January 30th 2023
How can a CCJ be set aside? Having a County Court Judgment put in place against your company could lead to serious issues for your business, particularly if it later leads to a creditor seeking a wind…
January 26th 2023
Can the new moratorium process help my insolvent business? Introduced as part of the Corporate Insolvency and Governance Act 2020 (CIGA 2020), the new moratorium procedure was born out of a desire to …
January 16th 2023
A restructuring plan is a “compromise or arrangement” entered into between a company and its creditors and/or shareholders. Restructuring plans are a relatively recent addition to the corporate in…
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…
March 29th 2020
The Insolvency Act 1986 prescribes an order of priority for creditor repayments in the event of company liquidation
March 28th 2020
The appointment of a provisional liquidator is allowed under certain specific circumstances. This often occurs after a Winding Up Petition has been presented but before the matter is heard in court.
March 26th 2020
Before an insolvency practitioner can begin acting on behalf of a limited company in an insolvency process, they must be formally appointed by either its directors and/or shareholders, creditors, or the courts
March 18th 2020
While liquidation may be the only option left for your struggling company, directors who take the step of voluntarily placing their company into a liquidation process are responsible for paying the associated fees
March 16th 2020
As the name suggests, a Time to Pay (TTP) arrangement can give you additional time to bring your HMRC arrears up to date. Payments can be spread over a series of affordable monthly repayments up to 12 months
March 14th 2020
Intellectual property (IP) is an asset which requires specialist treatment during an insolvency process. Ensuring intellectual property is accurately valued can make all the difference to the outcome of the company's situation
March 13th 2020
Providing help and advice to creditors with Retention of Title (ROT) claims
March 12th 2020
HMRC has regained its status as preferential creditor in insolvent liquidations, having previously been downgraded to unsecured creditor status by the Enterprise Act, 2002.
March 11th 2020
If you have been issued with a County Court Judgment (CCJ) after falling into arrears with a creditor it is important to understand what this means for you and your company
March 8th 2020
A Statement of Affairs - or a SOA - is a document typically prepared by an accountant, which details a company's assets and liabilities. It is designed to provide an overview of the company's financial position and is particularly useful during when a com
March 7th 2020
When a professional services company becomes insolvent, the Solicitors Regulation Authority (SRA) has the power to intervene in order to protect creditor interests
March 5th 2020
Freezing orders stop assets being removed, sold, or otherwise disposed of. A freezing order may be imposed on an insolvent company in order to protect the interests of outstanding creditors
Creditors can issue a winding up petition against your limited company or company directors can seek voluntary liquidation
March 3rd 2020
Advice for creditors unhappy with the insolvency practitioner appointed to deal with the liquidation or administrator of a debtors company
February 27th 2020
When an insolvent company is placed into liquidation - whether this is done voluntarily by its directors, or via a court order - eligible employees will be able to claim redundancy through the Redundancy Payments Service (RPS)
February 22nd 2020
A winding up petition hearing includes assessing evidence of existing debt, prior attempts to recover the funds by the creditor, and creditor motives for petitioning for the company to be forcibly wound up
February 20th 2020
If your company owes money to HMRC or another creditor and you have been unable to settle the debt, they may take out a Distraint Order against your company
Understand what a CCJ means for your company and also your personal financial position
February 19th 2020
A Statutory Demand can be issued to an indebted company by a creditor who is owed at least £750 (temporarily £10,000), and who has tried - and failed - to collect this money without success. This is often a last resort for creditors and should be taken se
February 18th 2020
Preference payments occur when a particular creditor is placed in a more beneficial position to the detriment of other outstanding creditors in that group
February 15th 2020
A Winding Up Order represents the final stage before a company is compulsory wound up by way of a court order. A Winding Up Order is granted following a lengthy process on the behalf of creditors to collect payment for money owed by a company
February 13th 2020
When a company becomes insolvent, a meeting of creditors is often called to explain why the business has failed and/or to vote on the next proposed step
February 12th 2020
Although it does cost money to liquidate an insolvent company, there are a number of ways a company director can meet these costs
February 11th 2020
Company restructuring and formal liquidation advice for limited company directors who cannot afford to repay creditors
February 9th 2020
High court writs are used to enforce non-payment of debt once a County Court Judgment (CCJ) has been issued
February 7th 2020
Once a company becomes insolvent, the consequences can be extreme. In the worst cases, the company could be forced into compulsory liquidation should creditors run out of patience. However, there are ways an insolvent company can be turned around
February 4th 2020
A charity - just like any other company - has the potential to become insolvent. This occurs when it is unable to meet its outgoings as and when they fall due, or when liabilities outweigh its assets
January 31st 2020
When a company becomes insolvent the consequences can be severe. It is therefore important for all company directors to understand the early warning signs of business distress so that swift action can be taken
January 23rd 2020
When a company is subject to a winding up petition, an advertisement is placed in the Gazette to alert other creditors.
January 21st 2020
Understand the most commonly used terms in both corporate and personal insolvency. Know your Administrations from your Winding Up Petitions
January 18th 2020
What action can I take if my business bank account is frozen following a winding up petition from creditors?
January 17th 2020
One of the jobs of the Insolvency Practitioner is to recoup funds to pay off as many creditors as possible. This is done through a sale of business assets.
January 16th 2020
A Notice of Intention (NOI) is a formal declaration filed at court, which alters creditors to your intention to appoint administrators. Once a NOI has been filed, all creditor action - both existing and threatened - must be halted
January 13th 2020
Once you spot the signs of your company potentially becoming insolvent, there are things you can do to improve your situation, however, time is of the essence
January 9th 2020
Company Voluntary Arrangements (CVAs) can be a great solution for an indebted yet viable company. However, in order to be approved, creditors need to vote for the arrangement to be passed. This is done via a creditors meeting.
January 7th 2020
Technically a limited company cannot go 'bankrupt'. Instead a company which has insufficient money to meet its liabilities can be said to be 'insolvent'
January 6th 2020
If your limited company is experiencing signs of financial distress, taking swift advice from a licensed insolvency practitioner is key
January 3rd 2020
Repeated failure to keep on top of your tax obligations could see HMRC taking enforcement action to recover your arrears. This may take the form of a visit from a bailiff or enforcement officer
Knowing whether your company is merely going through a troubling time, or whether it is technically insolvent, is vitally important. There are three main tests which can show whether your business is insolvent.
January 2nd 2020
Company Voluntary Arrangements (CVAs) and Liquidation are both formal insolvency processes, however, there are some key differences between the two
January 1st 2020
The Government is discussing plans to ensure that insolvent companies can rely on the availability of vital services - such as utilities - via forced continuation of supply
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