The Insolvency Service has published the official insolvency statistics for England and Wales for the first quarter of 2018.
Two leading firms of business turnaround, restructuring and insolvency professionals have announced a merger. Burton Sweet Corporate Recovery (now tri group) who have offices in Bristol, Bournemouth, Cardiff and Shrewsbury, have merged with Stonham.Co, who practise in Exeter, Bristol, Cardiff, Witney, Guildford and Chichester.
It’s quite common for individuals running companies to appoint their spouses or partners as directors of their company, even though there is no intention that the spouse or partner should take any active role in the company’s management. Apart from anything else, there may be sound tax mitigation reasons for doing so.
Well, well. Who’d have thought it? The nation has had its say and it seems we want out of the EU. So what are the consequences for UK businesses? In the short term we are inevitably faced with a period of uncertainty.
Who are the directors of a company? At first sight that’s a pretty straightforward question to answer. Surely, you simply look at the company’s records at Companies House and there you’ll have it. But it’s not quite that easy. The law defines a director as “any person who holds the position of director, by whatever name called”.
Even companies with the most rigorous credit control procedures run the risk of incurring a bad debt should a customer fail. For smaller companies, incurring a significant bad debt can result in the end of the business itself.
Cash flow is the lifeblood of any business. That’s why it’s absolutely crucial to collect debts due from customers for goods or services sold on credit. Indeed it has been estimated that late payment is a major factor in at least 1 in 5 business failures.
Work out a budget – and stick to it. It’s all too easy to overspend at Christmas. We all want to give our loved ones the best that we can, and to be taken in by all those tempting adverts and offers.
A recent director disqualification case brought by the Department of Business, Innovation and Skills (BIS) shows how BIS can work with other agencies when investigating the affairs of failed companies.