Trinity Mirror Hires Ex HMV Boss

Simon Fox, the ex CEO of HMV has been hired as the new boss of media group Trinity Mirror.

Trinity Mirror have confirmed the new appointment very recently after speculation on the news caused discussions over whether it was going ahead.

There has been some concerns voiced through social media forums from shareholders about the new appointment of Mr Fox, given that his two previous appointments have been over some very reputable company's that have now been left in less than optimal financial position.

The last company Mr Fox was CEO of, HMV, saw a 98% drop in share price over the period that he was employed at the company which is almost certainly why there has been so much concern from shareholders of Trinity Mirror over his new appointment there.

Insolvency is a challenging period for any sized business and making the right decisions when it counts is not an easy task for the average person. Getting the correct guidance throughout the more challenging periods is essential for the success of your plan so if your company is struggling with cash-flow problems please get in touch with us sooner rather than later to find out your options at no cost.

Call us on 08000 746 757.

Who pays the Directors?

Among the first of many questions asked by directors of a company in financial difficulty is ‘how am I going to pay my staff?’.  With challenging cash flow and depleting available funds, most directors in such situation opt to forego their own salary to pay for their staff.  A noble action indeed, but it is the right one?

When the company eventually goes into liquidation, the government through the Redundancy Payments Service and under the Employment Rights Act scheme protects employees for unpaid wages.  Employees owed unpaid wages, holiday pay, notice pay and redundancy can claim against this scheme and chances are the employees will be paid their entitlement albeit with a few limitations.

For directors, they have the same opportunity to claim.  However, there are more hurdles to overcome before payments are made to them.  In most circumstances, director/owners of liquidated companies tend to have their claim rejected.

As always, help from experience professionals such as ourselves may be the difference between losing out on such a claim and receiving a cheque from the government.

Scots using too many pay day loans

The number of Scots turning to expensive payday loans in a desperate attempt to ease their cash-flow problems more than doubled last year, alarming new figures show.

Scots are also increasingly likely to take out more than two payday loans and are getting into deeper debts with the firms, according to research for The Scotsman by the Consumer Credit Counselling Service (CCCS).

Thousands of Scots have resorted to payday loans in recent years after being denied credit by mainstream lenders and demand continues to grow as unemployment creeps up and pressure intensifies on household incomes.

Payday loans are designed for short-term repayment, but those unable to clear their debt on time face annual interest charges of up to 3,600 per cent, sending them spiralling deeper into debt.

Almost 9 per cent of Scots going to the CCCS for help with their debts last year had a payday loan, up from just 3.6 per cent a year earlier, it reveals today.

The number of loans taken out by CCCS clients averages out at 2.37, while the typical amount owed has jumped from £919 two years ago to £1,199.

One in three Scots admits to anxiety over their debt levels, recent R3 research found, with twice as many people north of the border as elsewhere in the UK worried about their payday loans.

For free confidential company debt advice call us on 08000 746 757 or visit our site at www.companydebt.com