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Strike off a Company vs Business Liquidation

Strike off a Company vs Business Liquidation

Articles

11/02/2021

Company strike off and business liquidation are two ways to close down a business, but it can be difficult to know which process is the most appropriate. Initially, you need to consider your company’s financial position – whether it’s solvent or insolvent – and think about the potential repercussions for yourself as a director. Your company can be tested for solvency in three ways, and may…

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Finance Act 2020: What This Means for Director and Shareholder Liability

Finance Act 2020: What This Means for Director and Shareholder Liability

Articles

10/02/2021

The recently introduced provisions detailed in the Finance Act 2020 allow HMRC to make directors, shadow directors, and other connected individuals, jointly and severally liable for the tax liabilities of insolvent companies or LLPs in certain situations. This is achieved through the issuing of a joint liability notice (JLN) as set out in Section 100 and Schedule 13 of the Act. Who can be at risk …

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What are the available options for directors when facing VAT and PAYE arrears?

What are the available options for directors when facing VAT and PAYE arrears?

Articles

09/02/2021

HMRC provides a degree of assistance to some companies in arrears. It is not an uncommon event for a company to default on its tax liabilities, and if your business has become delinquent on VAT and PAYE, they may be able to offer extra time to pay. A Time to Pay arrangement, or TTP, can provide the help you need, but you should contact HMRC as soon as possible to stand a better chance of it being…

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What happens to my bounce back loan during liquidation or administration?

What happens to my bounce back loan during liquidation or administration?

Privileges

14/12/2020

A crucial part of the government’s coronavirus support package for businesses was the Bounce Back Loan Scheme (BBLS), which was introduced to provide emergency funding for those affected by the pandemic. It has been a popular scheme with a high uptake among SMEs keen to take advantage of the loan scheme’s many benefits, not least of which are the government-subsidised interest payments. With s…

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Advantages & Disadvantages of a Pre-Pack Administration

Advantages & Disadvantages of a Pre-Pack Administration

Privileges

13/12/2020

A pre-pack administration facilitates the quick sale of a business in insolvency. Negotiations for the sale of underlying business assets take place prior to an Administrator being appointed, after which time the sale generally goes through very quickly. Assets may be bought by a third party or trade buyer, but it is often the case that directors of the failed business purchase the assets and trad…

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The Company Voluntary Arrangement Process – How does it work?

The Company Voluntary Arrangement Process – How does it work?

Privileges

12/12/2020

A Company Voluntary Arrangement, or CVA, provides an exit from administration that repays a proportion of debts and halts creditor action against you. It could be an option if your company is deemed viable for the future by a professional insolvency expert, and therefore stands a chance of returning to profitability. But what does the process involve, and could it be the right choice for your b…

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Company Dissolution – Who can object to striking off?

Company Dissolution – Who can object to striking off?

Privileges

11/12/2020

When a limited company is dissolved and its name removed from the register at Companies House, directors must ensure that creditors are paid within 12 months of closure. This is a fundamental part of being eligible for dissolution, as the process is not available to insolvent companies. If the company cannot pay its creditors in the required timescale, or is later found to have been insolvent at…

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If my company is liquidated, am I personally liable for product guarantees and warranties?

If my company is liquidated, am I personally liable for product guarantees and warranties?

Privileges

10/12/2020

Incorporation as a limited company generally provides protection from director's facing personal liability for product guarantees and warranties. Setting up a business using this legal structure makes the company a separate legal entity, with director/shareholder liability being limited. On liquidation, any customer wishing to use a current guarantee or warranty for one of your products effectivel…

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Tax Efficient Way to Dissolve a Business Partnership

Tax Efficient Way to Dissolve a Business Partnership

Privileges

09/12/2020

When considering ending a business partnership, there are two distinct types of dissolution depending on whether one partner wants to carry on trading, or if the entire operation will cease to exist. Technical: when one partner leaves and another joins – the business carries on trading. General: the partnership is wound up, the business ceases to exist, and partners take funds from the organisa…

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