With talk of a potential vaccine roll-out gathering pace, we can begin to consider what business life will look like after COVID-19. One thing’s for sure, it’s going to be markedly different from what life looked like before the pandemic, with some people dubbing the next phase the ‘new normal’.
Small business owners facing failure also face increased risk of losing their home.
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy
The value of personal guarantee backed business loans to SMEs during the pandemic has risen on average by 45% according to analysis by Purbeck Insurance Services, provider of the UK’s only Personal Guarantee Insurance.
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy
No company director wants to have to face up to the prospect of their business becoming insolvent. But directors have a duty to act in a certain way, in accordance with the relevant legislation, should their company find itself in a position where it can no longer pay its debts.
Topics: #personalguarantee, #personalguaranteeinsurance, #Directors, Insurance
Applications for Personal Guarantee Insurance double[i] in September 2020 as lenders pull back from emergency loans
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance
More than one million small businesses have successfully applied for a government-backed Bounce Back loan since the scheme was introduced at the start of May, according to figures from the Treasury.
The initiative has handed out loans worth more than £30 billion as SMEs attempt to drive their businesses forward during these testing times.
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy
A rise in start-ups born during the pandemic[i] is hugely positive but also not surprising. We’ve had more time to think and do and explore new avenues, particularly where existing business models or employment have ceased to exist. Necessity truly is the mother of invention. But while the pandemic has created new opportunities, the lending environment for start-ups looks set to be challenging.
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy
‘Keep your hands off my home’ - Start-ups get cash injection of £25 million without risk of personal guarantee
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy
For smaller businesses across the UK, the government has introduced a favourable lending package to help firms get access to the funds they need to survive the coronavirus crisis. The Coronavirus Business Interruption Loan Scheme (CBILS) is available via British Business Bank-accredited lenders including high-street banks and smaller specialist lenders until 30 September 2020.
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy
For more information or to speak to one of our underwriters contact us today.
Purbeck Insurance Services is a trading name of Purbeck UK Limited which is a company registered in England and Wales under company number 10345620 and has its registered office at 20 - 22 Wenlock Road, London, N1 7GU Purbeck UK Limited is authorised and regulated by the Financial Conduct Authority. Firm permissions can be obtained from the FCA register. Purbeck UK Limited is a Managing General Agent and has binding authority to enter into and administer contracts of insurance on behalf of Markel International Insurance Company Limited.
