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Everyday in the UK
Personal Debt in the UK
“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”.
The population of the UK grew by an estimated 990 people a day between 2018 and 2019.
“I want you to liquidate my company. How much will you charge?”
Everyday in the UK...
Personal debt in the UK
“What could go wrong with such a simple business” their financial adviser had said to them. So, they decided to trade as a partnership....
What is an IVA and how does it work?
A creditors' voluntary liquidation (CVL) is a voluntary process initially instigated by a company’s directors.
These days I’m constantly being asked “You must be busy?”
I reply “Not as busy as you might think!”
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?”
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
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.
I was recently invited into a board meeting by the company accountant...
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