Effect of Covid on Small Businesses – Increased Financial Pressure?

Whilst we await the effect of impending changes to the way we live after 19 July, the Bank of England Report issued this morning stresses there will still be a need to offer support after Covid support is wound down, especially as the current wave continues to spread. The Financial Stability Report confirms the position

By |2021-07-19T09:27:08+00:00July 19th, 2021|Blog, News|0 Comments

Liquidations and Insolvencies Set to Rise as Covid Business Support Tapered Down?

July 1 has seen major changes to the support given to businesses affected by the Covid19 pandemic. Employers using the furlough scheme will now have to pay increased proportions of staff wages. Employees will still receive still 80%, wages the government paying 70% and employers face with the cost of the remaining 10%. August 1

By |2021-07-01T18:13:46+00:00July 1st, 2021|Blog, News|0 Comments

A drop in Administrations, Creditors Voluntary Liquidations and Company Voluntary Arrangements

The Insolvency Service released the monthly insolvency statistics for April 2021 today. The figures contain a comparison between April 2021 and April 2020, the first full month after the commencement of the first lockdown in March 2020. There has been a significant decline in the number of insolvencies when compared to March 2019, this no

By |2021-05-19T08:24:52+00:00May 19th, 2021|Blog|0 Comments

Insolvency Process changes to Legislation

Changes to legislation in relation to Debt Relief Orders as follows: Increase from £1,000 to £2,000 in respect of individual assets. The value of a single motor vehicle that can be disregarded is also raised from £1,000 to £2,000. A debtor will be permitted to have a surplus monthly income of £75 before he /she

By |2021-05-13T13:50:26+00:00May 13th, 2021|Blog|0 Comments

INSOLVENCIES LIKELY TO RISE AS ECONOMY EXPANDS

In the hope that control of Covid19 improves and the number of cases continues to decline, many business owners will no doubt look forward to seeing sales growth and a return to profitability. However, there are still risks and threats to be faced in the weeks ahead and business owners / directors would do well

By |2021-04-22T20:09:08+00:00April 22nd, 2021|Blog, News|0 Comments

SWINGS & ROUNDABOUTS

As we move into another phase on the “road to recovery”, there are positive indications with regard to the UK economy and the prospects for a return to some form of normal. However, as the various government funded assistance measures are phased out or ended, business owners, landlords, local government or others affected may still

By |2021-04-13T15:06:45+00:00April 13th, 2021|Blog, News|0 Comments

INSOLVENCY STATISTICS – FEBRUARY 2021

INSOLVENCY STATISTICS – FEBRUARY 2021 Last week saw the anniversary of the first Covid19 lockdown. When the optimists said it would be over by Easter, no-one thought we would still be facing major restrictions here at Easter 2021! Despite 12 months of economic chaos, the Insolvency Statistics continue to remain low, although if must be

By |2021-04-01T13:29:21+00:00April 1st, 2021|Blog, News|0 Comments

UK Government has published its “Corporate Insolvency and Governance Bill (CIGB)”

The CIGB, which has been fast tracked by Government, introduces both permanent and temporary measures in an effort to help struggling businesses. The permanent measures include a new procedure for Directors to apply to court for a Moratorium, which if granted, will provide the company with a limited payment holiday in respect of certain debts.

By |2020-10-03T14:36:21+00:00June 2nd, 2020|Blog, News|0 Comments

Potential damage to company finance and business rescue?

The Finance Bill 2019-21 had its second reading in Parliament on 27 April, closely watched by the insolvency and restructuring profession due to the inclusion of 2 proposed policies which may damage business lending and hinder business rescue: Plans to grant HMRC preferential status in insolvency procedures from December this year; andMeasures to make directors personally liable for a company's tax

By |2020-10-03T14:36:21+00:00May 26th, 2020|Blog, News|0 Comments

Furloughed employees and Insolvency – The Debenhams case

High street retailer Debenhams notified approximately 13,000 employees in writing on 25 March 2020 that they were being furloughed in accordance with the Job Retention Scheme (JRS). This being until further notice. An additional 867 staff were contacted and furloughed over the following few days on identical terms (the circa 13,867 employees being the “Furloughed

By |2020-10-03T14:36:22+00:00April 29th, 2020|Blog, News|0 Comments

Declaring dividends during uncertain times – consider insolvency and other laws

The latest year end accounts may evidence adequate reserves to adhere to and met the standards of the Companies Act 2006’s statutory test to pay a dividend, there are other legal tests and factors to be borne in mind prior to declaring a dividend. During such uncertain, unprecedented times, it may be that the financial position

By |2020-10-03T14:36:22+00:00April 28th, 2020|Blog|0 Comments

Bounce Back Loans

Each day seems to bring new announcements about the impact the current lock down is having, and will continue to have, on small companies with very limited resources. Yesterday, in an effort to improve access to funds, the Chancellor announced that the government would now offer 100% guaranteed small loans, now called "bounce back loans".

By |2020-10-03T14:36:22+00:00April 28th, 2020|Blog|0 Comments

Advice for Consumers – Covid 19

R3, the insolvency and restructuring trade body, has released advice for consumers who are worried about the financial impact of COVID-19.   “The pandemic will have a serious effect on people’s finances,” says R3 President Duncan Swift. “People are seeing their income cut, their hours cut, having to take mandatory unpaid leave, and in some cases

By |2020-10-03T14:36:22+00:00April 16th, 2020|Blog|0 Comments

Loan for Limited Companies

Certain banks have stated that any director who secures a loan of up to £250,000 will not be required to sign a personal guarantee (pg). For loans in excess of £250,000 the directors may be required to sign a PG although their principal private residence will not form part of the security. However, other assets

By |2020-10-03T14:36:22+00:00April 14th, 2020|Blog|0 Comments

Government Support for Business

Further changes today as the the government announced major amendments to the terms on which support is offered to businesses badly affected by the the Coronavirus pandemic. Businesses seeking loans to support them through the crisis will no longer need to apply for a commercial loan before they are granted a loan and borrowers will

By |2020-10-03T14:36:22+00:00April 3rd, 2020|Blog, News|0 Comments

Wrongful Trading – Covid 19

The Government plans to suspend wrongful trading under Section 214 of the Insolvency Act 1986. There is fear in the Insolvency Profession that this blanket suspension could be abused. The profession favours a revision of those provisions with specific measures aimed at protecting retail, hospitality and rental property companies, who have been forced to close

By |2020-10-03T14:36:22+00:00April 2nd, 2020|Blog|0 Comments

Business Struggling Due to Coronavirus?

Clearly we are all living in critical times and many business owners / directors are unsure as to what they should do in order to care for their family but also their business. It seems that advice, or even the scope of support, shifts every day, this making things exceedingly difficult and confusing. Just two

By |2020-10-03T14:36:22+00:00April 2nd, 2020|Blog|0 Comments

Insolvency Practitoners in Burnley

TH Financial Recovery have teamed up with our local team in the premiership Burnley FC. Delighted to work with a winning team!!At THFR we provide advice and help to companies and individuals in financial distress. We are regulated to by the Insolvency Practitioners Association and are therefore qualified to act in this capacity. Call us

By |2020-10-03T14:36:26+00:00November 7th, 2019|Blog|0 Comments

Liquidations, Administrations and CVAs in Keighley

T H Financial Recovery is proud to announce that we have very recently opened an office in Keighley, Yorkshire. Working closely with a number of keys contacts in the town and surrounding area we see this as a fabulous opportunity to support our long term strategy to develop a broader range of services and support

By |2020-10-03T14:36:28+00:00April 15th, 2019|Blog|0 Comments

Insolvency & Business Advice in Keighley

Insolvency Practitioners in Keighley, Yorkshire T H Financial Recovery work with individuals and businesses in financial difficulty. If your business is facing problems and you need advice on the options available, such as new funding, business restructuring or help with insolvency, T H Financial Recovery can help. Give us a call to arrange a FREE,

By |2020-10-03T14:36:28+00:00April 15th, 2019|Blog|0 Comments

Insolvency Practitioners in Keighley

T H Financial Recovery is proud to announce that we have very recently opened another office, this being in Keighley, Yorkshire. Working closely with a number of keys contacts in the town and surrounding area we see this as a fabulous opportunity to support our long term strategy to develop a broader range of services

By |2020-10-03T14:36:29+00:00April 11th, 2019|Blog|0 Comments

Insolvency Practitioners in Bolton

T H Financial Recovery is proud to announce that we have now opened an office in Bolton. T H Financial Recovery work with both individuals and businesses in financial difficulty. If your business is facing problems and you need advice on the options available, such as new funding, business restructuring or help with insolvency, we

By |2020-10-03T14:36:30+00:00September 6th, 2018|Blog|0 Comments

Liquidation and Administration may be on the rise again

The economic upturn predicted by the Bank of England envisaged is not bearing fruit, according to experts. With that economic "bounce-back" now looking unlikely, the possibility of an interest rate rise in the immediate future has receded, which in turn has weakened the pound. Source BBC Business News T H Financial Recovery appreciates that personal

By |2020-10-03T14:36:31+00:00June 20th, 2018|Blog|0 Comments
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