Creditors Voluntary Liquidations (“CVL”) grew by 9% in 2023, reaching the highest figure since records began. What are the advantages of a CVL?
What are the Advantages of a Creditors Voluntary Liquidation (“CVL”)?
With record levels of CVLs in 2023, it is worth knowing that there is more to a CVL than the removal of creditor pressure, the prevention of legal action and the clearing of unsecured debt. Plus, a CVL does not necessarily mean a director will never work again.
The Key Signs of Financial Distress
The Key Signs of Financial Distress
We always say taking early action is vital, but directors must know what to look for first.
Mental Health and Insolvency
Mental Health and Insolvency
Stephen Evans from our London Office joins Elaine Wilkins as a Mental Health First Aider.
Directors must be vigilant to avoid Wrongful Trading
Directors must be vigilant to avoid Wrongful Trading
How can Insolvency Practitioners help distressed and insolvent companies reduce/avoid the risk of Wrongful Trading?
What can Directors do if they receive a Winding Up Petition?
What can Directors do if they receive a Winding Up Petition?
In this article, we look at the processes involved in a Winding Up Petition being served and what happens when one is. The key thing is to take professional advice and then take swift action.
Judge orders director of gift company to repay £43,500 via a Compensation Order for a falsely obtained Bounce Back Loan (BBL)
Judge orders director of gift company to repay £43,500 via a Compensation Order for a falsely obtained Bounce Back Loan (BBL)
But what can directors who legitimately took out a BBL do if they cannot repay?
UK Restaurant insolvencies rise by 46% in last 12 months
UK Restaurant insolvencies rise by 46% in last 12 months
Restaurant Insolvencies will continue to grow until interest rates and inflation fall considerably.
Directors be Vigilant! Talk to your Accountant to understand a Director’s Loan Account and your potential Liabilities
Talk to your Accountant to understand a Director’s Loan Account and your potential Liabilities
If your company is liquidated, an overdrawn Director’s Loan Account and Illegal Dividends can lead to Liquidators’ Claims and even Director Disqualification
Directors with Multiple Company liquidations can find themselves with a Personal Tax liability to HMRC.
Directors with Multiple Company liquidations can find themselves with a Personal Tax liability to HMRC.
Directors who have been involved with multiple companies which have become insolvent and have a tax liability with HMRC can receive a personal ‘Joint and Several’ liability notice for payment.
Corporate insolvencies continue to grow, quarterly and month on month.
Corporate insolvencies continue to grow, quarterly & month on month 2023
Businesses facing insolvency need to act quickly and take advice from an Insolvency Practitioner for the best chance of avoiding liquidation.
