February 2nd 2023
Question What is ‘moneyboxing’ in company liquidation? Answer Moneyboxing refers to the act of holding profits within a company’s books, deemed excessive to its commercial needs, with the sole i…
Question Who can I turn to when my business is suffering due to depression and ill health? Answer If the stresses and strains of running a successful company have taken their toll on your physical or …
Question Can I lose my home due to business debts? Answer In general, your home is protected by the ‘veil of incorporation’ that separates the company as an entity from you as a director. Company …
Question Can I go to jail for business fraud? Could I be arrested? Answer If your company is forced into liquidation, the actions of all directors leading up to insolvency will be investigated by the …
January 29th 2023
What happens if my accountant makes a mistake? Having a good accountant is essential for anyone in a position of responsibility in the commercial world. Accountants have the expertise, training and ye…
November 7th 2022
Finding a local insolvency practitioner you can trust is of paramount importance when you believe your company could be heading towards insolvency. If your company is showing signs of becoming insolve…
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 …
August 18th 2021
Limited company closure options for IR35 contractors Changes to IR35 legislation that were brought in by the government in April 2020 have created significant problems for contractors operating as lim…
July 23rd 2021
UK companies can offer various types of shares, generating vital funding and allowing investors to reap the rewards as the business grows. Ordinary shares and preference shares are just two types of s…
June 30th 2021
Business Closure and the Role of the Accountant Having access to reliable accountancy services is often a key feature of a company’s success. In fact, a reliable accountant with knowledge of your in…
June 28th 2021
Understanding director resignations and shareholder disputes If you are thinking of resigning as a company director, there are specific steps you and the company must take. Whether you are resigning d…
February 10th 2021
It isn’t common knowledge but directors may have a claim for redundancy when their company enters liquidation. They must be able to prove their status as an employee of the company, and fulfil more …
February 2nd 2021
If you are experiencing business cash flow problems, you will want to act quickly to redress the position. Whatever the reasons for your cash problems, here are ten tips to help you regain control. …
March 25th 2020
Understanding the role, duties, and responsibilities of a licensed insolvency practitioner in a formal insolvency process
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…
Hiring an accountant to complete your company accounts and tax returns not only frees up time, it negates the need to employ high-level finance staff in-house. Most of the time this arrangement will w…
March 21st 2020
If you are in serious dispute with a co-director – maybe you have strongly disagreed on a matter of business, for example, or are a divorcing couple - you may want to liquidate the company and move …
March 19th 2020
In the main, the limited company legal structure protects directors from personal liability in relation to business debts. Situations do arise, however, where claims can be made against directors in o…
March 16th 2020
The Companies Act, 2006, sets out the general duties of company directors in the UK. If you breach these duties the consequences can be severe, with the company, its creditors, or shareholders having …
March 15th 2020
Understanding what constitutes misfeasance and how this is important if the company enters a formal insolvency process
March 12th 2020
Given the complexity of many commercial leases, it is vital that you understand your rights when it comes to signing a personal guarantee for a lease. The ramifications of failing to meet lease repaym…
March 7th 2020
Under company law you can be a director of multiple enterprises, regardless of whether one company is in liquidation. The Companies Act, 2006, also lays out your duties in directorship, and these incl…
Members’ Voluntary Liquidation must be carried out by a licensed insolvency practitioner (IP), which naturally attracts professional fees and costs.
March 6th 2020
Dividends are unlawful when insufficient profits exist within the company to cover the amounts paid. Rules regarding the payment of dividends are laid down in the Companies Act, 2006 which states, “…
March 1st 2020
Understand what happens to company assets when a business is placed into liquidation
February 26th 2020
It is commonly the case that franchise agreements terminate automatically when a franchisee enters insolvency. Agreements vary, but whatever the situation, the franchisor will want to recoup any arrea…
February 25th 2020
Your fiduciary duties as a director reflect a relationship of trust and loyalty between yourself, the company, its members, and stakeholders. The expectation is that you will act in good faith, and in…
February 24th 2020
What must a director be aware of when their limited company becomes insolvent?
February 23rd 2020
What is the process for winding up a limited company with outstanding debts?
February 21st 2020
How to spot the early signs of distress in your limited company and what you can do to reverse the situation
February 17th 2020
What a Stay of Execution in relation to a County Court Judgment (CCJ) means for your company
Understanding debentures, asset security, and issues surrounding insolvency At some point during the life of their company, many directors will find themselves using their own personal finances to hel…
February 15th 2020
A defined hierarchy of creditors exists when a company enters insolvency, with secured creditors being at the top. A secured creditor is generally a bank or other asset-based lender that holds a fixed…
February 14th 2020
It is possible to officially register a company name at Companies House, but then use one or more ‘trading names’ as required by yourself or your organisation. Some companies trade under different…
February 12th 2020
What can trigger a HMRC tax inspection and what to expect during the investigation
February 9th 2020
Employers have a duty to ensure the health and safety of their employees and members of the general public when they are on business premises. The Health and Safety Executive (HSE) bring prosecutions …
A transaction at undervalue is when business assets are sold lower than their true value or for a loss. If transactions at undervalue are entered into by a company that later becomes insolvent, it can…
February 7th 2020
Overdrawn directors’ loan accounts can come to be a real cause for concern; particularly in the context of a company entering insolvency. Therefore it can help to understand as clearly as possible t…
February 6th 2020
There are various ways for directors to take money out of their limited company. One of the most popular methods of drawing down funds is by issuing dividends to shareholders. Often taken in conjuncti…
February 4th 2020
What information is needed to restore a company to the Companies House register and why would this be done?
February 2nd 2020
As the director of a limited company, engaging in fraudulent or wrongful trading can have severe repercussions particularly if the business becomes insolvent
January 31st 2020
Company Liquidation and administration are two formal insolvency processes with some similarities and also some significant differences.
January 28th 2020
Business Asset Disposal Relief - formally known as Entrepreneurs' Relief - is a tax-relief scheme which can be used when a company enters a solvent MVL process
January 27th 2020
There are many reasons why you, as a company director, may wish to sell or otherwise dispose of, some or all of the assets of your company. It may be that they are simply no longer required, or your m…
January 24th 2020
When deciding on the best course of action for your insolvent company, choosing between pre pack administration versus Company Voluntary Arrangement (CVA) can be difficult without first identifying y…
January 22nd 2020
As a formal alternative to bankruptcy, an Individual Voluntary Arrangement is more flexible in that it allows a company director to remain in their position. Equally, you can be appointed as a new co…
January 21st 2020
While business growth is often a positive step, there are significant dangers when a company begins to over-trade
January 16th 2020
Understanding the position of a shadow - or silent - director if the limited company enters a formal insolvency process
January 15th 2020
Voluntary Company Liquidation - Understanding Company Dissolution and Strike Off There are many reasons why you might want to dissolve your limited company. Perhaps you experienced early success, but …
January 11th 2020
If you are owed money by an insolvent company, your options vary according to the level of debt, and the lengths you are prepared to go to recover your money. The most drastic creditor action you can …
Commercial rent reviews were originally introduced after the Second World War, when inflation levels were high.
January 8th 2020
Running a recruitment agency can be an extremely rewarding experience, both on a personal and a financial level. However, should business take a turn for the worse, problems can quickly mount up and y…
January 6th 2020
The pressure placed on government to reduce business rates has led to a range of reliefs and exemptions being made available, with some local authorities also offering discretionary reliefs to local b…
January 5th 2020
Understanding the limited liability partnership (LLP) operating structure
January 4th 2020
How to liquidate when a company has no money It is no secret that company liquidation, such as a CVL, has a price tag attached to it. For a company in financial distress meeting this cost may seem out…
Late or non-payment of invoices can quickly see a business experience cash flow problems
January 3rd 2020
The reluctance of some banks in offering business loans, as well as a potentially onerous administrative procedure, has resulted in more directors lending to their own company. Without the security of…
March 31st 2017
Personal Guarantee Insurance (PGI) is designed to offer some financial protection if you have provided a personal guarantee for company loans. Intended to offset your personal financial risk by provid…
This site uses cookies to monitor site performance and provide a more responsive and personalised experience. You must agree to our use of certain cookies. For more information on how we use and manage cookies please read our PRIVACY POLICY
