Notifiable Events

What Notifiable Events are

We are here to help you and your business. It is, therefore, important that we are informed as soon as you become aware that your business may have financial difficulties

In order to help you, we have listed some simple events and circumstances in your policy that you should inform us of should they arise (a Notifiable Event)

You can inform us of a Notifiable Event by using the Support Desk. For information on how to use our Support Desk, please click here

The Support Desk is staffed by experienced business advisers who are available to support you. They are committed to working with you to ensure that your business continues to be successful

There are two types of Notifiable Event; a Precautionary Notification and a Primary Notification as shown below:
 

Precautionary Notification

You should ideally inform us within 10 working days of any of the following occuring:

  • a materially adverse change in banking facilities from the business lender

  • any payments owed by the business to HMRC which have not been paid by the due date

  • the business becomes aware of any other liability which cannot be met within 30 days of the due date from the businesses available cash resources

  • the business becomes aware that:

    • it is unable to pay its debts as and when they fall due

    • the value of its assets is less than its liabilities

    • one or debts owed to the business have become bad or doubtful and this is likely to have a materially adverse effect on the business
       

Primary Notification

You should ideally inform us within 5 working days of any of the following occuring:

  • the business receives a formal demand for repayment from the lender

  • a high court or county court judgement is served on the business

  • a statutory demand is served on the business

  • a winding-up petition is served on the business

  • any property of the business becomes the subject of distraint

  • the lender takes or there is reason to believe that the lender is likely to enforce the personal guarantee

  • the business defaults on a loan agreement with the lender

  • a notice of intention to appoint an administrator is served on the business

  • you intend to or are scheduled to meet with an insolvency practitioner to discuss the affairs of the business