Simple Liquidation blog

Bankruptcy and insolvency can be daunting concepts, but understanding the different forms they take in the United Kingdom is essential for anyone facing financial challenges—whether as an individual or a business owner. UK insolvency law is designed to help manage unpayable debts and protect the interests of both debtors and creditors. While the term “bankruptcy” is often used colloquially to refer to any financial collapse, it specifically applies to individuals, while companies face liquidation, administration, or voluntary arrangements. This blog provides a comprehensive look at the main types of bankruptcies and insolvency procedures in the UK, including who they apply to, how they work, and what their consequences are. We’ll also highlight why expert guidance from professionals like Simple Liquidation is invaluable during these critical moments. Personal Bankruptcy Bankruptcy in the UK is a legal process available to individuals who are unable to repay their debts. It is typicall...

When ISG Ltd, one of the UK’s biggest construction companies, went into administration in September 2024, it didn’t just make headlines – it sent shockwaves through the building industry. Over 2,200 workers lost their jobs overnight, and over £1 billion worth of government building projects were suddenly left hanging in the balance. This collapse didn’t come out of nowhere. And now, many people are asking how it happened, and what it means for other businesses working on public contracts.  ISG Ltd wasn’t a small player. It was one of the biggest firms that built schools, prisons, and public buildings for the government. In just one year (2023/24), it earned £237 million from public sector work. Over the past six years, it has brought in more than £1.2 billion from government contracts.  Its biggest client was the Ministry of Justice (MoJ), responsible for prisons and courts. One of ISG’s largest jobs was a £1.2 billion project to build four new prisons. So when ISG Ltd’s failu...

Some big news has just hit the UK renewable energy sector – Ripple Energy has entered administration. If the name rings a bell, it’s likely because Ripple Energy was the company that gave everyday people the chance to invest in wind and solar farms to power their homes with clean, green energy. It was an excellent idea that combined saving money with supporting clean energy. But now, due to financial difficulties, Ripple Energy has hit a challenging period and has called in administrators. In this blog, we look at what happened and, more importantly, what it means for its customers and the broader green energy movement in the UK. Launched in 2017, Ripple Energy brought a fresh approach to renewable energy. Instead of buying green electricity from a supplier, customers could own a share of a wind or solar farm. Using a co-operative model, the organisation allowed people to invest directly in clean energy projects and receive savings on their energy bills based on the power their share g...

Personal guarantees and director liabilities in insolvent contracts are issues that many directors must face at some point. The insolvency of a company can create significant challenges, and understanding the personal liabilities that directors may face is essential in navigating these situations. This blog post will explore personal guarantees, how they relate to director liabilities in insolvent contracts, and what directors should be aware of when their company enters insolvency. Personal guarantees are legal promises by company directors or owners to personally repay a business debt if the company fails to meet its financial obligations. Essentially, a director’s personal assets, such as property or savings, can be at risk if they’ve given a personal guarantee for a loan or contract entered into by the company. Personal guarantees are common in cases where small or medium-sized businesses borrow money from banks, suppliers, or lenders and may be required to offer personal guarantee...