Small businesses are the backbone of our economy and in the last 5 years, the amount owed to smaller businesses in late payment has more than halved but we want to see payment practices improve even further. Research carried out by R3 earlier this year found that late payment of invoices was the most common sign of business distress among companies in the North East, North West, Yorkshire and Humberside, with more than a quarter (27%) of them saying they were owed payment on invoices that were 30 days past their due date. A 2016 R3 survey of the insolvency [...]
Directors are prohibited from utilising the same or similar business name for five years following a liquidation, subject to certain exceptions which can be found in insolvency legislation.
A company is generally considered insolvent when it can't pay its bills as and when they fall due or if its liabilities are greater than the value of all its assets. Legally, the directors of a company are required to act in the best interests of its creditors.
Everyone recognises that these are difficult and challenging times for the retail market, but please understand that by communicating with suppliers and indeed customers and having regular meetings with them, means that difficult situations can, but not always, be averted.
After almost 40 years of helping individuals to resolve daily problems arising in their business and personal lives I never tire of meeting people. I get excited at the prospect of hearing the story of their journey and the interaction of their personal and business lives.
Marks and Spencer plan to close 100 stores in the next four years, as a continuation of a revamp of the once iconic High Street staple that has already seen 21 stores close since 2016.
Even before the batteries have run down in the Christmas toys, people engaged in the retail market are already wondering which of the big high street and retail park brands are going to be the New Year insolvency story.
In April 2017, new insolvency rules came into force and replaced the Insolvency Rules 1986. Here is a review of some of the key changes that were brought in by the new rules.