News & Blog

The latest press releases and opinion from Bishop Fleming

Beware of insolvency-related scam

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A recent scam attempt came to our attention that we thought businesses and individuals should be aware of. Malcolm Rhodes explains. We received a telephone call from a creditor on a liquidation closed last year. The caller…

If my company goes into liquidation, can they make me bankrupt?

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To answer the question: If my company goes into liquidation, can they make me bankrupt?, let us home in on four key words. Liquidation This article assumes that the context is an insolvent liquidation of a…

How do I stop credit card companies chasing me?

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If you have been struggling with credit card debt for a while, it is important to consider the possibility that a debt collector could become involved. It is their job to follow up and settle…

When the bank guarantee bites

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I have given the Bank a personal guarantee, what is the effect of liquidation? A director will often provide the company’s bankers with a personal guarantee as a condition of obtaining finance or overdraft support.…

Overdrawn Director’s Loan Account & Insolvency

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A director’s loan account arises where a director removes more money from his or her company than they introduced. Until the director repays the amount overdrawn, this will appear as a loan on the company’s…

New simpler rules for insolvency proceedings

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The rules on how insolvency proceedings are conducted are to be simplified from April next year. In what will be the first major consolidation and reform of the insolvency rules in more than 30 years,…

Directors’ duties in insolvency

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As a director of a company facing Insolvency, there are a number of key duties and responsibilities that you need to be aware of. These are covered in the Companies Act 2006 ss 171–177. The…

Insolvency pays no dividends

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A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. In owner-managed businesses dividends are typically paid to save National Insurance, but it is vital to ensure…

Late payment causes 1 in 5 corporate insolvencies

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One fifth of corporate insolvencies in the last year were caused by late payment, according to new research by the insolvency trade body R3. Linda Lyons, a Senior Manager in Bishop Fleming's Business Recovery and…

Loss of business confidence: is it based on reality?

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A new survey shows that business confidence continues to fall, highlighting an urgent need for the government to make clear its Brexit strategy to allow companies to plan ahead with certainty. A recent survey by…