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 […]

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. […]

Understanding The Administration Process

3D chart graphic

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 […]

What is a Director’s Loan Account?

pen and calculator on financial chart spreadsheet

What is a Director’s Loan Account? As a director of a limited company, you can both withdraw and lend money to your business, the record of these transactions is called a director’s loan account (DLA). These particular transactions do not include salaries and dividends. DLA’s can become complex so it is vital that company directors […]