What Are the Duties of a Director in Insolvency? Under normal circumstances, a company director’s duty is to promote the interests of their shareholders. However, their responsibilities change once the business enters into insolvency. They must protect the interests of

Company Insolvencies Are at their Highest Level since 2009 According to the Insolvency Service, company insolvencies have now reached their highest level since 2009 - just under the record levels set during the peak of the 2008 global financial crash. 6342

What Is a Debt Relief Restrictions Order (DRRO)? If you’ve violated the restrictions of your Debt Relief Order (DRO) or acted dishonestly, you might find yourself subject to a Debt Relief Restrictions Order (DRRO). A DRRO is a court order

What Is a Controlled Goods Agreement? When you’re visited by the bailiffs, they’ll attempt to take your belongings in an effort to repay your creditors. Obviously this isn't a desirable outcome; you might need these items for your day-to-day life,

How Do I Close My Limited Company? There are many potential reasons for business closure; perhaps the business is struggling financially, you wish to retire, or you simply want to move on to another venture.Whatever the reason, it’s not as

Overdrawn Director's Loan Account | Director's Guide A director of a company can either lend or borrow money to the business through a director’s loan account (DLA). Any money taken from the company - which isn’t a dividend or salary

What Is a Bankruptcy Restrictions Undertaking (BRU)? When you enter into bankruptcy, you have to take on a certain set of restrictions. Violating these restrictions can result in either a Bankruptcy Restrictions Order (BRO) or a Bankruptcy Restrictions Undertaking (BRU).

What Is a Bankruptcy Restrictions Order (BRO)? When you declare yourself bankrupt, you enter a 12-month period as an “active bankrupt”. During this time, you’re placed under a certain set of restrictions - if you break them, you might be

What Are the Pros and Cons of a DMP? A Debt Management Plan - or DMP - is a type of repayment plan that allows you to stretch out your debts so they’re more manageable.It functions like an IVA but

What Are the Pros and Cons of a DRO? A Debt Relief Order - or DRO - is often known as “bankruptcy lite”. It’s tailored for those with lower incomes, working much like bankruptcy, but at a much lower cost.