At a time when businesses in all sectors are facing a wide range of financial pressures, it’s important to be aware of directors’ liabilities for failing to pay company debts. In the current economic landscape, many businesses are continuing to face financial problems, following factors including Brexit and the pandemic. The result has been that…
Category: Insolvency Practitioners
Company Insolvency – Early Signs to Look Out For
As the cost of living crisis continues with no sign of it ending in the near future, increasing numbers of businesses are facing company insolvency. Each week in the news, there are headlines of companies of varying size and sectors going into administration, so it’s important for directors to be aware when their business is…
What are the Key Warning Signs for Business Insolvency?
When a company’s liabilities exceed their assets and they are unable to repay all money owed to creditors (even if they were to sell off all assets), they are legally insolvent. The consequences can be severe and in some cases, a company may not be able to recover, so it’s important to be aware of…
Members Voluntary Liquidation – To MVL or Not to MVL?
Are you at the stage where you are ready to wind up your company and are looking for the most tax efficient way to do this? If your cash reserves are in excess of £35,000, you could pay just 10% tax on your profits through a Members Voluntary Liquidation (MVL). In the current economic climate,…
Business Insolvency: The Options for Businesses Facing Financial Difficulties
If your business is insolvent or experiencing financial difficulties, this doesn’t necessarily mean the end. Financial difficulties can be part and parcel of running a business, so if you are concerned about your financial position, it’s important to seek advice from a licensed insolvency practitioner. Liquidation or the winding up of your company is not…
Protecting Your Business from Insolvent Companies
The effects of Brexit and Covid-19 on the UK economy, amongst a range of other factors, mean that many businesses are experiencing financial difficulties, and for a large percentage, insolvency is a possibility that they must navigate. However, as well as facing their own financial struggles, UK businesses are increasingly likely to work or deal…
Bounce Back Loans and Company Liability
At the start of the COVID-19 pandemic in 2020, businesses in sectors such as leisure, travel and hospitality were hit especially hard by government regulations put in place to curb the spread of the virus. Overnight, businesses were required to immediately cease trading or at least drastically change the way they operate. In order to…
What are my Options for Liquidating my own Company?
If you are a director looking to liquidate your business, director-led liquidations take two key routes; Members Voluntary Liquidation (MVL) and Creditors Voluntary Liquidation (CVL). Although both result in the liquidation of a company, the causes and effects of an MVL and CVL are very different, so it is important for company directors to understand…
The Tax Implications of Closing a Limited Company
There are many reasons to close a limited company. For example, you may have decided to retire, or return to employed work as opposed to freelancing or contracting. Whatever your reasons for closing a limited company, there are different options to consider, and potential issues to be aware of. If your company is no longer…
Vital Post-Pandemic Financial Management Advice for SMEs
Whilst most businesses are now able to operate without restriction and COVID-19 regulations have now mostly been relaxed to guidelines around the UK, the lasting financial effects of the pandemic are still a major concern for businesses of all sizes and sectors. Needless to say, many SMEs in the retail and hospitality sectors have been…