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The latest insights and trending topics from Begbies Traynor Group
What is a Corporation Tax Liability?
All registered companies in the UK must pay corporation tax on their profits. The rate of corporation tax varies between 19% and 25% depending on the level of profits of the company.
What Is A Restoration By Court Order? And Why Are Companies Reinstated To The Register?
What Is A Restoration By Court Order? And Why Are Companies Reinstated To The Register?
What happens when a company strike-off procedure is rejected?
The application to strike-off a company from the Companies Register can be rejected if the company is found to have outstanding debts. In this case any debts must be settled before the company dissolution can be actioned, or if the company is insolvent then the liquidation of the company may be required.
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.
Can directors be held liable for company debts?
In the main, the limited company legal structure protects directors from personal liability in relation to business debts.
What happens during a liquidation investigation?
When a company goes into insolvent liquidation, the liquidator will investigate the actions of the directors to determine to what extent, if any, they are responsible for the company’s failure. They will carry out an investigation whether you choose to liquidate the company voluntarily or it is forced by the court.
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.
What happens to debts when a company is dissolved?
Dissolution is not an appropriate solution for striking off (dissolving) a company with debts. Liquidation is recommended for several important reasons.
What are the signs of business failure?
When a business fails there are early warning signs to look out for that can help you deal with the matter before it becomes too damaging. Lack of cash often the first indication, and this may materialise as an inability to pay the bills on time.
What does it mean when a company has ceased trading?
Companies can cease trading for various reasons including a director’s retirement or ill health, ongoing financial problems, or simply because the company serves no further purpose.
What happens at a creditors' meeting when a company is insolvent?
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.
Administration vs Liquidation
So although administration and liquidation are fundamentally different in their approach to the problem, both are processes used to limit the damage for companies and their creditors. The more hopeful option of the two is administration and there are eligibility criteria and potential benefits of this process for companies and creditors alike.
What is a Declaration of Solvency?
What is a Declaration of Solvency? Find out what this means and how Begbies Traynor can provide key advice.
What does it mean when a company is a going concern?
What does it mean when a company is a going concern?
