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Small Businesses Face CBILS Shock as Lenders Come Calling

Posted by Todd Davison on Jun 16, 2021 11:24:13 AM

June 2021: As many businesses face the financial impact of four more weeks before pandemic restrictions lift, small business owners who have become personal guarantors for CBILS loans over £250,000 are being warned that lenders will come to them first, if they default on the loan – not the Government.

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Topics: #personalguarantee, #Directors, #CBILS

Director responsibilities during insolvency

Posted by Todd Davison on Oct 23, 2020 10:22:41 AM

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.

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Topics: #personalguarantee, #personalguaranteeinsurance, #Directors, Insurance

As bad debt burden worsens for businesses, Purbeck offers SME survival tips

Posted by Todd Davison on Mar 27, 2019 4:52:06 PM

In response to rising business insolvencies and trade credit insurance payouts at their highest since 2009 - Purbeck offers SME survival tips. 

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Topics: #personalguarantee, #Directors, #SMEs

A no-deal Brexit - Time to consider Personal Guarantee Insurance

Posted by Todd Davison on Feb 13, 2019 11:23:27 AM

UK Finance, the banking industry trade body, has held discussions with leading business group to discuss the provision of emergency Brexit advice to small and medium sized businesses. Part of their mission is to reassure the SME community that banks will retain the capacity to lend and not tighten the availability of credit. They also plan to outline alternative finance options available to SMEs. 

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Topics: #personalguarantee, #personalguaranteeinsurance, #Directors, #SMEs

Purbeck Insurance partners with FSB Insurance Service

Posted by Todd Davison on Feb 7, 2019 3:44:16 PM


We are delighted to announce our partnership with FSB Insurance Service

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Topics: #personalguarantee, #personalguaranteeinsurance, #Directors, #SMEs

65% of large firms take 30 days or more to pay small businesses

Posted by Todd Davison on Jan 30, 2019 5:10:09 PM

It’s often the case of David v Goliath for many small businesses when it comes to dealing with large firms and their supplier payment cycles. 

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Topics: #personalguarantee, #personalguaranteeinsurance, #Directors, #SMEs

Personal Guarantee Insurance - more than just insurance

Posted by Todd Davison on Jan 21, 2019 12:27:08 PM

Personal Guarantee Insurance – it’s a simple concept.

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Topics: #personalguarantee, #Directors, #SMEs

Key to credit scoring: Unlock the rate you want V rate you settle for

Posted by Keir Cox on Oct 31, 2018 7:14:34 AM

It seems the world of finance has developed into a “computer says no” environment, both in a personal and commercial capacity, where old school underwriting and case-by-case common sense approach has been replaced by algorithms, referencing and an increasing dependence on other fintech tools to assist a decision.

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Topics: #personalguarantee, #Directors, #SMEs

What every spouse or partner needs to know about personal guarantees

Posted by Todd Davison on Oct 25, 2018 6:35:49 PM

You co-signed a personal guarantee for your spouses business loan and now you’re faced with losing everything you own and bankruptcy.  How did you get to this point and was there any way you could have prevented it from happening?

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Topics: #personalguarantee, #Directors, #SMEs

Should personal guarantees be recorded on personal financial statements?

Posted by Pete Faulkner on Oct 25, 2018 6:33:42 PM

International accounting standards suggest that business accounts should record guarantees based on the following conditions:

  • Guarantees are treated as provisions if a call is likely (typically numerous similar guarantees treated as a group)

  • Guarantees are treated as a contingent liability and not recorded in main accounts if a call is not likely (typically one-off guarantees)

But what about personal financial statements?

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Topics: #personalguarantee, #Directors, #SMEs

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