Offices Nationwide Contact Us

Articles

The UK's Market Leader

Licensed Insolvency Practitioners

Affected by Covid-19?

100% Confidential Support

Restructuring or Closure

Immediate Advice on Your Options

Latest Articles

How to manage SME staff morale in turbulent times

June 22nd 2022

Tackling staff morale and boosting employee motivation It’s important to manage staff morale in good times and bad, but in difficult times SMEs face low staff retention rates and decreased productiv…

What is the role of the Official Receiver?

June 21st 2022

Duties of an Official Receiver in an insolvency procedure The Official Receiver (OR) is a key figure in corporate liquidations where a winding up order has been granted by the court. The OR is an offi…

Can a 50% shareholder liquidate a company?

June 20th 2022

Can one partner seek to close a company? Although it’s common practice to split a shareholding equally between two people, and it’s generally done in a spirit of positivity - the lack of a ‘cast…

Rescue Options

Articles we think may interest you. View all

What does it mean when a company is a going concern?

June 29th 2021

Trading as a going concern following cash flow difficulties When a company operates as a going concern, it means that it is expected to carry on trading with no threat of liquidation for 12 months or …

Advantages & Disadvantages of a Pre-Pack Administration

March 31st 2020

Advice and considerations for limited company directors on pursuing a pre-pack administration route

The Company Voluntary Arrangement Process – How does it work?

March 29th 2020

A Company Voluntary Arrangement is a restructuring route which can provide an exit from company administration and creditor pressure

Closure Options

Articles we think may interest you. View all

Can I close my company with a DS01 form?

July 22nd 2021

Closing a company with a DS01 form means you voluntarily strike the business from the register at Companies House. It is inexpensive and relatively straightforward, but there are other closure options…

IR35 Reforms and Creditors’ Voluntary Liquidation (CVL)

March 31st 2021

How to close your insolvent Personal Service Company IR35 reforms within the private sector, which are due to come into force on 6 April 2021, will transform the way contractors and other off-payroll …

What is no asset liquidation?

March 23rd 2021

When a limited company becomes insolvent and there is no chance of rescue or restructure, liquidation becomes the only remaining possibility. But directors do have the option of voluntarily liquidatin…

Personal Insolvency

Articles we think may interest you. View all

Insolvent Estates of Deceased Persons – BEWARE!

February 7th 2020

Dealing with the insolvent estate of a deceased person may involve obtaining an Insolvency Administration Order

What is a creditor petition for bankruptcy?

January 15th 2020

A creditor petition for bankruptcy is known as a bankruptcy order which could result in the sale of assets to repay outstanding creditors

Covid 19 Coronavirus

Articles we think may interest you. View all

What happens to a Bounce Back Loan when a company enters insolvency?

June 19th 2022

Bounce Back Loans and company insolvency The Bounce Back Loan Scheme (BBLS) provided a lifeline for businesses in financial difficulty, but many companies continue to struggle in the wake of the coron…

Company struggling – what happens to Bounce Back Loan?

August 12th 2021

Can I strike-off with an outstanding Bounce Back Loan? The Bounce Back Loan Scheme (BBLS) was one of several sources of emergency finance for companies struggling to deal with the challenges of corona…

I cannot pay my Bounce Back Loan – What options do I have?

June 18th 2021

If your company is struggling to keep up with the monthly repayments on its Bounce Back Loan, you need to ensure you understand the options open to you.

Director Advice

Articles we think may interest you. View all

How to manage SME staff morale in turbulent times

June 22nd 2022

Can a 50% shareholder liquidate a company?

June 20th 2022

The Rating and Director Disqualification Bill

November 10th 2021

Understanding the new Rating (Coronavirus) and Director Disqualification (Dissolved Companies) Bill for company directors New legislation has been granted Royal Assent meaning former directors can be …

Finance

Articles we think may interest you. View all

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

Understanding the Government-backed CBILS and how this could help your business through the Covid-19 pandemic

Does my personal credit score matter when applying for credit for my business?

March 16th 2020

Understanding how your personal credit rating affects your ability to obtain funding for your limited company

Tax

Articles we think may interest you. View all

What is a Nudge Letter from HMRC?

August 10th 2021

HMRC reminder letter to review tax liabilities HMRC uses nudge letters to prompt taxpayers to review their tax affairs. This is with a view to closing the gap between the tax expected by HMRC, and the…

HMRC Time to Pay Rejections

February 22nd 2021

The Time to Pay scheme, or TTP, helps businesses that are experiencing temporary financial difficulty to repay their tax arrears over a period of time, potentially up to 12 months.

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 liabilities of insolvent companies or LLPs in certain situations.

Insolvency

Articles we think may interest you. View all

What is the role of the Official Receiver?

June 21st 2022

My business cannot afford to pay HMRC

June 9th 2022

Cashflow advice for businesses with HMRC debts HMRC operate a strict regime of tax payments and penalties, and always follow up quickly if a business doesn’t pay. If they believe the business is app…

Who gets paid first when a company goes into liquidation?

March 29th 2020

The Insolvency Act 1986 prescribes an order of priority for creditor repayments in the event of company liquidation

Common HMRC and Debt Enforcement Letters

Articles we think may interest you. View all

HMRC Receivables Management Debt Recovery

March 30th 2020

If HMRC debt recovery services are unable to collect debts, they may issue a warning letter ordering for full debt repayment

Final Proof of Debt Form from The Insolvency Service

March 25th 2020

The Final Proof of Debt Form summarises creditor entitlement for funds during company liquidation or administration

Winding Up Petition Letter

March 24th 2020

Example of Winding Up Petition Letter 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: …