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Directors of limited companies often enjoy the protection of limited liability, meaning their personal assets are typically safe from business debts. However, there are circumstances where directors can become personally liable for company obligations. Understanding personal liability risks for directors, and taking proactive steps to mitigate them is crucial for safeguarding your financial and professional…

The construction sector continues to face significant financial distress. The latest insolvency statistics for October 2024 reveal ongoing challenges for businesses in the sector. While overall company insolvencies in England and Wales fell by 10% compared to September, and 24% compared to the same month last year, construction remains the hardest-hit industry. Moreover, in the…

The Insolvency Service, with a history stretching back to the 19th century, continues to play a vital role in supporting the UK economy. Its core mission—to deliver economic confidence—remains unchanged, even as the financial landscape evolves. Now halfway through its five-year strategy, the Insolvency Service is focused on maintaining its reputation as a global leader…

The legal landscape surrounding misfeasance claims in the UK is constantly evolving, and directors need to stay informed to protect their interests. Recent changes can significantly impact how misfeasance cases are handled and the risks directors face. Here’s an overview of the latest updates in UK misfeasance law and what they mean for you. 1.…

The world of glamour and fame may seem like a dream come true to many, but the case of Katie Price serves as a stark reminder that even celebrities can face severe financial challenges. Price, a former glamour model, has been grappling with bankruptcy for several years. Her ongoing battle with a tax bill exceeding…

Company directors must be vigilant about the implications of insolvency, particularly when it comes to preference payments. Understanding what constitutes a preference and the potential consequences is essential for maintaining legal and ethical standards. Here’s a guide on what directors should know about insolvency preference payments. What is a ‘Preferential Payment’? A ‘preference’ occurs when…

In the realm of debt collection, a Statutory Demand can be wielded as a formidable weapon, allowing creditors to pursue unpaid and undisputed debts. However, for those on the receiving end, it can represent a looming threat, signalling potential financial turmoil and legal issues. Understanding how to navigate this is crucial, as setting aside a…

Are you feeling the financial squeeze of your Bounce Back Loan repayment and unsure of your next steps? If you find yourself unable to afford repayment, it’s essential to understand the avenues available to you. Let’s delve deeper into some common questions and concerns and what the options are going forward. Exploring Bounce Back Loan…

In a turn of events that reads more  like a screenplay than reality, a  former councilman’s ambitious plot  to swindle the government’s Eat Out  to Help Out scheme has landed him  behind bars. This isn’t just another  cautionary tale—it’s a deep dive into  how one man’s greed overtook the  spirit of a programme meant to…

An official receiver interview is a critical step in the bankruptcy process, and understanding what to expect can alleviate some of the anxiety that often accompanies such proceedings. This brief guide aims to shed light on what an official receiver interview entails and how to navigate it. Understanding the Role of the Official Receiver Before…