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When a company enters liquidation, its ability to continue normal business operations, including entering into contracts, is significantly impacted and, at Bridgewood, we frequently get enquiries from business owners and creditors seeking clarity on this issue. We’ve compiled an overview of the legal framework governing contracts during liquidation with practical advice for stakeholders navigating this […]
Corporation tax is a statutory obligation for all UK limited companies, calculated on annual profits. For many businesses, this liability can feel like a heavy burden, particularly where profit on paper does not match available cash in the bank. There a number of reasons why companies can fall behind with corporation tax; seasonal cash flow […]
Understanding Compulsory Strike-Off What is a First Gazette Notice for Compulsory Strike-Off? A First Gazette Notice for Compulsory Strike-Off is a formal announcement published by Companies House, signaling its intention to remove a company from the public register. Under the Companies Act 2006, this action can be taken when a company appears to be inactive […]
Understanding Entrepreneurs Relief in Solvent Liquidations Entrepreneurs Relief, now known as Business Asset Disposal Relief (BADR), has undergone significant evolution since its introduction. Originally established in 2008 to incentivise entrepreneurship and investment, Entrepreneurs Relief provided favourable tax treatment on the disposal of qualifying business assets. Over the years, the relief has seen several refinements, culminating […]
When a company is facing financial difficulties, the director may choose to appoint an Insolvency Practitioner to manage the process of restructuring or winding up the company. One question that often arises is, who pays the Insolvency Practitioner’s fees? In this blog post, we will discuss the responsibilities of the company, the Insolvency Practitioner, and […]
When a company enters liquidation, directors often face difficult questions about their role and responsibilities. One question we get asked frequently here at Bridgewood is whether a director can resign during the liquidation process. While it’s technically possible, the implications are complex, especially in insolvency contexts. Lead Consultant and Founder, Robin, looks at the legal […]
When considering the closure of a solvent company, many directors and shareholders look to a Members’ Voluntary Liquidation (MVL) as a tax-efficient route to extract value. At Bridgewood, we often guide clients through this process and, whilst not tax advisors, we can help clients understand one of the most crucial factors: capital gains tax (CGT). […]
How are funds distributed in a Liquidation and who is at the top of the pecking order? In this month’s article we discuss the strict hierarchy within the Insolvency Act, which determines the order that creditors will be paid during liquidation. […]
With the current economic landscape witnessing the highest number of company insolvencies in 30 years, there are more opportunities than ever to acquire struggling businesses. Tom Grummitt, Insolvency Practitioner & Partner at Bridgewood, shares valuable advice from his experience. In the year 2023 alone, over 25,000 companies faced insolvency, marking a significant uptick – the […]
Last year saw a surge in corporate insolvencies across England and Wales, with the Insolvency Service documenting a total of 25,158 cases, marking the most recorded since 1993. The breakdown of these figures reveals 20,577 instances of voluntary liquidations – a 9% increase from the previous year and the highest figure since 1960 – along […]
