Showing posts with label insolvency. Show all posts
Showing posts with label insolvency. Show all posts

Monday, February 27, 2012

Ease of doing business: UK slips

The world bank has just published the new rankings of its yearly study on ease of doing business and the UK has gone down by one notch to #7 compared to last year. The report compares the regulation for domestic firms in 183 countries and ranks them based on the following 10 factors: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

The top 4 remain the same this year again with Singapore, Hong Kong, New Zeland and the US taking the top spots. While the UK drops a notch, it remains high on the chart thanks to continuous efforts to reduce red tape.

Thursday, September 8, 2011

The Tough Times Business Checklist

With business conditions deteriorating for a lot of firms, now could be the time to review the way you run your business.

With the help of consultancy group 2020 we have put together a "tough-times business checklist" that will allow you to ensure that you stay on the right track during the turbulent times ahead:

  • Review your Budgets and set realistic and achievable targets for the year. 
  • Get rid of can’t pay/won’t pay customers. 
  • Review debtors list and chase up overdue invoices. 

Sunday, March 13, 2011

How well do you know your clients?

We have already stressed in the past the importance of credit control. It's even more critical in a difficult business environment to ensure that you only extend credit to those clients who will pay you. You don't have to rely on luck however. There are many tools that allow you to monitor your clients and be alerted they start showing signs of financial difficulties. But until now those tools have been very expensive and therefore most small businesses have been unwilling to use them.

That's not the case anymore. At TaxAssist Accountants, we have teamed with Red Flag Alert to get extensive data from which you can now benefit. Be it sales, credit control, collection, risk or compliance we have information on every limited company, every PLC, LLP, 3.5m sole traders and 26.7m director records. The data source comes from Companies House, London Gazette, Central Register and Equifax, which provides data intelligence and protection against credit risk. Using those tools you can now:

Monitor your risk
We can provide 'real time' critical automated e-mail alerts when a company being monitored starts to deteriorate. Using various detrimental triggers, we will notify you of changes to your customer/supplier status as they happen, in order to minimise your risk exposure.

Sunday, December 26, 2010

Am I insolvent?

The economy has been tough those last few years. Many businesses have gone under. You might have a hard time as well. Whatever your situation, it is important to understand what your options are. While no one likes to talk about insolvency it's better to face problems early on than wait until all your options have been exhausted. And if you have a limited company you have quite a few options are your disposal.

What is insolvency?

There are 2 kinds of insolvency. The first one is cash-flow insolvency and it happens when a company can no longer pay its bills and other obligations on time. The second one is called balance-sheet insolvency and and it occurs whenever liabilities exceed assets, i.e stockholder equity (capital plus accumulated losses) becomes negative. The second one is the one you have to be careful about, because it's possible to continue trading while in that state and the consequences can be dramatic.