Following overindulgence on mince pies and sherry during the festive season, it can often take TS a little while to get back on an even keel. Somehow, we managed to make it back into the office and now even look busy. For some, however, the Christmas hangover can last much longer.

According to Grant Thornton, there will be nearly 20,000 personal insolvencies in the first three months of 2006, and around a third of these will be a direct result of excessive spending on presents and celebrating.

TS could have gone the same way until it came up with a brilliant idea. Old copies of Accountancy Age can, with a bit of imagination, be made into excellent Christmas decorations and presents for the whole family. Those in danger of falling into the insolvency trap should think about that for next year.