January 2021 update.

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Phew we are nearly at the end of January and it has been an incredibly tough month for many with lockdown and home schooling to name but a couple of the current challenges.

2020 was a challenging year for most of us and most of us would not have predicted that it would continue into 2021. The question still remains as to how the government will avoid a cliff edge when they withdraw financial assistance and the future remains uncertain for many businesses. Although we are all having a different journey, the cliché that we are all in this together is true.

The clear message should be to reach out and seek guidance early as you will likely have more options available to you if you do.

As head of DebtFast I am surprisingly seeing many businesses still ignoring companies that they owe money to. Engagement is key to reaching a resolution as at some point the restrictions on issuing Winding up Petitions (Petitions) will be lifted and the floodgates may open on businesses that have failed to engage. Whilst some businesses have opted at this time not to issue proceedings at court, many are waiting for the restrictions on Petitions to be lifted before they will make the decision on what avenue to pursue.

DebtFast is powered by Debenhams Ottaway and backed by a full team of dispute resolution, litigation and insolvency solicitors so between us we have a wealth of knowledge. We will be sharing with you over the coming weeks as much content as possible. In addition to all things debt recovery and insolvency related we will cover the most common enquiries we are seeing currently such as enforcement of Directors Personal Guarantees and guidance for Directors whose companies are in crisis.  You can follow us on Linked In and Twitter to ensure you do not miss the information we are sharing.

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