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Prior to The Enterprise Act of 2002 the Crown enjoyed a preference in the ranking of their debt over unsecured creditors when a company entered insolvency proceedings. With few exceptions, up to 1st December 2020 the position has been that Crown debt (VAT, PAYE and Corporation Tax) ranks as an unsecured creditor equally with other unsecured creditors (trade creditors, unsecured loans, etc).
“What could go wrong with such a simple business” their financial adviser had said to them. So, they decided to trade as a partnership....
A creditors' voluntary liquidation (CVL) is a voluntary process initially instigated by a company’s directors.
A members’ voluntary liquidation (MVL) is the most tax efficient way of closing a company and the shareholders realising the assets when the company has ceased to trade.
“My company has just received a £50,000 Bounce Back Loan. My 5 staff are furloughed. There aren’t any assets or liabilities (other than £25,000 due as directors dividend/directors’ loan account). I’m not sure when or whether I’m going to start trading again. Can I draw the £25,000 that the company owes me?”
I was recently invited into a board meeting by the company accountant...
Would you go to an unqualified physician for a surgical operation? No.
We come across this time and time and time again. Directors or business people not seeking adequate guidance when they are making a major decision with their business, or seeking business debt solutions.
Should a taxi driver (without any employees) be operating within a limited company or be self- employed?...
It will be his retirement Marathon…..probably!...
My Company is Insolvent - would I be able to buy back the tools and equipment?...
Business Turnaround or Business Continuity....
I was listening to “Wake up to money” a few days ago and heard an interesting story....
There were 3848 winding up petitions in 2015 (compared to 3074 in 2014) issued by HMRC against companies unable to pay their tax bills. This represents a huge rise of 13%!...
