Directors at Risk

Directors at Risk

The decision of the Privy Council in Agent V Commissioner of Inland Revenue (affirming the judgment of the Court of Appeal of New Zealand in Re Brumark Investments Ltd) could have far reaching implications for directors who have given personal guarantees in respect of loans or overdrafts to banks. The high street bank is generally the first port of call for the funding of small to medium sized businesses. To secure the obligations of the company under its banking facility the bank will take generally take fixed and floating charges over the assets of the company by way of a debenture. The assets to be charged will include the book debts of the company. In addition, the directors, who in many cases are the owners of the company, may also have to guarantee the facility. In some cases, these guarantees are supported by security, often the directors’ homes. All is...Read more …
Manage your cash flow or your business could fail

Manage your cash flow or your business could fail

When a new business is formed, the founders will, by definition, be of a sales driven, entrepreneurial nature. While these skills are fundamental (let’s face it if a business cannot generate sufficient sales activity then it will not get off the ground!), the area of working capital finance and cash flow management are often neglected. The resulting statistics should be taken on board by all SME directors and owners: 60% of businesses fail as result of cash flow issues. Most businesses wait in excess of 60 days for their customers to pay outstanding accounts and credit management amongst SMEs is often re-active rather than pro-active. It is clear that if businesses have to wait 60 days for their customers to pay outstanding invoices, they will need some financial support in order to ensure that they can pay their own suppliers on time and meet other day-to-day expenses whilst they wait...Read more …
Virgin Mobile to launch LG Optimus V on 1st Feb

Virgin Mobile to launch LG Optimus V on 1st Feb

Virgin Mobile USA announced on their Facebook fan page, that they are releasing the LG Optimus V Android phone on 1st of Feb 2011. The phone is essentially same like the original LG optimus or LG Optimus S for Sprint users except the physical button placement below the big touchscreen on the face of the phone. The specifications are expected to be same as the original ones, having Android 2.2, Wi-Fi, GPS, 3G, and all the usual Android goodness, like Google apps and more. For Android users it is a good news as LG Optimus is considered among one of the best Android Phones available in the market. No other news regarding plans and pricing is yet revealed. The status update is saying that stay tune for more official info! Apple iPhone 5 and iPad 2 expected to feature NFC Functionality NFC, or near field communication, is the secure wireless transfer of data...Read more …