Debunking the Myths Around Insolvency
Facing insolvency can be a stressful experience. On top of the financial burden, you might be worried about what it means for your future. Unfortunately, there’s a lot of misinformation floating around about insolvency, which can make things even more scary and confusing. So, let’s clear the air and debunk some of the most common […]
The Stigma of Insolvency: Why Seeking Help is Your Strongest Move
Financial difficulties can be incredibly stressful. But when things get truly tough and insolvency becomes a possibility, shame and stigma can often prevent individuals from seeking the help they desperately need. But here’s the truth: insolvency is a financial issue, not a moral failing. Unexpected events like job loss, illness, or economic downturns can throw […]
Understanding the Difference Between Insolvency and Liquidation
Terms like “insolvency” and “liquidation” are often used interchangeably, leading to confusion. However, they are distinct and have different implications for companies facing financial difficulties. A question we’re often asked is what is the difference between insolvency and liquidation. In this blog post we will clarify the differences and how they impact businesses. Insolvency: Insolvency […]
Most Common Causes Of Business Insolvency
Business insolvency occurs when a company is unable to meet its financial obligations, including paying its debts and bills as they become due. It is a distressing but often avoidable situation that can lead to the downfall of even the most promising ventures. Understanding the root causes of business insolvency is crucial so you can […]
Are you a commercial landlord or tenant – Could you benefit from Covid Rent Arrears Arbitration?
If you are a commercial landlord or tenant, you may be wondering if Covid Rent Arrears Arbitration could benefit you. The Coronavirus Act 2020 placed temporary restrictions upon the options available to landlords who were owed money from tenants. For example, the right to forfeit a lease was suspended as was the issuance of Statutory […]
Common Issues for Directors of Businesses in Troubled Waters
Rest assured you are not the only director of a business that finds itself struggling to get back on its feet following the impact of the Covid lockdown(s) on you and your customers. If your business is underperforming it is easy for problems to start spiralling out of control and it is crucial to get […]
What is the impact of new HMRC legislation on directors of an insolvent company: joint and several liability notice
In our experience, few people set out to run an insolvent business and, whilst HMRC recognises that the majority of insolvencies are for genuine financial circumstances, they are not turning a blind eye to those individuals who are looking to set up a phoenix company to rise from the flames of an insolvent estate merely […]
Directors of phoenix companies could find themselves personally liable
HMRC are looking to come down hard on individuals/directors of businesses who have run up tax liabilities in a business and are looking to avoid paying the liability by placing the company into an insolvency procedure (i.e. an insolvent liquidation) whilst setting up the same/similar business (a phoenix that rises from the flames of the […]
HMRC is looking to crack down on directors who repeatedly offend
Where an individual has been connected with repeated insolvent companies in the same or similar business sector, with outstanding amounts owed to HMRC, then HMRC is looking to crack down on directors who repeatedly offend and take action against those concerned personally. HMRC is looking at individuals who have run up tax liabilities in a […]
Directors need to tread carefully to avoid personal liabilities
Author: Stan Coltman Any business can have a financial problem and no business is immune from the impact of recession and to think otherwise is both short sighted and naïve. Those businesses that will survive need a route map (aka a business plan) to know where they are and where they are going. By knowing […]
