Used incorrectly debt can be disastrous to a company. However there is a ‘healthy’ level of debt, or ‘gearing’ that allows companies to achieve long-term growth
If your company has been liquidated and you are in the process of setting up a new business, you may be tempted to use the same, or a similar name, for your new venture.
Understanding the rights of your employees in redundancy is an important part of any insolvency procedure. Here we look at what happens during various administration and liquidation processes, plus the way in which redundancy entitlement is calculated.
If your company is registered in Scotland and is experiencing financial problems and potential insolvency, there are potential rescue options available.
The ability to spot when a customer or a supplier is in financial difficulty is extremely important in safeguarding the stability of your business.
A winding up petition hearing includes assessing evidence of existing debt, attempts to recover the funds by the creditor, and creditor motives.
A Walking Possession Agreement (WPA) will follow on from an HMRC Distraint notice, five days after the distraint was issued.
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. This involves the seizure of goods to the value of the debt, plus the fees for enforcement action.
Closing a limited company. Begbies Traynor is the UK's market leader in business recovery. With over 100 UK offices and over 1000 staff we are well positioned to assist you.
Begbies Traynor explain what is a Statutory Demand and how could it affect your company if not set aside promptly.
When a company enters administration or is liquidated, the conduct of directors leading up to insolvency will be investigated.
Statement of Insolvency Practice (SIP) 16 will be introduced on 1st November 2015 providing guidance on the pre pack administration process.
When a limited company fails to pay a County Court Judgment (CCJ), the creditor can seek enforcement assistance from High Court Enforcement Officers (HCEOs), also known as bailiffs.
At some point during the life of their company, many directors will find themselves using their own personal finances to help the business.
A company director would receive this letter from HMRC following a prolonged period of failure to meet liabilities. By sending this seven-day warning of a winding up petition, HMRC is essentially threatening to begin the liquidation process of your business in a week’s time unless the company can pay its debts.