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Middlebrooks Business Recovery & Advice
United Kingdom
Registrace 5. 03. 2021
A place for individuals, business owners and limited companies in financial distress to get tailored solutions.
What is a Moratorium?
🛡️ Understanding Moratorium: Your Shield Against Creditor Pressure
In Scotland, a moratorium offers temporary protection to individuals facing financial difficulties:
Definition: A moratorium shields you from creditor actions for six months, providing breathing space to explore your financial options.
Debt Management: It's vital to note that a moratorium does not erase debt; interest and charges may still accumulate during this period.
Eligibility: To apply, you must reside in Scotland, have unsecured debts, and not be bankrupt or in another formal debt arrangement.
Application Process: While individuals can apply online, consulting an insolvency practitioner beforehand ensures it's the right step. Initial consultations are often free and informative.
Accountant in Bankruptcy: Applications are reviewed swiftly, typically within 24 hours, by the Scottish Government's Accountant in Bankruptcy.
Planning Ahead: Use the moratorium wisely by discussing long-term solutions early, especially if formal insolvency might be necessary.
Take charge of your financial future today-start the conversation with us to pave the way towards a debt-free tomorrow.
#DebtRelief #FinancialProtection #Middlebrooks #InsolvencyAdvice #ScottishLaw
In Scotland, a moratorium offers temporary protection to individuals facing financial difficulties:
Definition: A moratorium shields you from creditor actions for six months, providing breathing space to explore your financial options.
Debt Management: It's vital to note that a moratorium does not erase debt; interest and charges may still accumulate during this period.
Eligibility: To apply, you must reside in Scotland, have unsecured debts, and not be bankrupt or in another formal debt arrangement.
Application Process: While individuals can apply online, consulting an insolvency practitioner beforehand ensures it's the right step. Initial consultations are often free and informative.
Accountant in Bankruptcy: Applications are reviewed swiftly, typically within 24 hours, by the Scottish Government's Accountant in Bankruptcy.
Planning Ahead: Use the moratorium wisely by discussing long-term solutions early, especially if formal insolvency might be necessary.
Take charge of your financial future today-start the conversation with us to pave the way towards a debt-free tomorrow.
#DebtRelief #FinancialProtection #Middlebrooks #InsolvencyAdvice #ScottishLaw
zhlédnutí: 28
Video
What Information do I need to Provide to Start the Insolvency Process?
zhlédnutí 46Před 14 dny
To begin the insolvency process and receive tailored advice, our insolvency practitioner will require specific information from you: - Details of Creditors: Provide an estimate of the company's creditors, including the total number, amount owed, and any significant debts. - Overview of Assets: List all company assets, encompassing tangible items such as machinery and vehicles, as well as intang...
Alternative Pathways to Accessing the Insolvency Profession
zhlédnutí 14Před 21 dnem
Alternative Pathways to the Insolvency Profession: Katie's Journey Katie began her career in insolvency at 16, unknowingly stepping into her future. Initially seeking an admin job, she soon found her calling in insolvency, foregoing her psychology dreams. After a crisis of confidence and a brief hiatus in admin roles, Katie faced rejection for lacking a degree. She turned to Open University, ba...
How is my Income Assessed in a Bankruptcy?
zhlédnutí 17Před 21 dnem
How is my income assessed in bankruptcy in Scotland? 🏴 In Scotland, personal bankruptcy is known as sequestration. Here's what you need to know: 1) Voluntary or Court-Ordered: You can apply for sequestration voluntarily, or a creditor can petition for it. 2) Trustee's Role: A licensed insolvency practitioner will be appointed as your trustee to assess your income and expenditure. 3) Debtor Cont...
Can You Write off a Bounce Back Loan?
zhlédnutí 44Před 21 dnem
Many directors are struggling with repayments on bounce back loans taken out during the pandemic. Here's what you need to know: No Personal Liability: As a director of a limited company, you are not personally liable for the debt. Explore Options: Request a payment break or reduced repayment from your bank. Consider Liquidation: If the company can't continue trading, liquidation might be the be...
How to Tell People That You are Closing/Losing Your Business?
zhlédnutí 7Před 2 měsíci
The Middlebrooks team sat down to discuss the delicate topic of informing your stakeholders about the closure or loss of your business. Join us as we explore the nuances of timing, transparency, and legal considerations when communicating such news. Learn from experts as they share practical advice on navigating conversations with suppliers, employees, and the wider community during times of fi...
A Guide to Bounceback Loans for Company Directors
zhlédnutí 15Před 3 měsíci
Bounce Back Loans were introduced swiftly in response to the COVID-19 pandemic, providing much-needed financial support to businesses. However, their quick availability and ease of application have led to some challenges for directors. In this guide, we will look into the intricacies of bounce-back loans, discussing eligibility criteria, repayment terms, common misconceptions, and what to do if...
About Us | Middlebrooks
zhlédnutí 9Před 3 měsíci
Since our inception in 2015, we've been dedicated to offering a fresh, non-judgmental approach to assisting individuals and businesses facing financial challenges. From consumer debt relief to restructuring, we provide comprehensive insolvency and recovery solutions with a focus on support, positivity, improvement, commitment, and engagement-our SPICE values. We're more than just financial advi...
What is the Start Date on the IIR?
zhlédnutí 19Před 6 měsíci
The 'start date' on the IIR signifies the commencement of various proceedings for each insolvency event. From bankruptcy to DROs, understanding these dates is key. Middlebrooks clarifies the complexities, ensuring you grasp the timeline of individual insolvency events. Get in touch 👉 www.middlebrooksadvice.com/contact/ #middlebrooks #insolvency #advice #finance #debt #recovery #InsolvencyEvents...
What is an Unenforceable Personal Guarantee?
zhlédnutí 22Před 6 měsíci
Unenforceable guarantees are more common than you think. Reasons include lack of formalities, misrepresentation, or unfair terms. Middlebrooks specialises in untangling these complexities, ensuring you're well-informed and protected. If you are in such a situation, we can guide you through your options. Get in touch 👉 www.middlebrooksadvice.com/contact/ #middlebrooks #insolvency #advice #financ...
What is a Personal Guarantee
zhlédnutí 13Před 6 měsíci
Did you know that as a director, providing a personal guarantee means your personal assets are on the line if your company faces debt issues? This legal agreement, often overlooked, can have serious repercussions. Consult with Middlebrooks for personalised insights and strategies. Don't let your limited liability be lifted unknowingly. Get in touch 👉 www.middlebrooksadvice.com/contact/ #middleb...
What Information can I get from the IIR?
zhlédnutí 15Před 7 měsíci
The IIR provides personal details and insolvency specifics, making it a valuable due diligence resource. It's free to search, and Middlebrooks encourages leveraging it for comprehensive insights into an individual's financial history. Discover the power of the IIR in your assessments. Get in touch 👉 www.middlebrooksadvice.com/contact/ #middlebrooks #insolvency #advice #finance #debt #recovery #...
What Does the IIR Not Have?
zhlédnutí 9Před 7 měsíci
The IIR doesn't include disqualified directors or company insolvencies. When onboarding corporate clients, Middlebrooks advises checking Company House for red flags. Thorough checks are essential for a robust client relationship. Arm yourself with insights before forging new business connections. Get in touch 👉 www.middlebrooksadvice.com/contact/ #middlebrooks #insolvency #advice #finance #debt...
What Does IIR Mean
zhlédnutí 6Před 7 měsíci
The Individual Insolvency Register (IIR) holds details of individuals in England & Wales. It combines individual insolvency, bankruptcy restrictions, and debt relief. A valuable due diligence tool, it aids in background checks. Middlebrooks recommends utilising the IIR for thorough client assessments. Get in touch 👉 www.middlebrooksadvice.com/contact/ #middlebrooks #insolvency #advice #finance ...
The Risks of Providing a Personal Guarantee?
zhlédnutí 6Před 7 měsíci
The Risks of Providing a Personal Guarantee?
How to Determine if a Personal Guarantee is Enforceable?
zhlédnutí 9Před 7 měsíci
How to Determine if a Personal Guarantee is Enforceable?
How Long do Records Remain on the IIR?
zhlédnutí 13Před 7 měsíci
How Long do Records Remain on the IIR?
How Can You Protect Yourself from Personal Guarantee Liability?
zhlédnutí 12Před 7 měsíci
How Can You Protect Yourself from Personal Guarantee Liability?
At What Point am I Not Allowed to Make Decisions
zhlédnutí 13Před 8 měsíci
At What Point am I Not Allowed to Make Decisions
Do I Need to Present Everything in Paper Form?
zhlédnutí 5Před 8 měsíci
Do I Need to Present Everything in Paper Form?
How Can Companies Prepare for Potential Insolvency?
zhlédnutí 13Před 8 měsíci
How Can Companies Prepare for Potential Insolvency?
Can I Get in Trouble During the Insolvency Process?
zhlédnutí 1Před 8 měsíci
Can I Get in Trouble During the Insolvency Process?
My Accountant was Poor at Looking After my Xero
zhlédnutí 8Před 8 měsíci
My Accountant was Poor at Looking After my Xero
My Xero Accounts are Not Very Accurate
zhlédnutí 3Před 9 měsíci
My Xero Accounts are Not Very Accurate
There Are Some Agreements that I Have in Place
zhlédnutí 5Před 9 měsíci
There Are Some Agreements that I Have in Place
What Happens to the Assets of the Business?
zhlédnutí 4Před 9 měsíci
What Happens to the Assets of the Business?
What Options do Businesses Have When Facing Financial Difficulties?
zhlédnutí 9Před 9 měsíci
What Options do Businesses Have When Facing Financial Difficulties?
Trends Regarding Professional Assistance
zhlédnutí 13Před 9 měsíci
Trends Regarding Professional Assistance
For shareholders what's the timeline after e5 and e6 forms have been filed before a disbursement is scheduled?
Questions - if you would be so kind to answer: 1. So, if a person has assets that could clear the debt in full, what advantage (if any) would sequestration have over the person simply selling their assets and clearing the debt?? 2. Wouldn't the person be better to simply sell their assets, clear the debts in full, and 'not' file for sequestration? 3. They could also apply for 6 months moratorium? - As far as I know, this does not do any damage and is purely breathing space to sort out their finances? True? 4. Albeit only a decree would do some damage to their credit record. Am I correct in all 4 points? Thank you.
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