Category: Articles

personal guarantees on directors loans

Personal Guarantees on Directors Loans

As experienced Insolvency Practitioners, we often come across situations where people have taken out personal guarantees on directors loans and do not realise that they are personally responsible even if the company is liquidated.

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When A Pub Business Plan Fails

Pub Business in trouble

Image by David D’Amico

The phrase ‘couldn’t organise a piss up in a brewery’ is a common saying, however in reality a pub business plan is very complicated and difficult to run successfully…. Read more »


Can’t Afford To Pay HMRC

There are thousands of people within the UK who are currently being chased by H M Revenue & Customs (“HMRC”) for unpaid tax.  Some just don’t want to pay it and try to avoid doing so at all costs, but then there are others who simply can’t afford to pay.  Now for the cynics out there, the answer is simple – you know you have to pay it, so make sure you account for it.   Everybody pays tax, so why is it such a surprise when it comes to handing over your money?… Read more »


The Ostrich Syndrome

Probably the thing ostriches are famous for is burying their head in the sand, but I’d say people come a close second for doing exactly the same thing.  It’s a coping mechanism when things get a little bit too much, but generally it doesn’t help and just makes things worse in the long run especially with debt.  Letters and demands are posted through your door; your phone is constantly ringing, so much so, that you’ve given up even answering it…. Read more »


Difference between bankruptcy and insolvency

What is the difference between bankruptcy and insolvency?

These are two definitions that both refer to a situation whereby liabilities exceed assets of either a business or an individual, and so it’s no surprise that many people get them both confused. To try to help simplify matters, we’ve explained what each terms means below…. Read more »


HMRC Tax Returns and Late Payments

The deadline for filing tax returns for the period 2013/14 has now passed and if you’ve missed it you can expect a £100 penalty.  If your return is up to three months late no further charges will be incurred during that period…. Read more »

Football boots hanging on a changing room wall

Footballers Going Bankrupt?

Over 100 Footballers Facing Financial Difficulty Following HMRC crackdown on Tax Avoidance Schemes The Guardian reported last week that over 100 footballers, some retired, are facing financial difficulties, even bankruptcy. This is due to HMRC serving Accelerated Payment Notices on tax payers who were using certain registered tax avoidance schemes. … Read more »


How do you deal with a Company Director who may have dementia?

  How do you deal with a Company Director who may have dementia? I was recently asked this question by a Director’s partner and co-Director, who needed to act quickly, in relation to their insolvent company. It raises a number of fundamental questions, not only relevant to the insolvency process, but the day to day running of a company. Of the 2.6 million live companies registered in the UK, the vast majority are small, often family owned and run…. Read more »