Interest rates increase for the first time in 10 years

We all saw it coming! The base interest rate has risen from 0.25% back to 0.5%, the first increase in 10 years. This rise could cause issues for businesses that have a lot a debt compared to share capital (highly geared) as their loan payments will inevitably increase. And with increased overheads, businesses may struggle.

Credit Insurance: Emergency exits are here, here and here

Monarch has ceased trading and left holidaymakers requiring emergency flights to bring them back to their own country. 1,900 employees have lost their jobs and suppliers to the former high flying airline will end up out of pocket. The bigger they are the harder they fall! With news breaking of another large company collapsing, it just goes to show that even large corporations aren’t safe from these difficult economic and uncertain times.

UK Legal Update: Is your company “PAP” ready?

PAP or Pre-Action Protocol explains the conduct and sets out the steps the court would normally expect parties to take before commencing proceedings for particular types of civil claims. As of the 1st of October, this is changing for any businesses who are seeking the payment of a debt from an individual, which includes sole traders and partnerships. The changes will not affect debtors that are Limited companies.

What happens when Charlie quite literally took a hike!

Congratulations to our very own Charlie St. John who has completed a 40 mile walk this past weekend in aid of Mind, a charity which is very dear to Charlie. But this wasn't a simple stroll over a long weekend. No, this was a challenging hike through the Lake District and had to be completed within 24 hours.