Articles

Advantages & Disadvantages of a Pre-Pack Administration

May 8th 2017

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…

Advantages and Disadvantages of a CVA

April 14th 2017

A Company Voluntary Arrangement (CVA) provides a way for companies in distress to pay off their debts over a fixed period of time, and offers the opportunity to address issues surrounding management …

Liquidating with company debts

If your company is approaching insolvency, you may be wondering if voluntary liquidation is a possibility. Perhaps if you do not act quickly a secured or unsecured creditor could take the future of th…

Directors’ responsibilities

June 8th 2017

There are certain rules and regulations surrounding company liquidation, many of which focus on your actions as a director. Once a company becomes insolvent, you must put creditor interests first by c…

Personal Guarantees

September 22nd 2017

If you’re a company director then circumstances can arise in which you decide to offer personal guarantees in support of a loan application or your pursuit of a line of credit. Where these guarantee…

Liability for Company Debts

June 19th 2017

The question of whether and under what circumstances a director might find themselves liable for their company’s debts upon entering insolvency can quickly become a very pressing concern. For obviou…

Invoice Factoring vs Discounting

May 24th 2017

Both invoice discounting and invoice factoring are cash flow solutions designed to free up funds for companies that are solvent and operationally sound but which could benefit from a short term cash i…

What can you expect in a HMRC tax inspection?

Limited companies have come under increased scrutiny by HMRC in recent years, as the government strives to recover lost tax revenue and deter companies from tax evasion. A small number of businesses a…

HMRC Direct Recovery of Debt Changes

May 8th 2017

In its 2014 Budget, the Treasury announced that it would give HM Revenue & Customs (HMRC) power to recover taxes owed by corporate and individual debtors directly from their bank accounts. Issues …

Tax Avoidance Schemes

July 18th 2017

The issue of tax avoidance schemes has become widely publicised, particularly over the last 18 months, in part fuelled by the media microscope fixing firmly on the finances of celebrities and multinat…

Glossary of Insolvency Terms

Accountant in Bankruptcy (Scotland)The Official appointed to monitor personal insolvency procedures. She will also act as trustee where no insolvency practitioner is nominated on a sequestration petit…

Cannot Pay Creditor Invoices?

April 13th 2017

Pressure from suppliers can be overwhelming when your company is experiencing financial difficulties. Even if it is only a temporary downturn in company fortunes, the fact that a supplier can apply fo…

HMRC Overdue Corporation Tax Letter

  What does the letter say? “Please pay £XXX.  “We have written to you about paying your Corporation Tax but you still owe the amount shown above. We will now pass your debt to a Debt Collecti…

Distraint Notice and Inventory from HMRC

What does this letter say? “I have today seen and distrained on the goods listed in the inventory below. I did this at xxx If you do not pay the total amount shown above within 5 days of the date o…