Before deciding to liquidate your company, have a think whether there may be a possibility of Business Turnaround. One option you can consider is a Company Voluntary Arrangement (CVA).
Should your business be in a position where it is suffering from financial difficulties and is struggling to pay its creditors you may be thinking about cutting [...]
The Enterprise Finance Guarantee scheme (EFGS) is designed to is to boost lending to small and medium sized businesses. The question is has it worked?
The Small Firms Loan Guarantee Scheme (SFLG) was closed in January 2009 and replaced by the Enterprise Finance Guarantee scheme (EFGS). The aim of the EFGS (and indeed the SFLG before [...]
On the face of it, the corporation tax deferment scheme sounds an extremely good idea. However, I believe it is important to question whether this policy is simply deferring an inevitable wave of company failures.
In November 2008, Alistair Darling announced a fast track service to allow companies to apply to defer their corporation tax bills. [...]
Not paying HMRC debt will ultimately put a business in significant risk. HMRC will in time go to court for the issue of a winding up petition.
According to a recent report by the National Audit Office (NAO), the amount owed to HM Revenue and Customs (HMRC) in the form of unpaid income, corporation and VAT [...]
Unfortunately, with the challenging trading conditions in which a large number of companies are experiencing, the use of procedures such as company voluntary arrangements is likely to become increasingly common. This is not good news for creditors who will find themselves with unpaid accounts.
If a company is struggling to pay its debt, it may be [...]
If a company is struggling financially partly due to outstanding debts, the directors may decide the best action is to close the business. However this need not be the end of the road as there is nothing to stop a director of the original business setting up a new company and making a bid to [...]
Once a winding up petition is issued, it is advertised in the London Gazette. This advertisement will be identified by the company’s bank which will normally cause the bank to suspend banking facilities. Due to the seriousness of the implications Company Directors should be clear what actions they can take.
Historically, a winding up order was [...]
When a company finds itself in a position where it just cannot afford to it pay its outstanding debt, the directors often ask me whether they can just close the doors on the business and wait for HMRC to issue a winding up order. In the mean time, the directors plan is to start a [...]
Once a company has been liquidated either through a Creditors Voluntary Liquidation or winding up, the liquidator will produce a report on the conduct of all of the directors in the period running up to when the business stopped trading. If the liquidator believes that the directors did not act properly during this period, then [...]
The credit crunch throughout 2008 and 2009 has put severe restrictions on the amount of money banks are willing to lend to their business clients. This situation is having huge implications for the development of businesses in the UK. However, there are some perhaps less well known avenues for raising business finance which company directors [...]