Simple Liquidation blog

If you’re a company director, chances are you’ve heard whispers of the Enterprise Act 2002, but what’s it actually about, and why should you care? Well, this chunky bit of legislation turned UK insolvency law on its head and still shapes how businesses are handled when they hit rough seas. At Simple Liquidation, we work day in and day out with directors trying to navigate insolvency. Whether your business is facing cash flow crunches or you’re just looking to exit cleanly, understanding what the Enterprise Act changed will help you make more informed decisions. So, let’s break it down without the legal fluff. What Was the Deal Before the Enterprise Act 2002? Before this law came in, insolvency was a bit of a mess. The system heavily favoured secured lenders usually the big banks with very little consideration for smaller creditors, employees, or even the long-term survival of businesses. In particular, one of the major players in insolvency was the administrative receiver. These folks ...

Let’s face it, no one wakes up and thinks, “Ooh, I fancy going bankrupt today.” But if you’re reading this, chances are you’re in a bit of a financial pickle and wondering if bankruptcy might just be the best way forward. Now, before you get bogged down in all the scary terms and legal waffle, let’s break it all down in plain English. No fluff, no faff, just straight-up facts. At Simple Liquidation, we help directors like you handle insolvency every day. Whether it’s liquidating a company that’s hit the skids or offering advice on personal debt issues like bankruptcy, we’ve seen it all before and know exactly how to help. What Exactly Is Bankruptcy in the UK? Bankruptcy is a legal process for individuals (not companies) who simply can’t pay their debts. If you’re completely skint, drowning in credit card bills, loans, tax arrears, and you’re getting nowhere fast, bankruptcy can give you a fresh start. It usually lasts for 12 months, after which most of your debts are wiped clean, givin...