If you have debts, chances are you are now being chased by your creditors for payment. If you are considered insolvent and unable to pay your debts, it may well be worth considering an Individual Voluntary Arrangement (IVA). Of course, if you own any assets of significant value, you may be able to sell those […]
Individual Voluntary Arrangements – Selling Assets to Pay Off or Clear Debts Read More »
Predominantly due to the impact of the Covid-19 pandemic, Creditors’ Voluntary Liquidations (CVLs) are on the up. In August 2021, there were a total of 1,446 corporate insolvencies across the UK, most of which were CVLs; the fourth month in a row above 1,000 and a return to pre-pandemic levels. What was also evident in
What Happens When a Corporation is Unable to Pay its Debts? Read More »
There are two ways of voluntarily winding up a company; either through a Creditors Voluntary Liquidation (CVL) if the company is insolvent, or a Members Voluntary Liquidation (MVL) if the company is solvent. With a CVL, the company is insolvent, i.e. its debts outstrip its cash flow and assets, and its creditors’ are demanding payment.
What Are the Steps Involved in Winding Up a Company? Read More »
Seeing the term ‘company administration’ in the press and hearing it in the news has certainly not been an uncommon occurrence in recent months. Indeed, due to the COVID-19 pandemic and subsequent lockdowns, some big High Street names have been listed as ‘gone into administration’ including Debenhams, Jessops, Paperchase, New Look, the Arcadia Group, Dune,
What Does It Mean When a Company Goes into Voluntary Administration? Read More »
When solvent companies are being closed through a Members’ Voluntary Liquidation (MVL) process, the directors are able to claim back money through the Business Asset Disposal Relief (BADR) as a way of mitigating how much Capital Gains Tax (CGT) is paid. Formerly known as Entrepreneurs Relief, which was introduced in 2008 to replace Business Asset
What is Business Asset Disposal Relief and How Often Does it Work? Read More »
Whether the company is solvent or insolvent, sometimes the only option available to directors is to enter a voluntary winding up process to close the company. Also known as liquidating or closing down a company, the ultimate result is removing the dissolved company from the Companies House register. If it’s a solvent company, i.e. has
What Are the Provisions for Voluntarily Winding Up a Company? Read More »
A licensed insolvency practitioner, or IP, is a legal professional that is qualified and registered to act on behalf of a company, partnership or individual that is insolvent, or for a solvent company or partnership that wants to cease trading and close down. They act on behalf of a company or an individual in an insolvency
Why Should You Seek the Services of an Insolvency Practitioner? Read More »
