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Student Loans Firm Tightening Debt Procedures

£29m has been written off as the firm responsible for the student finance system firm tightens its debt recovery procedures. With new means of revealing debtors’ work and income status, and advancement in chasing European students who have since left the country, the Student Loans Company (SLC) have made improvements across the board in an attempt […]

Can Directors be held liable for Company Debts?

  Disqualified Director Normally, Directors of Limited Companies in the UK are not usually held personally liable for Limited Company debts. Sometimes, the courts can hold one or more of a company’s Directors accountable for a firm’s debts during a insolvency process if a Director has found guilty of wrong-doing. Once a Company has become insolvent, the […]

“Take action to collect owed Monies”

  Experts are sending out the message to take action to “Collect owed monies or put your company at risk”. More than ever, businesses are failing due to the very solvable issue of unpaid business invoices. According to R3, a leading UK trade insolvency trade organisation, almost a quarter of firms that went out of […]

Customer gone into liquidation – so what now….?

Customer gone into liquidation? After the Christmas period, January is often a very challenging time for businesses – large and small. If the christmas period hit them particularly hard, some firms are forced to call in the administrators or go into liquidation. If you have a supplier or customer that has gone into liquidation taking […]

UK economy needs infrastructure stimulus, says BCC

The British Chambers of Commerce has called for more government spending on infrastructure as it predicted that UK GDP would shrink by 0.4% in 2012. The BCC also cut its forecast for 2013, from 1.9% to 1.2% growth. The industry body said the eurozone crisis and a sharp rise in food and oil prices posed […]

Commercial Insolvency levels Improve

Business insolvencies have fallen slightly in June, according to Experian’s latest Business Insolvency Trends report. 0.08% of the business population became insolvent in June, a small improvement on 0.09% in the previous month. SMEs with between 1-100 employees were the only group to see improvements in their insolvency rates. Those businesses with 101 or more […]

Government scrap Insolvency reforms

Despite complaints from insolvency practitioners that staff and budget cuts at the Insolvency Service are allowing unscrupulous directors to escape justice, the Department for Business, Innovation and Skills shelved an initiative to streamline the process for reporting misconduct. The Government said a drive to reduce red tape for the smallest companies was behind the decision. […]

Banks hit by fresh mis-selling scandal

Britain’s big four high street banks could be forced to pay millions of pounds in compensation to small businesses, after the main City regulator found they mis-sold complex insurance products in more than 90% of cases. The Financial Services Authority said the banks will conduct a review of small business accounts to determine the extent […]

Bankrupt Man sent to prison for Debt evasion

  A bankrupt has been handed a 12-month prison sentence after he was found guilty of removing money from accounts and failing to disclose funds to the Insolvency Service. Michael Gerald Sheehy of Exeter pleaded guilty to three counts of removing money from his accounts and one count of failing to inform the official receiver […]

Our top 10 tips for avoiding bad debtors

Ten top tips to prevent your business from accruing bad debtors. Despite assurances of a improving economy, many businesses are still vulnerable in the chase for new business. Small businesses especially are vulnerable to slow paying or non paying large clients. Having overseen the collection of millions and millions of pounds of commercial debt, we […]