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The latest insights and trending topics from Begbies Traynor Group
What does it mean when a company is ‘going into administration?'
Company administration is a formal insolvency procedure that offers protection from creditor legal action via an initial eight-week moratorium period.
Assistance for Creditors with Retention of Title (ROT) Claims
Retention of Title (ROT) can be a complex affair unless the clause is unambiguous in its content, and delivered in a manner that cannot be disputed by the debtor. It often forms part of a written contract between the supplier and their purchaser, and is likely to have been discussed at some point during negotiation
What is a Statement of Affairs?
What is a Statement of Affairs? Find out what this means and how Begbies Traynor can provide key advice.
Company Director Options When Facing a County Court Judgment (CCJ)
Applying for a County Court Judgment (CCJ) against a limited company is often the result of failed attempts by creditors to recover a debt.
Accelerated Payment Notices
If you are one of the many companies that have received an accelerated payment notices then you have very little time in which to act.
What is an intervention procedure when professional firms become insolvent?
In England and Wales, the Solicitors Regulation Authority (SRA) has the power to close down professional firms under certain circumstances.
Can I be a director of multiple companies even if one is in liquidation?
Under company law you can be a director of multiple enterprises, regardless of whether one company is in liquidation.
What are disbursements in a Members’ Voluntary Liquidation (MVL)?
Members’ Voluntary Liquidation (MVL) must be carried out by a licensed insolvency practitioner which incurs professional fees/costs including disbursements.
Understanding Freezing Orders for Company Directors
Begbies Traynor can advise on what to do if your company’s assets are frozen, and offer a same-day meeting so that action can be taken quickly.
Who can start insolvency proceedings?
Insolvency proceedings can be started by a creditor or group of creditors, if the debtor company owes more than £750 (temporarily £10,000) and the debt is not disputed.
What is an Independent Business Review?
An Independent Business Review (IBR) is a process initiated by a bank or similar institution if they have concerns over the financial health of a borrower.
I’m unhappy with the choice of the company's insolvency practitioner – can creditors appoint a new one?
The directors of a failing company are likely to approach a licensed insolvency practitioner initially, for advice and guidance on their options. If a formal insolvency procedure is decided upon, they will need to appoint a licensed IP to administer it.
Notice of Distress Warrant
A Notice of Distress letter is the consequence of a lengthy period in which you or your company has failed to meet liabilities on time and, as a result, the creditor is seeking repayment through the use of a third-party debt recovery agency.
What is the difference between a fixed and floating charge?
Both fixed and floating charge holders are classed as secured lenders; however, there are some important differences between these two types of charges.
