Simple Liquidation blog

Businesses across the UK haven’t had an easy time recently; not only are many fighting to survive after the pandemic of the last two years, but they have also had to deal with an energy crisis, increasing inflation and the potential of a recession looming, as well as the threat of ongoing rising costs due to the Russia-Ukraine conflict. This is not just being felt by the big corporations; small businesses are under just as much pressure. These events have ensured that the need for small businesses to implement a disaster recovery plan is no longer a choice. It is now a necessity to ensure that should the worst happen, they are able to respond and recover from a disaster quickly, with as little impact on business operations as possible. What is a disaster recovery (DR) plan? A disaster recovery plan is a structured, documented approach that details how a business is able to either keep going or restore operations should an unplanned ‘disaster’ occur, such as a security breach. It is fo

Lockdowns in 2020 and early 2021 due to the coronavirus pandemic hit many businesses across the UK hard. To help small businesses that were, and are, struggling to survive due to Covid-19, they were able to apply for funding via a Bounce Back Loan Scheme introduced by the Government in May 2020. The loan allowed small businesses to borrow up to £50,000 with no repayments for a year and no interest charged on the amount during that time either. Approximately a quarter or all UK businesses applied for a Bounce Back Loan, totalling £47 billion, according to the National Audit Office. 90% of loans were taken out by small businesses that have a turnover of less than £650,000. However, the Department for Business, Energy & Industrial Strategy, who manage the scheme, estimated that 37% of all Bounce Back Loans won’t be repaid. With many Bounce Back Loans now beyond their initial repayment-free, interest-free 12 month period, or reaching that time, what happens if a company can’t either st