Business Debt Recovery

Businesses urged to monitor cash flow as Covid restrictions ease

June 7th 2021

Businesses are being urged to monitor their cash flow as corporate insolvencies look set to rise despite the easing of lockdown restrictions. Carly Davies Debt Recovery Manager provides an update. The insolvency and restructuring trade body R3 says that government support such as the furlough scheme have masked the difficulties some companies are facing. There were 2,384 seasonally adjusted corporate insolvencies in the first quarter of this year, a reduction of…


Business Commissioner to prioritise crackdown on late payments

May 12th 2021

The newly appointed Small Business Commissioner is to spearhead a national effort to crack down on late payment of invoices – which cause thousands of small businesses to close every year. Carly Davies Debt Recovery Manager provides an update. Former journalist Liz Barclay will be the first woman to hold the position, which was created in 2016 to help small businesses secure the payments owed to them and to galvanise UK…

New rules to ensure large firms pay invoices within 30 days

February 5th 2021

The government is strengthening the Prompt Payment Code to ensure large companies pay small businesses on time. Carly Davies Debt Recovery Manager reports. Companies that have signed up to the code will be obliged to pay invoices within 30 days – half the time outlined under the current agreement. Despite almost 3,000 companies signing the code, poor payment practices are still rife, with many payments delayed well beyond the current 60-day…


Struggling businesses given extra time to avoid insolvency

January 4th 2021

Businesses struggling with debt due to the Covid-19 crisis have been given extra breathing space to help them avoid insolvency. Mark Aspin Director & Head of Dispute Resolution provides an update. A temporary measure introduced by the Corporate Insolvency and Governance Act restricting the use of statutory demands and winding-up petitions, which was due to expire on 31 December 2020, has been extended to the 31 March 2021. This will…

Debt Recovery: Someone is threatening to bankrupt me, what should I do?

January 1st 2021

First – do you admit owing the money? If not, then get in touch because where there is a “genuine dispute” as to a debt, a creditor cannot make someone bankrupt (or liquidate a company). However, if you receive any formal documents then there are very strict time limits for responding so don’t delay. If you admit owing the money you may need financial advice as opposed to legal advice.…

Debt Recovery: Someone can’t pay me – can I bankrupt them?

January 1st 2021

The short answer is yes – but only where there isn’t a dispute as to the debt; and there is still a process to follow. You should also consider if bankruptcy is likely to get you paid at a proportionate cost, other options are available. Our debt recovery team can provide you with details of all of the options and costs of the same. For more FAQs see here

Debt Recovery: I want to wind-up my limited company. How do I do this and what are the potential personal consequences?

January 1st 2021

The legal process to wind up a limited company may seem as a straight-forward technical process. However, the consequences should always be reviewed – have you give any personal guarantees; and what are your financial interests in the company? At the same time, it is an offence to continue to trade a company which is insolvent. Your accountants can best advise if this threshold is met. For more FAQs see…

New plans to protect businesses against late payments

November 17th 2020

The government is considering new powers to give businesses more protection against late payments of invoices. Carly Davies Debt Recovery Manager provides an update. Figures provided by Pay UK show that £23.4 billion worth of late invoices are owed to small firms across Britain, impacting on their cash flow and ultimate survival. Small Business Minister Paul Scully has announced a new set of proposals to ensure these firms are paid…


Temporary protections against business insolvency extended

October 1st 2020

The government is extending the temporary measures it introduced to protect businesses from insolvency during the COVID-19 pandemic. Mark Aspin Director & Head of Dispute Resolution provides an update. The measures are contained in the Corporate Insolvency and Governance Act and were due to expire on 30th September 2020. They will now continue until the end of the year and in some cases, into next year. They include: companies and…

Business insolvencies expected to surge by the end of this year

September 15th 2020

Sam Lyon, Head of Corporate and Commercial, notes that insolvency experts are expecting a large rise in the number of companies going out of business towards the end of the year. He would urge anyone who is concerned about the future of their own business, a customer or supplier to seek advice as early as possible. Doing so will give them more options about their next step and allow them…

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