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About Janet Mayo

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So far Janet Mayo has created 9 blog entries.

Bounce Back Loans & Insolvency Scenarios

The Bounce Back Loan Scheme was introduced on May 4, 2020, allowing businesses to borrow between £2,000 and £50,000, with 1,531,095 loans granted totalling £46.53 billion. These loans came with attractive features such as a low interest rate of 2.5%, a 12-month interest-free period, and a repayment term of 6 years. The intended use of these funds was primarily for working capital requirements, including staff wages, rent, utilities, creditors' payments, and other essential business expenses. The government provided full guarantees on these loans, ensuring repayment to lenders even in the event of insolvency, as long as the funds were utilised [...]

2024-03-25T22:10:50+00:00March 25th, 2024|Directors, Updates|

Directors’ Loan Accounts and Dividends: Everything You Need To Know

At DMC Recovery, we frequently handle cases involving directors' loan accounts and unlawful dividends. Let's delve into what these claims entail and how they're addressed in practice. Directors’ Responsibilities Directors are bound by duties outlined in the Companies Act 2006. They must act in good faith and prioritise the company's success. In cases of solvency, their duty lies with shareholders; in insolvency, creditors take precedence. As fiduciaries, directors manage the company's funds, akin to trustees, with obligations such as good faith and avoiding conflicts of interest. Directors’ Loan Accounts Overdrawn directors' loan accounts represent debts owed by directors to the [...]

2024-03-20T11:40:27+00:00March 20th, 2024|Advice, Directors|

Navigating Financial Crises: Insights from an Experienced Insolvency Practice

In the tumultuous landscape of today's economy, businesses are grappling with unprecedented challenges, exacerbated by the far-reaching impacts of the Covid-19 pandemic. As an established Insolvency Practice, DMC Recovery has been at the forefront, assisting Directors in navigating these turbulent times. The year 2024 looms with a sobering projection: an estimated 30,000 businesses are expected to fail, marking the highest number since the global financial crisis of 2009. Behind these staggering statistics lie countless stories of Directors feeling isolated and overwhelmed, unable to share their concerns with trusted advisors or loved ones. At DMC Recovery, we recognise the weight of [...]

2024-03-12T22:47:48+00:00March 13th, 2024|Updates|

Reflecting on The Body Shop’s Administration and the Future of Retail

As an insolvency practice we've keenly observed the ebbs and flows shaping the landscape of our high streets. The recent announcement of The Body Shop calling in administrators serves as a poignant moment for reflection, illuminating the dance between tradition and transformation in the retail realm. The metamorphosis of the UK retail environment has been seismic, propelled by the tides of evolving consumer preferences and the relentless march of e-commerce. Even stalwarts like The Body Shop, renowned for their unwavering commitment to ethical beauty, find themselves navigating choppy waters amidst this whirlwind of change. A convergence of factors has contributed [...]

2024-03-12T22:33:52+00:00March 8th, 2024|Updates|

Navigating Change: The Potential Impact of the US Presidential Elections on the UK Business Landscape

As we approach the eagerly awaited US Presidential Elections in November, it's essential for UK businesses to stay informed about potential global implications. The outcome of the elections can send ripples across the international business landscape, impacting economies worldwide. One of the primary areas of concern is the economic policy direction the newly elected president will take. Shifts in trade agreements, taxation policies, and regulatory frameworks can significantly influence the UK's trading environment. A president's stance on international trade can have a domino effect on the global economy, potentially influencing the financial stability of UK businesses. Businesses need to be [...]

2024-02-19T00:33:45+00:00February 18th, 2024|Updates|

Director Responsibilities During Financial Challenges

Congratulations on your role as a director—a title that exudes prestige and financial rewards. Perhaps the champagne flowed when you first assumed the position. However, being a director also entails significant responsibilities, especially when the company faces financial hardships. Understanding Your Duties Upon becoming a director, you committed to act in the best interests of the company, its shareholders, employees, and creditors. In times of financial difficulty, this duty of care becomes even more crucial. If insolvency looms, your focus should shift towards safeguarding the interests of creditors over shareholders. While promoting the company's success is a regular priority, your [...]

2024-02-19T00:33:03+00:00February 15th, 2024|Uncategorized|

Five Indicators of Financial Distress

In navigating the intricate landscape of business finance, recognising early warning signs of financial distress is paramount for proactive management. The following five tests serve as crucial indicators, signalling potential challenges that require swift attention. From overdue payments and legal entanglements to cash flow struggles and balance sheet examinations, these markers provide a comprehensive overview of a company's financial health. Timely recognition and remedial actions based on these tests can often prevent further complications and foster a healthier financial trajectory for businesses of all sizes. Overdue Payments and Legal Notices The business has either received a Statutory Demand or County [...]

2024-02-19T00:32:00+00:00February 8th, 2024|Advice, Company news, Uncategorized, Updates|

Meet the team – Andrew Bland

Andrew is a Chartered Accountant and Insolvency Practitioner. Having trained as a Chartered Accountant at a small local firm, qualifying in 1986, he moved to the Corporate Recovery and Insolvency department at Ernst & Young's Manchester office. In 1999, he successfully completed the Joint Insolvency Examinations and became a Licensed Insolvency Practitioner. Following this, Andrew went into industry, concentrating on companies listed on the Alternative Investment Market, initially at a vehicle telematics company and latterly at a market leading personal insolvency business where he became the Group Operations and Finance Director. In 2004, Andrew returned to public practice and set [...]

2024-02-05T23:21:33+00:00February 6th, 2024|Uncategorized|

Protect Your Business: Identifying Scam Emails from HMRC

In the digital age, small businesses are increasingly reliant on electronic communication, making them susceptible to scams, especially those impersonating reputable entities like HMRC. Scammers often use sophisticated tactics to trick unsuspecting individuals, and small businesses can be particularly vulnerable. One common approach is through fraudulent emails, where cybercriminals pose as HMRC officials. Here's how small businesses can spot scam emails and protect themselves from falling victim to fraudulent activities. Check the Sender's Email Address Legitimate HMRC communications will always come from an official domain. Be wary of email addresses that don't end in "gov.uk." Scammers often use similar-looking addresses [...]

2024-02-12T13:04:46+00:00February 1st, 2024|Uncategorized|
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