Are You Worried About Your Company Strike Off Suspension Due To Unpaid Bounce Back Loans?
Over £21bn was borrowed by UK businesses during 2020 as part of the Bounce Back Loan Scheme. Being a government-backed bank loan gave it added security along with the fact that it didn’t require any security from borrowers to gain access. That said, the government has advised lenders to follow their usual protocols for chasing and […]
Timeline to Government’s Business Support Measures Wind-down
Over the coming weeks and months, business owners will have to carefully plan their debt obligations and cashflow needs as government support winds down, businesses must contribute to the Coronavirus Job Retention Scheme and repayments for deferred tax liabilities and loans are required. March 2021 CLBILS, CBILS and BBLS close to new applicants. April 2021 […]
As A Business Owner, Can You Liquidate Your Company If You Have a Bounce Back Loan?
Thousands of small businesses due to start repaying Covid support loans could find themselves unable to make payments. Can you wind up your company if it already has a Bounce Back Loan? A new legislative measure preventing company directors from informally closing their business to avoid an investigation into director conduct, instead of entering a […]
11 Strategies Every Financial Advisor Needs to Have Difficult Conversations with Their Clients
Hey, we need to talk…. For many of us, this is one of the scariest phrases , especially if you are a financial advisor. Like all professionals, financial advisors may have blind spots when it comes to having difficult conversations. And yet the ability to have these conversations with other people is one of the […]
What Is The Recovery Loan Scheme?
The Recovery Loan Scheme (RLS) was announced by the Chancellor in the Spring Budget and replaces the previous coronavirus loan schemes (Bounce Back Loan Scheme / Coronavirus Business Interruption Loan Scheme / Coronavirus Large Business Interruption Loan Scheme), which closed to applications at the end of March 2021. The RLS has been designed to help […]
Mental Health Awareness : Why We Associated with SAMH (Scottish Association for Mental Health)
At Middlebrooks, supporting the health and well being of our team members and clients is an integral part of our ethos. This year, we will be working hard to raise awareness and support the initiative in collaboration with SAMH (Scottish Association For Mental Health). It is our vision to help our clients in financial distress […]
What happens if you Don’t Pay Back a Bounce Back Loan?
Before you start wondering about what would happen if you were to default repayments to Bounce Back loan, it is important to understand how it works. Let us discuss what BBLS is. The pandemic has lead to troubling and challenging times, especially for small to medium-sized businesses (SMEs) that depend on their day-to-day operation to […]
As a Director of a Company when Should You start Insolvency Process?
An unexpected downturn in the market can easily have severe implications on business. This is true, even if your company’s financial situation has never been a cause for concern. It’s important to know if a business is in trouble because directors who continue to trade while the business is insolvent risk being made personally responsible for company debts, […]
What does an Insolvency Practitioner do?
Behind any firm that can offer personal and company insolvency services, there is a licensed Insolvency Practitioner or IP. When seeking advice on company insolvency or otherwise, you should always check that the firm has an insolvency practitioner working for them. The IP must be regulated by one of the professional bodies, such as the […]
What types of Insolvency Procedures can be Applied to a Limited Company or a Partnership?
Insolvency describes a situation when a company (or individual) can’t pay what they owe on time, or when the value of their assets is less than the money they owe. The law (mainly the Insolvency Act 1986) sets out formal legal processes for insolvent companies. Not every business with a debt problem ends up needing […]
