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Todd Davison

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A Guide to Bankruptcy and Personal Guarantees | Purbeck

Posted by Todd Davison on Mar 23, 2020 12:10:37 PM

Can Signing a Personal Guarantee Lead to Bankruptcy?

 

When faced with the prospect of signing a personal guarantee, it’s important that you know all the potential implications should the bank or financial lender look to enforce that guarantee against you.

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy

Recession born SMEs hit terrible teens and reach out for cash

Posted by Todd Davison on Mar 9, 2020 8:30:00 AM

Size of personal guarantees rises 32%

Budget must help small businesses old and new. Purbeck Insurance Services, the provider of personal guarantee insurance has revealed a trend in the owners of small businesses established in the height of the financial crash in 2007-2008 who are now having to put their personal assets on the line to secure finance for their business.

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy

International Women’s Day may fail to register with women running SMEs

Posted by Todd Davison on Mar 8, 2020 8:00:00 AM

46% never switch off from work

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy

Financial honesty is the best policy for SME owners

Posted by Todd Davison on Mar 4, 2020 4:15:12 PM

8 out of 10 small business chiefs come clean when they put the home on the line

Money worries can be the biggest cause of relationship woes but recent research by Purbeck Insurance Services, the provider of Personal Guarantee Insurance has found that most small business owners do the right thing and come clean to their partner when they take the big step of putting the family home on the line for their business.  8 out of 10 small business owners[i] have informed their partner about a personal guarantee they have signed for new business finance. 

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy

The impact of Personal Guarantee Insurance in 2020

Posted by Todd Davison on Feb 28, 2020 2:09:10 PM
  • Uncertainties about the economic outlook in 2019, including those related to Brexit, meant UK businesses deferred spending and investment until they had more clarity about the future trading environment. Will firms see more cause for optimism in 2020?

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy

Should I Sign a Personal Guarantee? | Purbeck Insurance Services

Posted by Todd Davison on Feb 19, 2020 10:52:41 AM

What does signing a personal guarantee mean for small business owners? 

 

 

Are you one of the millions of small business owners who have secured a loan by signing a personal guarantee without realising the implications?

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance

Accountants on the frontline

Posted by Todd Davison on Feb 5, 2020 10:23:17 AM

Adding Personal Guarantee Insurance to the mix of small business services

Accountants are on the front line when it comes to understanding the financial pressures facing the UK’s small businesses.  Late payment, managing cashflow, the Brexit deadlock are all making business harder for the directors and owners of SMEs and it’s often access to finance that determines a business’s fate, particularly in the early years.  

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy

Purbeck supports the new bill to clampdown on late payment

Posted by Todd Davison on Jan 21, 2020 2:09:27 PM
  • Purbeck Insurance Services fully supports the new bill to clampdown on late payment in the construction sector which has such a negative impact on subcontractors in this market. Our own survey of the market has shown that 35% of small businesses in the construction sector find managing late payment the hardest thing about running their firm.

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy

Burnout beckons for female small business leaders

Posted by Todd Davison on Jan 20, 2020 5:00:00 PM
  • Burnout beckons for female small business leaders – 46% never switch off compared to 38% of male leaders

  • - Bosses aged 35-44 in Property Development, Construction and Legal Services least able to switch off from work
  • - East Midlands is worst for ‘switching off, Scotland is best
  • - Employers of 10-49 people have most difficulty switching off
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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy

The big trends for small business finance in 2020

Posted by Todd Davison on Jan 17, 2020 1:12:45 PM
  • Technology will continue to drive innovation in small business finance. The days of making an appointment with the bank manager is becoming a thing of the past.  Technology is making the process more streamlined, speeding lending decisions and access to finance for small businesses. In 2020, Open Banking and the ability to draw information from accounting software will give lenders and financial intermediaries a wealth of information that will enable them to provide focused credit solutions.
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  • Peer to peer business lending will continue to grow in 2020. P2P lenders will play a valuable role in providing access to credit for small businesses – particularly those who have not been able to access high street bank funding.  This will fill the funding gaps for underserved businesses and will help underpin many new start-ups in the year ahead.
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  • New rules concerning who gets paid in what order in an insolvency could also support growth in Peer to Peer lending. In April 2020, HMRC will become a preferred creditor in a business insolvency for certain HMRC debts[i]. These changes will encourage traditional lenders to consider their risk exposures.  This may lead to a tightening of credit and/or credit at more expensive interest rates due to the preference of HMRC over floating asset and unsecured creditor positions.
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  • There will be a continued reliance on financial intermediaries such as accountants and finance brokers in 2020 as small businesses seek expert support to determine their best finance options. There will be a particular demand from those businesses who have not been able to secure finance from high street banks.
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  • Collaboration between banks, alternative finance providers and policymakers will ramp up to ensure that businesses have access to critical funding lines, particularly if the UK leaves the EU without a deal.
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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy

Find out what UK directors understand about personal guarantees

  • Do 99% of UK directors really know what is being placed at risk when signing a personal guarantee?
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