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The latest insights and trending topics from Begbies Traynor Group
What’s In a Name? Understanding Phoenixism and the Insolvency Act
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.
Find a local insolvency practitioner for your company
Finding a local insolvency practitioner you can trust is of paramount importance when you believe your company could be heading towards insolvency. If your company is showing signs of becoming insolvent – or perhaps it already is insolvent – a licensed insolvency practitioner will be able to help you understand your position, explore your options for recovery or closure, and explain what each course of action will mean for your company, your clients, and yourself.
What is the role of the Official Receiver?
An Official Receiver's role in an insolvency procedure is to oversee compulsory liquidations, investigate failings, and act as provisional liquidator in some cases.
Joint and Several Liability Notices: Directors of insolvent companies face greater personal exposure to tax liabilities
While company directors are generally protected by limited liability, recovery powers granted to HMRC in the Finance Act 2020 mean directors can face greater personal liability for tax debts held by the company in the event of insolvency.
The Rating and Director Disqualification Bill
New legislation may mean former company directors can be retrospectively issued with a disqualification order if they misuse the dissolution process.
What is a Nudge Letter from HMRC?
A Nudge Letter is a reminder from HMRC to review your tax liabilities accurately to avoid investigation. You will need to complete a Certificate of Tax Position.
Can I close my company with a DS01 form?
Closing a company with a DS01 form means you voluntarily strike the business from the register at Companies House. It is inexpensive and relatively straightforward, but there are other closure options that may be more appropriate.
I cannot pay my Bounce Back Loan – What options do I have?
If you are struggling to repay your Bounce Back Loan, there are a number of options open to you. Find out what these mean for you and your company.
Dissolution loophole set to be closed
New legislation, which aims to prevent company directors avoiding investigation into their conduct by informally striking off their company instead of entering an insolvency process, has had its first reading in Parliament and looks set to become law
CIGA 2020: Understanding your options when it comes to recovering debt
Dealing with late payment is something the vast majority of business owners will have to deal with at some point. Delinquent payers cost companies millions of pounds every year, causing frustration and unnecessary work, as well as leading to serious cash flow problems, and in some cases forcing the creditor to fall behind on its own liabilities.
HMRC Time to Pay Rejections
A Time to Pay arrangement may be granted to allow companies to repay their tax arrears in instalments. However, what can you do if HMRC refuse your request?
CVR Global have joined Begbies Traynor Group plc
For more information on CVR offices and personnel look through the information below where you will find details on each office location and contacts.
Is a company director entitled to redundancy pay if their company is insolvent?
It isn’t common knowledge but directors may have a claim for redundancy when their company enters liquidation. They must be able to prove their status as an employee of the company, and fulfil more than an advisory or non-executive role.
