I speak to a lot of people who say things like I dont really
have any debt problems, Ive just got a couple of credit cards and I can afford
to make the minimum payment each month, so Im not really worried
When I then ask them if they have any idea how long this
will take to [...]
Einstein was right (not for the first time in his life)
about compound interest. It is indeed the most powerful force in the universe.
Unfortunately though, most people are suffering from this
force. A few days ago I posted a blog
entry entitled How long will it take me to pay off my credit cards. This blog
entry used an [...]
With the National debt now reaching 800billion, most UK taxpayers are either unaware of the consequences of this figure, or theyre aware but just dont care
The definition of Insolvent when applied to a Company is Unable to meet its debts as they fall due
Does this also apply to our Government If it has to borrow [...]
Liquidation
There are 3 types of liquidation
(i) Members Voluntary Liquidation
A Members Voluntary Liquidation MVL is a voluntary procedure to wind up the affairs of a solvent company.
Solvent, what does this mean?A company is capable of paying its liabilities in full plus statutory interest plus the costs involved in winding up, within 12 [...]
CVA’s
Company Voluntary Arrangement
There is legislation that enables a company to make a private arrangement with all its unsecured creditors. The CVA (Company Voluntary Arrangement) procedure was introduced by the Insolvency Act 1986 IA86 and is simply a formal mechanism which permits a company, which has debt problems, to reach a [...]
