Don’t mention the “Z” word…
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 […]
Does your company owe money to the taxman?
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
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?
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 […]
Could Flybe be the first of many companies to be affected by the coronavirus?
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
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
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
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”)
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. […]
Understanding The Administration Process
Placing a company into administration is often a complex process and it is vital for every business owner to understand how it all works. To begin with, a Licensed Insolvency Practitioner is appointed as Administrator to the company. This appointment may be by: Any creditor The holder of a Qualifying Floating Charge (or QFC), such […]
