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Business Asset Disposal Relief (BADR) has long been a valuable relief for directors and shareholders looking to extract funds from their company in a tax-efficient manner. It is particularly relevant in the context of a Members’ Voluntary Liquidation (MVL), where distributions are typically treated as capital rather than income. However, an upcoming change to BADR […]
As insolvency practitioners, we are often contacted by directors and creditors after receiving notice that compulsory strike-off action has been suspended. This situation can create uncertainty, particularly for companies already experiencing financial pressure. Understanding what suspension means and what steps should follow is essential to avoid further complications. Understanding Compulsory Strike-Off Action and Its Suspension […]
Corporate restructuring is a strategic process undertaken when a business needs to adapt to financial pressures, operational inefficiencies, or changes in the competitive landscape. It involves making significant adjustments to a company’s financial, operational, or organisational frameworks to restore stability and support long-term success. From the viewpoint of an insolvency practitioner, restructuring is often an […]
The Insolvency Service publishes the number of insolvencies in England & Wales each month, separated into the 4 types of insolvency: These numbers can be seen in the graph below: Insolvency Statistics Graph CVL is Largest Type of Insolvency By far the largest type of insolvency is the Creditors’ Voluntary Liquidation (CVL). This is where […]
What is a Time to Pay Arrangement? A Time to Pay (TTP) Arrangement is a formal payment plan agreed between a business and HMRC that allows additional time to settle outstanding tax liabilities. Rather than facing immediate enforcement action, a business can spread its payments over a series of affordable instalments, giving it breathing space […]
The Insolvency Practitioner (IP) Register is an official public record listing all individuals authorised to act as insolvency practitioners within the UK. It serves as a key mechanism for transparency, accountability, and public protection in the insolvency profession. https://www.insolvencydirect.bis.gov.uk/fip1/ By allowing creditors, debtors, and regulators to confirm a practitioner’s authorisation status, the register helps maintain […]
An exit strategy is a deliberate plan for how and when a business owner will reduce or give up their stake in their business, while protecting value, people and reputation. A good strategy clarifies personal aims (retirement, a new venture, or wealth diversification), sets financial targets, and maps the route to achieving them. What it […]
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 […]
