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Liquidating a company is a daunting task, filled with numerous legal and financial obligations that require careful consideration and planning. As a director, it is your responsibility to make sure that any actions prior to liquidation are carried out in accordance with the law and all stakeholders are protected. In this blog, we will explore […]
The financial state of a company can change at any given moment, leaving company directors seeking critical advice and guidance. Insolvency professionals are experts that can provide support during times of financial instability. They take an independent, objective view of a company’s financial affairs, and can help directors from a range of industries to navigate […]
Liquidation is not something any company director wants to deal with. It can be a tough decision to make, but it is one that may be necessary to close your company and overcome financial difficulties. There are steps that company directors can take to prepare for liquidation and minimize the risks associated with it. In […]
As a company director, the decision to liquidate your business can be a difficult one. It can be a stressful and emotional process, but it can also be necessary to ensure that the company’s debts are paid off and its assets are distributed fairly. In this blog post, we will provide a comprehensive guide on […]
When a company becomes insolvent, directors need to take appropriate action to deal with the situation, which is usually to cease trading and close the company down. It won’t be possible to simply dissolve the company at Companies House using a voluntary strike-off application, since this is likely to be opposed by creditors of the […]
The Company Strike Off process is a way of formally dissolving a company, this is also referred to as Company Dissolution. A voluntary company strike off process can be initiated by the directors of the company, or a compulsory strike off by Companies House. Once a company has been struck off, it no longer exists […]
In the UK, directors have a responsibility to manage their companies properly and watch out for any signs of financial trouble. If they fail in this duty, they may be held personally liable for any debts or losses caused by their negligence. In addition to this criminal liability, a director can be disqualified from working […]
The use, or misuse, of bounce back loans has been a hot topic of late with vastly different positions being taken by directors. Some have been overly cautious about taking out any bounce back loan monies as personal income, whilst others have withdrawn large sums for personal benefit without any thought for the consequences. If […]
What is a Creditors’ Voluntary Liquidation? Creditors’ Voluntary Liquidation (CVL) is the process where the Directors of an insolvent company can voluntarily take steps to wind up the company. The Directors call a meeting of the company’s shareholders to consider resolutions to wind up the company and decide on a decision procedure for creditors to […]
Independent Business Reviews (IBRs) are often requested by a lending bank when a company looks to be in some form of financial difficulty. They can be viewed by directors as a painful, expensive exercise enforced by the Bank and which can lead to further financial problems. However, there can be a benefit in directors […]
