Bankruptcy is often considered as the only option when creditors are banging down the door. However, there are several other options available to individuals that should be considered first. Implementation of an alternative could avoid the serious consequences that follow bankruptcy. In this article, we set out the criteria and consequences of insolvency options for individuals.
The COVID-19 pandemic is an unprecedented event in world history. Never before have we encountered a worldwide shut down of economies. The impact of this pandemic is going to be equally unprecedented and the road forward will be paved with uncertainty.
The Business Debt Hibernation Scheme is one of the measures being implemented by the Government amidst the chaos caused by COVID-19. It was announced on 3 April 2020 and changes to legislation are being made to bring it into force.
Part of the Government’s Business Relief package announced on 3 April 2020 was temporary changes to the duties that directors owe under the Companies Act 1993. These changes provide a ‘safe habour’ to directors for companies facing significant liquidity problems due to COVID-19.
Do you need help in recovering a debt? Clients often ask what options they have to recovery money owed by an individual or a business. This article outlines what options are available to you if you need to recover a debt.
This article reviews the law relating to “Statutory Demands” pursuant to the Companies Act 1993. Statutory Demands may be served on a company to require a debt to be paid or disputed very quickly. The company served must act quickly to resolve the issues behind the Statutory Demand or it will risk being placed into liquidation.