of the latest reported case from The High Court in Schroder Exempt Property Unit Trust and another v Birmingham City Council [2014] EWHC 2207.Continue reading
Plan now for Christmas – Part 1
Plan now for Christmas and avoid worrying about the bills in the New Year!!!
The festive season is on the way and unfortunately this can often lead to a number of calls to insolvency practitioners from individuals in the New Year as the bills roll in.Continue reading