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Todd Davison

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Do you need to sign a personal guarantee when starting a business?

Posted by Todd Davison on Nov 17, 2021 2:46:31 PM

For many people wanting to start (or grow) their own small business, a personal guarantee is the only way to successfully secure essential funding, but what is a personal guarantee, and is it a requirement to take our a loan for a new business?

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Our Autumn 2021 Budget Wish-List as SMEs Face a Perfect Storm

Posted by Todd Davison on Oct 21, 2021 12:40:22 PM

Ahead of the October budget, we suggest 5 key measures to support the engine room of the economy

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What Are The 7 Company Director Responsibilities?

Posted by Todd Davison on Oct 12, 2021 12:03:22 PM

As a company director, you’re legally accountable for your company’s records, accounts and performance, even if you hire someone else to handle certain day-to-day responsibilities (such as an accountant). The information that you’re responsible for sending to Companies House are as follows:

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Topics: #personalguaranteeinsurance

Business owners cautioned to protect their personal assets as insolvencies reach 18 month high

Posted by Todd Davison on Sep 24, 2021 12:57:33 PM

September 2021: Following news of an 18 month high in registered company insolvencies[i], we are urging the owners of small and medium sized businesses to ensure their personal assets, such as their home, bank account and savings, are protected if their business should become insolvent.

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Are directors personally liable for company debts?

Posted by Todd Davison on Sep 22, 2021 9:50:34 AM

Nobody wants to think about debts, but the fact of the matter is that it’s always been a part of business (and likely always will be!). Sometimes, debt can become insurmountable for a limited company or a sole trader, but is a company director liable for its debts? 

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Pandemic inspired entrepreneurs need to get educated on personal guarantees

Posted by Todd Davison on Sep 10, 2021 11:11:04 AM

Personal Guarantee backed loans risk being dismissed in favour of credit cards and overdrafts

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Debt factoring: Advantages and disadvantages

Posted by Todd Davison on Aug 26, 2021 1:29:21 PM

You can be doing lots of business, but still be relatively cash poor. The late payment of invoices makes cash flow a real issue for SMEs who, having done the work and paid for supplies, are left to wait to receive the revenues for the labour.

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance

Rise in Business Creation Sparks Finance Stacking Fears

Posted by Todd Davison on Aug 4, 2021 4:30:11 PM
  • -  70% of start-ups seek new finance in 2021
  • -  Savvy entrepreneurs protect £35m in loans through personal guarantee       insurance

July 2021: As ONS data shows an unprecedented rise in new company registrations in Q1 2021 versus Q1 2020[i] continuing a trend seen in 2020 - ‘the year of the start-up’[ii] - our latest survey has revealed that 70% of start-ups[iii] have secured or are planning to secure finance in 2021 to help support cashflow. Amongst these businesses, 37% of the owners or directors surveyed have already signed Personal Guarantees in 2020 to access finance, raising fears of loan stacking and multiple personal guarantees signed by one individual.

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What happens when a company is dissolved?

Posted by Todd Davison on Jul 14, 2021 10:09:16 AM

Directors may choose to voluntarily dissolve a business for a range of reasons, such as the retirement of the owner, the end of the useful life of the company from a legal perspective, or simply because it proved to be an unsuccessful venture. It’s the simplest and most cost-effective way to close a private limited company – but it isn’t always as straightforward as many directors hope it would be.

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Topics: #personalguaranteeinsurance

Battered and bruised businesses on the hook for £2.1bn in Personal Guarantee Backed Loans under CBILS

Posted by Todd Davison on Jul 9, 2021 4:28:52 PM

July 2021: The final COVID loans data released by the Government this week[i] failed to provide clarity on the total value of loans which required the business owner or director to sign a Personal Guarantee, putting their personal assets at risk if the business fails. Based on a Freedom of Information[ii] request made by our MD, it is estimated that 8% of the value of all the CBILS loans advanced required a personal guarantee. This equates to £2.1bn in loans taken over the past year.

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