The past few years have brought about increased financial challenges for businesses worldwide. Many companies have been forced to restructure their finances, either through insolvency proceedings or the increasingly common process of debt restructuring. Corporate Rescue Exemption is a legal provision that allows struggling companies to recover from financial difficulties without going through the formal…
Tag: Insolvency
Business Insolvency – What to do if Your Business is Insolvent?
It’s quite common for people to ask what business insolvency really means. The simple explanation is that a business is insolvent when they can no longer afford to pay their debts as they are due, or if their liabilities exceed their assets. However, as there is so much confusion around the term, it is not…
Vital Post-Pandemic Financial Management Advice for SMEs
Whilst most businesses are now able to operate without restriction and COVID-19 regulations have now mostly been relaxed to guidelines around the UK, the lasting financial effects of the pandemic are still a major concern for businesses of all sizes and sectors. Needless to say, many SMEs in the retail and hospitality sectors have been…
How to Liquidate Your Freelance Business
Are you a freelancer running your business through a limited company? At some point, every freelancer will want to close down their business, and in many cases, a freelance business will be closed with a liquidation process. Even if a freelancer trading as a limited company is successful and their business is making a profit,…
Tips to Follow for Buying a UK Company In Administration
Of the insolvency processes available for a trading business, administration is the most common. When a company goes into administration, it can still continue to trade legally whilst an appointed administrator (licensed insolvency practitioner) works to rescue the company that has become insolvent. In some cases, the best cause of action is for the administrator…
What is an Insolvency Practitioner?
An Insolvency Practitioner, often referred to as an IP, is a financial professional who is licensed to act on behalf of businesses and individuals when they are experiencing financial difficulties and/or facing insolvency. The majority of the time, IPs are approached by companies who are in need of help in saving or closing their business,…