One of the many responsibilities of a limited company director is to ensure their company is run in accordance with the Insolvency Act 1986 at all times.
What does it mean when a company is a going concern?
A Begbies Traynor feature analysing the pros and cons of the restructuring solution, pre-pack administration - often described as a 'phoenix' procedure.
A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you.
The administration process was designed to protect a company from creditor pressure whilst a plan for rescue or restructure is put in place.
A phoenix company describes a business that has been purchased out of administration or liquidation, often by the existing directors.
Learn more about Company Voluntary Arrangement procedures including the advantages and disadvantages of this corporate recovery solution.
If your company is registered in Scotland and is experiencing financial problems and potential insolvency, there are potential rescue options available.
Statement of Insolvency Practice (SIP) 16 will be introduced on 1st November 2015 providing guidance on the pre pack administration process.
Company administration gives provision for unsecured creditors to have certain rights in a process many assume is going to result in little recompense.
Company administration is often seen as the end for a business, but it is in fact, a procedure that allows for its restructure or sale as a going concern.
Company administration is a formal insolvency procedure allowing viable companies to restructure. In some cases a trading administration may be appropriate.
What happens if a CVA is rejected or its terms are failed? And what are the alternatives?
If your company has entered administration, you’re probably wondering about the rights of your employees and your liability for any outstanding monies owed.
An administrator is duty-bound to act in the best interests of creditors during an insolvency procedure and help them recover monies owed