Don’t let the tables turn on you!

550 jobs are at risk following another high-profile company being taken into administration. Multiyork, the furniture retailer, will trade until Christmas while administrators Duff & Phelps seek a buyer. Although Multiyork will honour orders made up to 22nd November, it is not looking good for the business that has already been saved once before from receivership back in 1995.

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.

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.