In the Nicest Way, I Don’t Want to See You Again!*
Preventing Multiple Liquidations and Avoiding Director Disqualification Multiple liquidations can lead to an Insolvency Service investigation and possible Director Disqualification for directors breaching their duties. As a director at a firm of Insolvency Practitioners, my primary goal is to help businesses navigate through financial distress and, when necessary, guide them through the liquidation process. However, […]
What can agreeing Personal Guarantees mean in insolvency? Personal liability is the legacy from insolvency
Directors must always be wary of Personal Guarantees when borrowing money, especially when ‘alternative lenders’ are involved. One of the first questions we ask directors of insolvent companies is whether they have any Personal Guarantees (PG) on outstanding loans. The answer is often no, and yet, we quickly discover that many of them do. In […]
Record number of company closures and 5,000 more tax inspectors
More businesses under financial pressure, whilst Government announces 5,000 additional tax inspectors focusing on SMEs and reducing the tax gap After years of difficult trading for many businesses, two key statistics show that the outlook for many is worsening as we head into 2025. Plus, with the news that the Government is recruiting an extra […]
Honesty and listening are the best policies when Insolvency Practitioners are approached by directors of struggling companies
Nitin Joshi argues that when it comes to Creditors Voluntary Liquidations (CVLs), listening and being honest help craft the most cost-effective solutions In this article, one of our partners, Nitin Joshi, looks at the recent focus on Creditors Voluntary Liquidations by the Government’s Insolvency Service, much of it on costs. Nitin argues that these issues are […]
Big rise in company insolvencies predicted in 2025
Our Licensed Insolvency Practitioners expect a big rise in insolvencies following the significant increase in employers’ national insurance and the Minimum Wage in the recent budget. The November 2024 budget introduced several measures that have raised significant concerns from across the business spectrum about the likelihood of an increase in company insolvencies, especially amongst SMEs, […]
The importance of a Shareholder Agreement if a Company enters insolvency
Navigating the turbulent waters of business can be complex, and when a company faces insolvency, the situation can become even more difficult, so having a shareholder agreement in place is crucial. In this article, our Insolvency Practitioners look at several reasons why a shareholder agreement is essential if a company becomes insolvent. Clarification of Rights […]
Directors Beware! Companies House is becoming more aggressive over enforcement of penalties for late filing of company accounts
In addition, The Economic Crime (Transparency and Enforcement) Act 2022 has tightened the filing requirements for company accounts It is a criminal offence for directors to file their company accounts late under the Companies Act 2006 and Companies House is becoming more aggressive over the enforcement of penalties and the severity of the penalties, with […]
The four key sins for directors to avoid when their company is insolvent
Company insolvencies in 2023 were just over 25,000, the highest since 1993 and 14% higher than 2022. Of these, the number of Creditors’ Voluntary Liquidations was the highest since records began in 1960. This trend in the year to September 2024 is continuing and insolvent companies in this period account for 55 out of every 10,000 […]
Company insolvency and directors – things you wanted to know but were afraid of asking*
What are the key responsibilities of directors? What do they need to look out for when insolvency looms? Nitin Joshi, one of our partners, has worked in insolvency for over 40 years and in that time, he has seen pretty much everything you can in the world of insolvency. In this article he answers the […]
Antony Batty and Co. appointed as Administrators to Lawbit, the online legal service
On 24th September 2024, two of our Licensed Insolvency Practitioners, Antony Batty and Hugh Jesseman were appointed joint administrators of Lawbit, the online service offering legal advice for small businesses, when it went into company administration. Lawbit’s Founder and chief executive Clive Rich told the Law Gazette recently that the appointment of administrators: “….is part […]
