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…
Category: Insolvency Practitioners
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…
Is a Members Voluntary Liquidation the Right Exit Strategy for You?
It’s a common misconception that a Licensed Insolvency Practitioner can only help when a company is insolvent.They can also be called upon for advice and assistance with closing a solvent business. If you are ready to exit your business, have you considered that a Members Voluntary Liquidation (MVL) may be a suitable exit strategy for…
A Guide to Members Voluntary Liquidation
A Members Voluntary Liquidation (MVL) is a process in which a solvent limited company can be liquidated in order to distribute the accumulated profits to the shareholders of the company as capital rather than income, incurring preferential tax rates as a result. Let’s look at Members Voluntary Liquidation in more detail. This a formal process…
Tips to Follow for Buying a UK Company In Administration
Of the insolvency processes available for a trading business, administration is the most common. When a company goes into administration, it can still continue to trade legally whilst an appointed administrator (licensed insolvency practitioner) works to rescue the company that has become insolvent. In some cases, the best cause of action is for the administrator…
What is Dissolution and Is It Right For My Company?
If you’re wondering how to close a company and you’re not sure where to start, you’re not alone. Shutting up shop can be a complex process that confuses the most savvy of business owners. Whether you’re no longer able to run your company or have fallen on hard times since the pandemic, there are many reasons…
What is an Insolvency Practitioner?
An Insolvency Practitioner, often referred to as an IP, is a financial professional who is licensed to act on behalf of businesses and individuals when they are experiencing financial difficulties and/or facing insolvency. The majority of the time, IPs are approached by companies who are in need of help in saving or closing their business,…