Solving a dispute with your accountant
Common problems that company directors have with their accountants Feeling stressed because you’re not happy with your accountant and think you’re not getting value for money? The business relationship with your accountant is crucial for your company’s success. A positive and productive relationship can make a huge difference. But if it’s the opposite, the long-term […]
Is it Possible to Change or Get Out of a Finance Factoring Contract?
Can I amend or cancel an invoice factoring agreement? If you wish to modify your current invoice factoring arrangement or end the facility, examine the amendment or termination conditions outlined in your contract. If you are within the notice period for termination, you might be able to conclude the agreement without incurring a financial penalty. […]
Loss-making business? Free help and advice
Common warning signs that your company is losing income If your business is losing money, watch out for signs common to all unprofitable companies. These include ineffective budgeting, insufficient marketing, and mounting business debts. Spotting these signals early allows you to implement a recovery strategy to boost earnings and avoid your company facing insolvency. […]
Why the Spongebob Plan could actually cost you money?
What are the potential risks of dissolving a company with debts (Spongebob Plan)? Opting for the Spongebob Plan method to dissolve a company with debts may result in the loss of director redundancy pay, averaging around £9,000 per claim. Many directors can receive statutory redundancy pay if their company goes into liquidation or administration. But […]
Statutory Demand served on an individual: What to do next
What do we mean by statutory demand? A statutory demand is a formal ask for payment from a creditor to a person or business. Even though there’s no need for court action to send this demand, it’s a significant move. If you get one, you mustn’t just overlook it. Statutory demands usually come before legal […]
A Complete Guide To Bounce Back Loan Fraud And Misuse: Risks And Solutions in 2024!
Intended to be a lifeline for businesses struggling during COVID-19, Bounce Back Loans (BBLs) unfortunately became a target for fraud and misuse. Criminals exploited vulnerabilities to steal millions of dollars, while some businesses unintentionally misused the funds. This not only hurts the integrity of the program but also puts legitimate businesses at risk. Fortunately, there […]
What is the difference between a preferential and a non-preferential creditor?
Where do preferential and non-preferential creditors rank in the creditor hierarchy? In the creditor hierarchy, preferential creditors hold the highest position for payment during company liquidation, including fixed-charge holders. Following them are non-preferential creditors, who are placed lower in priority. What are the different types of company creditors? In simple terms, a creditor is anyone, […]
Complete Guide to Bounce Back Loans for Directors: Understanding your options and where to go for help
Bounce Back Loans (BBLS) provided a financial lifeline for many UK businesses during the COVID-19 storm. These loans, backed by the government, offered quick and accessible funding to support small businesses in sustaining their operations and retaining employees during unprecedented challenges. While directors weren’t personally liable for the loans, navigating repayment and understanding associated responsibilities […]
What To Do If You Cannot Repay Your Bounce Back Loan? Get The Best Solutions!
What to do if you cannot repay your Bounce Back Loan? Facing difficulties repaying this government-backed loan can feel overwhelming, especially with the pressure of potential consequences. However, if you’re also in this row, don’t panic! There are solutions available for you! Several options can help manage your debt and provide breathing room. These include […]
Can I close or liquidate my company with a Bounce Back Loan?
The Bounce Back Loan Scheme (BBLS) was a vital financial lifeline for many businesses during the pandemic. However, as circumstances change, some business owners may find themselves considering closing their company. This can raise questions about the consequences of doing so with an outstanding BBL. You may also ask, “Can you close or liquidate your […]