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Company Liquidation does not have to be the end of the road for businesses

If a company is struggling in the current economic climate partly due to outstanding debts, the directors may decide the best action is to close the business. However this need not be the end of the road as there is nothing to stop a director of the original business setting up a new company and making a bid to the liquidator for any or all of the assets which can then be used in the new enterprise.
By : authorname123

Winding Up Petition - Actions to take

Once a winding up petition is issued, it is advertised in the London Gazette. This advertisement will be identified by the company's bank which will normally cause the bank to suspend banking facilities. With such serious consequences it is important that Company Directors are aware of the following actions that they can take.
By : authorname123

Why you should Wind Up the old company before starting a new one

When a business cannot afford its debts, the directors often ask me whether they can just close the doors on the business and wait for HMRC to follow through a Winding Up Petition. Why is it not a good idea to start a new business while the old company is in limbo?
By : authorname123

Compulsory Liquidation and how to protect yourself as a director

Once a company has been liquidated either through a Creditors Voluntary Liquidation or winding up, the liquidator will produce a report on the conduct of all of the directors in the period running up to when the business stopped trading. If they believe the Directors did not act in accordance with their duties then they will indicate that they believe the Directors were guilty of wrongful trading. If this accusation is upheld then Directors face being banned from being a director of all companies and personal liability for the company's debts. How do you minimise this risk?
By : authorname123

Company Administration - how am I affected?

Given the current economic climate, it is unfortunately to be expected that an ever greater number of companies are going into administration. I have spoken to more and more people recently who are employed by businesses where administration is happening or imminent. These people are quite concerned and want to understand what administration is and what it means for their personal situation.
By : authorname123

Personal Finance is as vital as Business Finance in the recession

I have come across many examples of small business owners or directors who use personal borrowing to supplement their business cash flow. Unfortunately due to the effects of the credit crunch, personal credit is now becoming much harder to obtain. What can be done about this...
By : authorname123

County Court Judgment - How will this affect me

In the current market many businesses are finding that they have been issued with a County Court Judgment commonly known as a CCJ. This article seeks to explain what a County Court Judgment is, why they are issued and what the implications of receiving a County Court Judgment are.
By : authorname123

Is a Company Voluntary Arrangement only half a solution to save a Failing Business?

On the face of it, a Company Voluntary Arrangement is beneficial for both the company and its creditors. It allows a company which might otherwise have failed and been wound up to continue to trade. Despite these potential benefits, many insolvency professionals have long regarded Company Voluntary Arrangements with scepticism because they believe there is a likelihood of early failure.
By : authorname123

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