PGI Knowledge Centre

• Matthew Cole of TJ Vickers urges traders to get protected if they have to sign a Personal Guarantee

• Purbeck Insurance Services, provider of the UK’s only Personal Guarantee Insurance solution is warning the owners and directors of specialist and small-scale manufacturing businesses that they may find their finance options severely limited unless they put their personal assets such as their home and savings, on the line. 

• Purbeck responds to the R3^[i] survey of insolvency and restructuring experts that found 8 in 10 respondents expect personal insolvency numbers to increase within the next 12 months with 74.2% expecting this to be related to business failure as a result of Personal Guarantees.

• The Trade Credit Insurance guarantee should mean many small businesses, particularly those in the construction and manufacturing sectors can continue to access affordable insurance to support trading with other businesses and provide confidence within the supply chain.

•  Purbeck’s tips for stress testing business finances

• Purbeck Insurance Services, provider of the UK’s only Personal Guarantee Insurance solution has welcomed the Job Retention Bonus but fears this will be too little too late for small businesses reaching the end of their cash reserves as the furlough scheme ends in October 2020.

• Purbeck Launches COVID-19 Help Guide for SMEs

It is possible that the personal guarantee you signed is no longer enforceable. Find out your options for challenging personal guarantees to avoid the threat to your personal assets.

• It is estimated that over 420,000 small business owners in the UK are acting as personal guarantors for business loans and could be facing the risk of losing their home due to the impact of Covid-19.  

• The number of small business owners applying for insurance to protect their personal assets if their business fails, has jumped 84% from the first week of February and the volume of applications over the whole month have almost doubled compared to February 2019.