Reflecting upon 2020, one cannot deny that we have all faced interesting challenges and, as a licensed insolvency practitioner, much of my work has involved dealing with the failure of businesses in the hospitality, leisure and retail sectors, and one suspects that these will continue to experience difficulty in...

The enactment of the Insolvency Act 1986 “the Act” introduced the concept of administration for a company, a process designed to save the entity, either in whole or in part, and thereby preserve both jobs and an economic activity.  Generally speaking, this was seen as the replacement for receivership,...

Whilst entrepreneurial flair and inventiveness will always mean that people will wish to create  new businesses, the current perceived wisdom appears to be that the one somewhat unavoidable effect of Covid-19 is that there will be more business closures than new ones opening over the next few months. Many...

August 2020 Although there has been a recent stutter with regard to pubs and restaurants, many businesses are taking steps to resume trading activities.  It is the natural commercial instinct of business people to seek a resumption of whatever part of commercial life is their favoured choice. Regrettably, the...

For the last few years an individual has been able to apply for a debt moratorium which lasts for six weeks and gives breathing space to decide how one’s financial affairs should be dealt with e.g. sell assets, agree a repayment plan, sign a trust deed, present a sequestration...

June 2019 Whilst the work of many licensed insolvency practitioners tends to focus upon insolvent situations, the provisions of the Insolvency Act 1986 mean that where company assets exceed £25,000, a formal solvent liquidation process is required if shareholders wish to close a company and withdraw the assets, normally...

November 2019 Whether self employed, working for a company or currently unemployed, there are many reasons why you might find it necessary to seek advice regarding your personal financial affairs e.g. divorce, economic recession, financial mismanagement, unexpected drop in a source of income, or loss of an asset. In...

March 2020 The Coronavirus “CV” situation, coupled with the collapse in the oil price has created the most challenging economic conditions that the North East of Scotland has seen in our lifetime and, unsurprisingly, resulted in requests for the Meston Reid & Co insolvency team to provide personal financial...

February 2019 Having dealt with all kinds of businesses for over thirty years, the old adage remains true that “ cash is king”. Indeed, a lack thereof tends to be the main reason for business failure. However, every business is slightly different and has its own model against which...

December 2019 Unless you have been living in a cave without any form of communication, you will be aware of the media frenzy surrounding Black Friday and Cyber Monday. On the face of it, companies appear to be offering tremendous bargains across a wide spectrum, whilst also gearing up...