We get asked questions about insolvency, liquidation and more. Below are some of the most common.
Everything You Need to Know to Strike Off a Company
This page is about how to strike a company off the companies house register. What does it mean to Strike Off a Company? Striking off a company, also referred to as Dissolution, is the process by which a Limited Company is removed from the register by Companies House. The processes effectively marks the company […]
Read More →Everything you need to know about Limited Company Liquidation
If you are thinking about company liquidation, insolvency or just worried that things are no longer viable for your company our guide to the first stages of company liquidation will be valuable. We will break up the process for you into clear and easy to understand blocks: What is the difference between winding up […]
Read More →What are Partnerships?
Business or Company Partnerships formed when more than one person forms a business and they divide the profits of the business between them. This is not always done equally and many companies have junior and senior partners where profits are allocated based on seniority and length of time with the company. They are normally split […]
Read More →What are Personal debts & guarantees?
Personal debts and guarantees When your business is in trouble, sometimes it is common to use your personal credit to finance your business. This means that if the company is struggling you could be left with debts that you have to deal with personally. Guarantees It is not uncommon for banks and credit providers to […]
Read More →What is a Company Voluntary Arrangement (CVA)?
A CVA (Company Voluntary Arrangement) is similar to an IVA, but it’s for companies rather than individuals. It is a legal process that enables a company to make a binding agreement with its creditors and lenders describing how the company’s debts and credit liabilities will be handled. A CVA enables a company to reach an agreement […]
Read More →What is a Members Voluntary Liquidation (MVL)?
If a company is solvent (it can afford to pay all it’s debts), a Members Voluntary Liquidation is a tax efficient way of closing it. Directors themselves begin the process of Liquidation of the Company by contacting an Insolvency Practitioner. An MVL is one of the most common way for directors and shareholders to realise […]
Read More →What is a Creditors Voluntary Liquidation (CVL)?
If a company is insolvent, a Creditors Voluntary Liquidation is a way of closing it. Directors themselves begin the process of Liquidation of the Company. If a company is insolvent and has not got enough money to pay all the debts, sometimes the only course of action is to liquidate the company. A CVL is one of the […]
Read More →What is Compulsory Liquidation?
A Compulsory Liquidation is a procedure under the Insolvency Act to close an insolvent company. The insolvency of a company is usually shown by the inability of a company to pay those who are owed money by the time they are due for payment. Compulsory Liquidation, sometimes known as Winding up a company is normally […]
Read More →What is a Sole Trader?
By far the largest groups of self-employed workers are sole traders. This term is used to describe a company owned and controlled by an individual regardless of whether there are employees or not. Most have a relatively low turnover, it is quite easy to set up a business as a sole trader and operating costs […]
Read More →What do these mean? Glossary of terms
Administration Order An administration order is a Court Order placing a company that is, or is likely to become, insolvent under the control of an administrator following an application by the company, its directors or a creditor. The purpose of the order is to preserve the company’s business, allow a reorganisation or ensure the most […]
Read More →Not Answered?
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