Begbies Traynor Group

Director Advice

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What are the Advantages and Disadvantages of Debentures?

The reluctance of some banks in offering business loans has resulted in more directors lending to their own company.

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What is an insolvency practitioner and what are their duties?

An insolvency practitioner (IP) is licensed to act on behalf of companies and individuals when they are facing insolvency or acute financial distress.

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What is company director disqualification?

A director’s disqualification order bans you from acting as a company director due to unfit conduct, but you are able to work as a company employee.

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Loan Scheme Hub

What happens to my CBILS or Bounce Back loan during liquidation or administration?

The Coronavirus Business Interruption Loan Scheme (CBILS) as well as the Bounce Back Loan Scheme, offered a valuable source of emergency finance for businesses during the coronavirus pandemic back in 2020.

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What is an unenforceable personal guarantee?

As a company director, you may have to provide a personal guarantee to secure business borrowing or underpin a commercial tenancy agreement.

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Can an accountant close my company?

A rescued company may be described as a 'going concern' because it is expected to trade profitably and without distress for at least 12 months.

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HSE Fines – What happens when your company can’t afford to pay?

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.

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Directors’ Loan Account

Overdrawn directors’ loan accounts can come to be a real cause for concern; particularly in the context of a company entering insolvency.

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Business Rates Exemptions, Reductions & Reliefs

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 businesses that meet their criteria.

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What are Unlawful Dividends?

What are Unlawful Dividends? Begbies Traynor is the UK's market leader in business recovery. With over 100 UK offices and 1000 staff we are well positioned to assist you.

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What happens to directors of an insolvent company?

Directors of an insolvent company are protected from being held personally liable for company debts (limited liability), except in the event of misconduct.

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The Difference between Secured and Unsecured Creditors

A defined hierarchy of creditors exists when a company enters insolvency, with secured creditors being at the top.

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Selling Company Assets – What Do Company Directors Need To Be Aware Of ?

If you wish to sell any of the assets of your limited company then there are a number of factors to take into consideration, especially regarding how these are treated for tax purposes and the differing treatments of both tangible and intangible business assets.

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What is a ‘shadow director’? Are they liable in an insolvency procedure?

Understanding the role, liabilities and implications of a shadow (sometimes called silent) director, particularly in a company insolvency procedure.

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I have taken too much out of my company in dividends – what can I do?

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 conjunction with a low basic salary paid through PAYE, dividends are one of the most cost-effective and tax-efficient ways of paying yourself as a company director.

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What Actions Can Creditors Take

What actions can creditors take against my company?

If you owe money to your creditors that you can’t repay, they can take legal action against you which could potentially lead to the closure of your business.

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