Late Payments as a Self-Employed Professional

late payment

Being self-employed offers flexibility and autonomy, but it also comes with its fair share of challenges. One of the most prevalent issues faced by independent contractors is late payments. In the UK, the struggle of being self-employed and not receiving timely pay is all too common. However, with the right approach and resources, you can…

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Unpaid Invoices- How to Avoid and Deal With Them

unpaid invoices

As a business owner, dealing with outstanding invoices is inevitable. However, when these invoicesstart piling up past their due dates, it poses a significant threat to your cash flow and businessgrowth. In this comprehensive guide, we’ll delve into the reasons why invoices go unpaid andprovide actionable strategies to prevent late payments. Unpaid invoices can stem…

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Debtors and Creditors: What is The Difference?

debtors and creditors

In the world of business, managing debtors and creditors is a crucial aspect that can make or break acompany. Regardless of its size, every business relies on a delicate balance between what it is owedand what it owes. Understanding Debtors and Creditors In simple terms, debtors are those who owe money to your business, typically…

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London Gazette Advertisement: Maximise A Winding Up Petition

london gazette

Facing the complexities of insolvency and winding up proceedings can be overwhelming. One crucial step in this process is advertising the winding up petition in the London Gazette. In this article, we will explore when to use a London Gazette advertisement and the importance of getting it right. As a trade magazine specializing in company…

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Unleashing the Power of a Statutory Demand Letter

overdue invoices

When it comes to recovering a debt, it’s not just about making demands. It’s about following theright legal procedures to ensure your efforts are effective. That’s where the statutory demand lettercomes into play—an essential tool in the debt recovery arsenal that can pack a powerful punch. Setting the Stage: The Letter Before Action Before we…

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Hardship for 100,000 SME construction firms

Almost 100,000 small to medium-sized enterprises (SMEs) in the construction industry faced serious money problems in the first quarter of 2021, a study by business rescue experts Begbies Traynor has revealed. The findings reveal that in the months leading up to 31 March, 96,067 British SME construction firms had either: County court judgments (CCJs) of…

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Understanding your insolvency practitioner (IP) Part 2

It’s fair to say the laws surrounding the insolvency regime were written largely by and for insolvency practitioners (IPs). The legislation governing insolvencies throughout England and Wales came into force with the passing of the Insolvency Act 1986. These laws were updated 30 years later with the enactment of the Insolvency Rules 2016. The 2016…

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Tips for creditors in administration

Many business owners and directors will return after lockdown to discover they’ve become creditors in a statutory insolvency procedure, most likely administration. This is because administration is an attractive solution for business owners looking to avoid incurring further debts with suppliers following Covid-19. The procedure is a rescue mechanism for asset-rich but insolvent companies and…

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How to make the most of creditors’ meetings

Most creditors assume they’ve lost all their money when a customer enters a formal insolvency procedure. That’s because few creditors understand how much they can influence an insolvency procedure by actively engaging at Creditors’ Meetings. Creditors’ Meetings usually take place between 1 and 10 weeks after a company declares insolvency. At this meeting, creditors are:…

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Congested courts the only option for debt enforcement

While the restricted use of statutory demands and winding-up petitions will provide a lifeline for many struggling companies, the move also forces creditors chasing overdue debts into an already overburdened court system. As it stands, the only remedy to enforce payment of a debt is through a High Court enforcement officer. You may send out…

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