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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).
“I’d like you to liquidate my company” Henry said “I had a catering contact for a hotel that’s been suspended indefinitely. The staff I had have all left and I don’t owe them anything. I’m broke but there are no other creditors other than the bounce back loan”.
An insolvency practitioner is a licensed professional who can provide essential guidance on matters of both company and individual insolvency.
I don’t know about you, but I still wake up most mornings thinking about that nasty nightmare I’ve just had
Stanley called me last week “I think I’m going to need your help again, Tim” he started. Griffin & King had liquidated a company of his a few years ago.
A couple of months ago I told you about Tim Corfield running the London Marathon this year....
If you have a client running a business how do you quickly know if the business is insolvent or may be close to being insolvent?
If there is one thing about corporate insolvency that every professional advisor needs to know, it is a rough understanding of section 216 of the Insolvency Act 1986....
Often when I ask a director (who is also a shareholder) about his 'remuneration package' he says that it’s made up of two elements....
Your Company Liquidation Questions Answered....
I received a call from a director, Terry, who had been recommended to call us because his company was insolvent and facing creditor pressure "I need you to liquidate my company."....
It's stating the obvious. But, often, at a time when they are given the guarantor (usually a director) doesn't think clearly enough about the consequences of these being called upon....
We often see directors in receipt of excessive remuneration packages. At what point could they be challenged by a liquidator as a transaction at an undervalue and therefore repayable?....
We often get involved in the sale of an insolvent business or get asked questions from potential purchasers or their professional advisers. Here are a few points...
New rules come into force from 6th April 2017 which are a major overhaul aimed at updating present insolvency procedures that have been in force since the Insolvency Rules 1986....
Current legislation will be replaced by new consolidated rules, The Insolvency Service has announced. A move to reflect modern business practice....
A ruling by the London employment tribunal has meant that previously self-employed Uber taxi drivers now have the right to be classed as workers....
A recent survey carried out by R3 (the trade body of the insolvency professionals) into the dealings of insolvency practitioners with HMRC makes for some very disappointing reading.
In 2015/16 there were 1,208 director disqualifications compared to 1,210 in 2014/15 – an increase of two!....
Accountants often say to me “I'm not sure what to say to a client when his business enters the murky world of insolvency and starts asking tricky questions like ....
We come across many struggling or failed businesses and talk to many business owners. So we think we are well placed to give a few tips on this subject.
