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
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
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
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
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
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
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
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
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
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