In short, nothing. So, what is the point of this blog?
Well, some reliefs have been put in place. However, having attended two professional seminars in the past few days (TMA and Quantuma), the outlook economically is dire and will likely get worse before it gets better.
From a business perspective, however, it’s more a case of walking a tightrope with the hope that we (business owners) make it across the line. Business confidence is low, especially with the Clients I have been working with. Businesses in the overall supply chain are reluctant to put pen to paper and sign off on new deals.
This means that this has a knock-on effect on maintaining that cash flow, resulting in businesses over-compensating themselves by borrowing heavily. The high interest rates, with Brexit, our suffering from long covid, and a looming election, mean things will not get better soon.
A global insolvency survey index carried out by the insurer Allianz found that the UK is literally behind France in the number of companies going bust, with a further 15-20% looking to drop off (go insolvent) within this year. That is a staggering amount, and as company directors who have been trying to keep their heads above water, it’s essential to plan, especially if you feel that your Personal Guarantees will be called in.
As a Personal Guarantee specialist, I assist Company Directors who have signed Personal Guarantors, either looking at the fine print on their guarantees (being a debt recovery lawyer helps), along with the how, where, if and when a Creditor is likely to act in a certain way?
If you are struggling to make sense of the guarantees you have given, please do not hesitate to contact me for a 30-minute no-obligation chat to see if we are a good fit to work through any detail you are getting pressured on.