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As of December 16, 2021, the Insolvency Service has the power to investigate directors that dissolve their businesses in order to evade their debts and liabilities. Otherwise known as phoenixing, this liability evasion tactic has been on the government’s radar for a while, with these new powers first being announced in 2018. What does the…

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On 3rd March 2021 the Chancellor Rishi Sunak unveiled his 2021 Budget, outlining the road to recovery for the UK economy which has been badly impacted by the coronavirus pandemic and subsequent lockdowns throughout the last year. Many businesses small and large have been impacted by the pandemic, whether they have experienced loss of income,…

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The BBC, together with banking group TSB, conducted a recent poll which revealed that many businesses have taken on significant amounts of debt during the pandemic. And that many are in great need of flexible repayment solutions to rebuild their revenues and steer away from an unsustainable debt crisis. This poll highlighted that around 42%…

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The construction sector has seen its steepest decline in regards to the number of people employed since 2010. Employment dropped by 83,000 in the second quarter of the year, from the start of April to the end of June, according to data from the Office for National Statistics (ONS). Hundreds of planned cuts The drop…

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Many industries have been hit hard during the COVID-19 pandemic, suffering a number of company failures, insolvencies and emergency re-financing. Now it appears that specialists in a range of sectors, including accountancy, investment banking and law, are preparing for a big wave of company insolvencies in the coming months. When the government-led furlough and loan…

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