Tag: Insolvency Practitioners

Builder Case Highlights Danger of Taking Clients’ Money During Company Insolvency

Continuing to trade in the knowledge that a company is insolvent can be a precarious business as a press release displayed on the government website.gov.uk highlights.   The article relates to a builder who is now disqualified from trading altogether after it was discovered that he continued to take on work and receive payments while the business…




When Should You Apply For A Time To Pay Arrangement?

At this time of year thoughts inevitably start to turn towards paying various company tax bills such as corporation tax, VAT. If you have experienced a year of bad trading conditions these bills can be quite daunting and at worst you may have insufficient funds in the business to pay them. This leaves you facing…




If My Company Goes Bust Will It Harm My Personal Credit Rating?

If your business faces closure this year you will no doubt have plenty of things on your mind to worry about without adding personal worries to the equation. One of the major concerns for many directors is the potential impact on their own financial future and their credit rating in particular. To ease those worries,…




Can A Dissolved Company Be Restored?

If your business is facing insolvency this year then you may be thinking about what happens after. Will everything you worked for be gone for ever?   Sometimes a business will reach its natural end with no prospect of a rescue or rebirth while it is possible for some businesses to come back from the dead….




How to Prepare for A Meeting with An Insolvency Practitioner

If you are planning to enter into an Individual Voluntary Arrangement (IVA), you will need to have a meeting set up with an insolvency practitioner (IP) to discuss your case. The IP will expect you to come prepared with all the information required to set up the arrangement because if there is anything missing or…




HMRC Set To Rank Higher Among Creditors

Insolvent business will soon see HMRC moving up the rankings among creditors when new insolvency measures are introduced in 2020.   In the past HMRC was always a priority creditor until 2002 when the Enterprise Act was introduced and put into place in 2003 classing them as an unsecured creditor. This meant HMRC was relegated to…




Can a Creditor Withdraw a Winding Up Petition?

Although unusual there are cases where winding up petitions can be withdrawn but the odds will be stacked against a company once a creditor decides to take this step.   Winding up orders can carry risks to creditors themselves as well as the business they are serving it on, therefore withdrawing the order would require a…




Will Business Insolvency Mean I Lose My House?

Losing a business to insolvency is bad enough – losing the home you worked equally hard for is something else. This is why many business owners end up worried about the implications of their business entering insolvency and whether or not they will be personally liable.   Unfortunately for sole traders, this will almost certainly be…




Will Business Insolvency Cost Me Anything?

The answer to this is it depends both on the complexities involved, creditors and insolvency practitioners hired to deal with the process. Insolvency should never be seen as an easy option as a result of the many variables that need to be considered first.   Potential fees for a business going insolvent might include the costs…




What is Debt Management?

Your business may require debt management if it is no longer generating enough income to cover its outstanding liabilities under the original agreements made with its creditors. The process is similar to when individuals ask for help to pay their debts rather than face insolvency and potential bankruptcy.   While any company requiring debt management services…