Understanding the Difference Between Insolvency and Liquidation

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

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 […]

Common Issues for Directors of Businesses in Troubled Waters

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 […]

Directors of phoenix companies could find themselves personally liable

Directors of phoenix companies

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

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

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 […]

Calling All Suppliers

Supply Contracts

When was the last time you looked at your supply contracts and the terms and conditions contained within them? Now may be a good time to have a review in the context of Section 233B into Insolvency Act 1986 (“233B”) as the exemption for small entities expires on 30 September 2020. (233B (15)). 233B relates […]

Don’t mention the “Z” word…

What is a Zombie Company

Shaun of the Dead came to terms with the reality of the zombie apocalypse and grappled with all of his responsibilities before leading his friends to what he felt was the sanctuary of The Winchester. In the same way that Shaun didn’t want to mention the “Z” word for fear of hoaxing their position, directors […]