Does your company owe money to the taxman?

HMRC Time to Pay

With the widespread disruption to businesses caused by COVID-19 and the lockdown, HMRC have both extended and relaxed some of the rules on eligibility for time to pay arrangements. A time to pay arrangement allows a company to pay their HMRC debt in monthly instalments, usually up to a 12-month period. Although, depending on your […]

New Insolvency Legislation to assist struggling businesses through COVID-19

New Law to help businesses

As the Government eases the restrictions on businesses and the country starts to return to work, directors of UK businesses up and down the length and breadth of Great Britain are feeling the pressure and affects on their companies, redirecting cash flow after such a lengthy lockdown. We are receiving numerous enquires from directors who […]

Coronavirus: Should I put my company into liquidation?

Coronavirus - Should I put my company into liquidation?

Over the past week, we have taken a number of calls from concerned directors asking us: should I put my company into liquidation? My Insolvency are non-appointment taking insolvency firm and our initial thought is always: can the business be saved? Whilst we are still waiting to see the specific terms, the suspension of wrongful […]

My Insolvency COVID-19 Press Release

My Insolvency Press Release

We are currently going through a period of economic uncertainty as a direct result of the global coronavirus pandemic. Whilst the outlook for the economy cannot be predicted, we want to provide advice, assistance and certainty to our clients and that’s why we pledge the following:   Certainty With all new and active engagements, we […]

Could Flybe be the first of many companies to be affected by the coronavirus?

Flybe

On Thursday 5th March, it was announced that Flybe had gone into Administration. It’s never nice to be reporting on companies that have gone into Administration, especially when it affects so many people. Flybe was one of the largest independent regional airlines in Europe, carrying around 8 million passengers a year and employing approximately 2,400 […]

My Insolvency Hosts Charity Golf Day in Support of The UK Sepsis Trust

My Insolvency logo on golf ball

Unfortunately, due to the current circumstances, we have decided to postpone our Charity Golf Day until 2021. An announcement will be made once we have a new date. My Insolvency are hosting their second charity golf day in support of The UK Sepsis Trust. We host this event bi-annually and our very first golf day […]

Budget Briefing 2020 – Personal Debt

hands opening empty wallet

January is a never-ending month, with the fallout from Christmas often continuing to pinch pockets. However, whilst the joys of Christmas may well and truly be behind us, the cost continues to follow many people into the New Year. It’s hard to escape the stories in the press stating that personal debt is at worrying […]

Budget Briefing 2020 – Insolvency Statistics

pen pointing at charts on paper

2019 saw the high street landscape change dramatically, with the closure of many well-known names and brands. For many, this is how they see the impact of insolvency on a day-to-day basis.  However, the high street was not the only place where a rise in insolvencies was witnessed.  The Insolvency Services statistical analysis reported: “There […]

Budget Briefing 2020 – Members Voluntary Liquidations (“MVLs”) 

sorry we're closed sign in shop window

MVLs have often been considered a tax efficient method of bringing a company’s trading to a close. MVLs are the solvent method of liquidation whereby the company is not in debt and has enough funds to pay off all its liabilities, leaving a residual balance of funds and/or assets to be returned to the shareholders. […]

Directors at War Case Study

Silhouettes of two people having argument

Business with Directors at War Type of Work: Arbitration and Distribution of Cash/Assets to Shareholders Overview Following the breakdown of the professional/working relationship between two directors and equal shareholders of a company, their accountant introduced them to My Insolvency. They wanted to discuss the options available to the business, its directors and shareholders. The directors […]