Bounce Back Loans

Late payments, cashflow and balance sheets: SMEs battling against insolvency

Recent data reveals that corporate insolvencies are at a 30-year high, with more than 25,000 registered in 2023 alone, and July 2024 saw the highest monthly number of compulsory liquidations since the onset of the pandemic. In an uncertain economic climate, it’s never been more important for small businesses to…

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Monahans reports insolvency enquiries double since last year

Monahans, a South West accountancy and business advisory firm, has announced a 90% increase in enquiries for corporate insolvency compared with last year, with data suggesting a record number of enquiries for 2023. The firm received 22% more enquiries in January to May 2023 compared with the equivalent period in…

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Begbies Traynor appointed administrators of Frost Burgers

Begbies Traynor has been appointed as administrators to Frost Burgers, the vegan burger restaurant in Manchester and Liverpool. Founded in 2018, by social media influencer Monami Frost, the vegan burger chain offered an 100% plant-based menu, serving burgers, fries and milkshakes. Paul Stanley and Jason Greenhalgh from Begbies Traynor were…

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The rising case of insolvencies

“One of the difficulties for a business owner or an entrepreneur is to admit that they have an issue and reach out to take advice,” says Mark Supperstone, managing partner at the UK business advisory and investment practice, ReSolve. In January 2022, there were 1,560 registered company insolvencies in the…

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Bringing business back to reality post-Covid

In the words of UK accountancy firm Crowe, “one of the strangest aspects of the Covid-19 pandemic has been the low number of corporate insolvencies over the last 18 months”. Begbies Traynor’s latest ‘red flag’ research supports this perplexity, suggesting that “the number of businesses in significant financial distress has…

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‘Dramatic’ rise in court action fuelling insolvency concerns

There has been a 139% rise in CCJ’s during Q3 2021 as businesses resort to using the courts to recover debts, according to the latest red flag research for Q3 2021 from Begbies Traynor, which monitors the financial health of UK businesses. The research also revealed 562,550 businesses in “significant…

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Rotheram directors banned over ‘fraudulent’ BBL loans

Two Rotherham directors Muneef Ihsan and “close friend” Mahir Towid UI Haque have been imposed a combined total ban of 19 years for fraudulent BBL loans, the Insolvency Service has confirmed. Ihsan’s companies, Porthart Ltd, Bargain Basement 90 Ltd and Bargains Basement 90 Ltd, were each placed into voluntary liquidation…

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Insolvency service cracks down on bounce back loan abusers

The insolvency service has announced three directors have been banned following investigations which found that nearly £100k worth of bounce back loans had been inappropriately applied for, or misused. The Bounce Back Loan (BBL) scheme ran to March 2021 and provided loans of up £50k to help businesses survive the…

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Wylie & Bisset warns SMEs on upcoming ‘cash flow crisis’

Chartered accountants Wylie and Bisset has advised SMEs to “plan for the worst and hope for the best” when it comes to confronting an imminent cash flow crisis.  It has warned that the crisis is set to be brought on by the covid related slowdown, longer dated trading terms and…

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How COVID funding will impact R&D tax credits

The majority of businesses have had to make big changes to the way they operate over the past year during the Covid-19 pandemic, with many turning to government grants and subsidies for much-needed financial support. As you might imagine, changes to your client’s business model as well as receiving support…

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