The government has extended what is effectively a temporary ban on the use of statutory demands or winding up petitions in the context of commercial property leases where tenants cannot afford to pay their rent due to Covid-19.
A crucial part of the government’s coronavirus support package for businesses was the Bounce Back Loan Scheme (BBLS), which was introduced to provide emergency funding for those affected by the pandemic.
Making sure that you have a realistic cash flow in place together with project management analysis is the only way to ensure you can add the appropriate mark-up and margins to the overall costings of the project so that it will be profitable for you.
HMRC Receivables Management Debt Recovery. Find out what this means and how Begbies Traynor can provide key advice.
A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you.
The route by which an IP is appointed varies according to the insolvency procedure being followed.
The Final Proof of Debt letter simply states the final figure that a creditor is entitled to claim when a company that owes them money has entered an insolvency process. This form follows a Proof of Debt form (4.25) which is to be filled in writing by the creditor making a claim.
If a creditor, such as HMRC or a trade supplier, has served your company with a winding up petition, it will be because your company has persistently failed to pay its debts as and when they fall due. This is the definition of insolvency and, in reality, a drastic action such as this was only a matter of time.
A director’s disqualification order bans you from acting as a company director due to unfit conduct, but you are able to work as a company employee.
Hiring an accountant to complete your company accounts and tax returns not only frees up time, it negates the need to employ high-level finance staff in-house.
If you are in serious dispute with a co-director – maybe you have strongly disagreed on a matter of business, for example, or are a divorcing couple - you may want to liquidate the company and move on.
Being refused finance or having a loan called in by your bank is a common process when a lender senses risk. However, other funding options may be available
An insolvent estate is left when a deceased person’s debts are greater than the total value of assets, and therefore money is owed to their creditors.
The Companies Act, 2006, sets out the general duties of company directors in the UK. If you breach these duties the consequences can be severe, with the company, its creditors, or shareholders having the right to pursue you on a personal level for any losses they have suffered.