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Latest Articles

Finance Act 2020: What This Means for Director and Shareholder Liability

January 21st 2021

The recently introduced provisions detailed in the Finance Act 2020 allow HMRC to make directors, shadow directors, and other connected individuals, jointly and severally liable for the tax liabilitie…

Strike off a Company vs Business Liquidation

January 15th 2021

Company strike off and business liquidation are two ways to close down a business, but it can be difficult to know which process is the most appropriate. Initially, you need to consider your company�…

What happens to my CBILS loan during liquidation or administration?

January 14th 2021

The Coronavirus Business Interruption Loan Scheme, or CBILS, has offered a valuable source of emergency finance for businesses during the coronavirus pandemic. Backed 80% by the government, the fundin…

Rescue Options

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Advantages & Disadvantages of a Pre-Pack Administration

March 31st 2020

A pre-pack administration facilitates the quick sale of a business in insolvency. Negotiations for the sale of underlying business assets take place prior to an Administrator being appointed, after wh…

The Company Voluntary Arrangement Process – How does it work?

March 29th 2020

A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you. It could be an option if your company is deemed …

What happens to a business when it is sold out of administration?

March 22nd 2020

The administration process was designed to protect a company from creditor pressure whilst a plan for rescue or restructure is put in place. One of the exit routes from administration is the sale of a…

Closure Options

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Strike off a Company vs Business Liquidation

January 15th 2021

What happens when a company goes into liquidation?

March 24th 2020

When a company goes into liquidation its assets are sold to repay creditors and the business closes down. The company name remains live on Companies House but its status switches to 'Liquidation'. Th…

Company Dissolution – Who can object to striking off?

March 20th 2020

When a limited company is dissolved and its name removed from the register at Companies House, directors must ensure that creditors are paid within 12 months of closure. This is a fundamental part of …

Personal Insolvency

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Insolvent Estates of Deceased Persons – BEWARE!

February 7th 2020

If you find that an Estate you are dealing with has or may become insolvent then it is important you take a step back and reconsider the way forward because it is vital that the correct insolvency pro…

What is a creditor petition for bankruptcy?

January 15th 2020

A creditor petition for bankruptcy is an application made to the court by a creditor, typically after several unsuccessful attempts have been made to recover their debt. If a bankruptcy order is subse…

Covid 19 Coronavirus

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What happens to my CBILS loan during liquidation or administration?

January 14th 2021

What happens to my bounce back loan during liquidation or administration?

December 11th 2020

Government Bounce Back Loans saw huge take-up in 2020 and repayments will soon begin. But what happens if a company is insolvent and can't pay it back?

Commercial Landlords: What does the extension of the lease forfeiture moratorium mean for them?

September 28th 2020

Under emergency legislation included in the Coronavirus Act 2020, forfeiture of commercial leases for unpaid rent was temporarily suspended.

Director Advice

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Understanding the New HMRC Preferential Creditor Status and Impact on Creditors

December 22nd 2020

Following the accession of the Finance Act 2020, HMRC have had their second preferential creditor status restored. This means that when a company goes into liquidation owing money to HMRC, they will n…

What is an insolvency practitioner and what are their duties?

March 25th 2020

If your company is experiencing financial distress, you may be considering appointing the services of an insolvency practitioner to help you navigate your current situation. Unless you have dealt with…

Company Director Disqualification and Rights

March 22nd 2020

Company director disqualification can stop you from acting as a company director if you fail to fulfil your legal duties or demonstrate improper conduct. Company directorship brings with it a legal ob…

Finance

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What are your alternatives if you cannot get a CBILS loan?

April 20th 2020

As the Covid-19 pandemic threatens to hinder businesses across the country, the government has announced an unprecedented support package to help companies and their shareholders survive these challen…

Emergency Funding through the Coronavirus Business Interruption Loan Scheme (CBILS)

April 3rd 2020

Companies across the UK are dealing with unparalleled challenges as the enforced closure of premises and strict social distancing measures slam the brakes on business as we know it in the wake of the …

Obtaining company finance – is business credit based on personal credit?

March 16th 2020

Financial institutions base their lending decisions on the level of risk posed by a borrower. In reaching a decision, various factors are taken into account, including the industry in which you operat…

Tax

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Finance Act 2020: What This Means for Director and Shareholder Liability

January 21st 2021

What is HMRC’s power when it comes to tax collection and recovery of debt?

March 31st 2020

As part of the government’s anti-avoidance measures, for the last few years HMRC can collect the tax they believe is due from tax avoidance schemes previously assumed to be compliant by their users.…

A Guide to HMRC VAT Penalties and Surcharges

March 30th 2020

HMRC applies a systemised process of penalties and surcharges when your company defaults on its VAT liabilities. This includes the late filing of your VAT return as well as the payment of tax. The dea…

Insolvency

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Who gets paid first when a company goes into liquidation?

March 29th 2020

A preferential creditor is a creditor who is granted preferential status during an insolvent liquidation by receiving the right to first payment, a hierarchy established by the Insolvency Act 1986. An…

What is provisional liquidation?

March 28th 2020

The Insolvency Act, 1986, allows for the appointment of a provisional liquidator under certain circumstances, and this effectively takes control of a company away from its directors. Provisional liqui…

The Transfer of Assets Pre-Insolvency

March 27th 2020

The time period between a creditor’s winding-up petition and the subsequent court hearing, has been termed a ‘twilight zone’ for insolvent companies. Severe restrictions are placed on their abil…

Letters

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HMRC Receivables Management Debt Recovery

March 30th 2020

What does the letter say? “I called today to collect the above debt or levy distraint on your goods and assets but was unable to make contact with you. You must pay the debt in full now. If you don…

Final Proof of Debt Form from The Insolvency Service

March 25th 2020

What does the letter say? The Final Proof of Debt letter simply states the final figure that a creditor is entitled to claim when a company that owes them money has entered an insolvency process. Thi…

Winding Up Petition Letter

March 24th 2020

What does this letter say? This letter largely features a number of fields which are to be filled in specifically about the company itself. Lower down, it says: “A statutory demand was served on th…

Begbies Traynor Group plc, announces that it has completed the acquisition of CVR Global LLP

CVR is a leading independent firm of insolvency practitioners, forensic accountants and experts in other related complementary disciplines.

Coronavirus pushes financially distressed companies over the half-million mark

Number of businesses in significant distress stands at 509,000 – the highest number measured by the Red Flag Alert research

BTG Advisory accelerates growth with appointment of four new partners to its London office

BTG Advisory, the boutique advisory arm of Begbies Traynor Group announces the appointment of four new partners to its Canary Wharf office

Eighty jobs saved with £1m sale of engineering business

South Yorkshire company Newburgh Precision rescued through administration

Sale enables 75-year-old business to continue trading

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Articles

Here you’ll find Begbies Traynor insights, features and advice across a range of professional service topics including director support, taxation, finance and more...

Latest Articles

Filter by Category

Advantages & Disadvantages of a Pre-Pack Administration

The Company Voluntary Arrangement Process – How does it work?

What happens to a business when it is sold out of administration?

Strike off a Company vs Business Liquidation

What happens when a company goes into liquidation?

Company Dissolution – Who can object to striking off?

Insolvent Estates of Deceased Persons – BEWARE!

What is a creditor petition for bankruptcy?

What happens to my CBILS loan during liquidation or administration?

What happens to my bounce back loan during liquidation or administration?

Commercial Landlords: What does the extension of the lease forfeiture moratorium mean for them?

Understanding the New HMRC Preferential Creditor Status and Impact on Creditors

What is an insolvency practitioner and what are their duties?

Company Director Disqualification and Rights

What are your alternatives if you cannot get a CBILS loan?

Emergency Funding through the Coronavirus Business Interruption Loan Scheme (CBILS)

Obtaining company finance – is business credit based on personal credit?

Finance Act 2020: What This Means for Director and Shareholder Liability

What is HMRC’s power when it comes to tax collection and recovery of debt?

A Guide to HMRC VAT Penalties and Surcharges

Who gets paid first when a company goes into liquidation?

What is provisional liquidation?

The Transfer of Assets Pre-Insolvency

HMRC Receivables Management Debt Recovery

Final Proof of Debt Form from The Insolvency Service

Winding Up Petition Letter

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