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 […]
What is a Director’s Loan Account?
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 […]