After the excesses of Christmas and New Year, the insolvency world is usually quite frantic. Perhaps it’s that New Year’s resolution to finally sort things out?
At Kirks, we often get called by people with credit card debt and loans, who own £20,000 and upwards, are employed, rent a house and their employment is not affected by going bankrupt. In these cases we often recommend that they make themselves bankrupt because the banks they owe money to will never make them bankrupt.
With several New Year surveys pointing to the UK economy strengthening, business optimism is high. Recent reports of businesses going into recession are usually the result of problems those businesses have had in the past, but there is every reason to remain optimistic. Even so, recovery is fragile and businesses need to carefully consider how they are financed and always try to keep some funds in reserve to cover unforeseen problems.