TUPE and Administration Process Explained
What is TUPE in company administration? The TUPE regulations safeguard employees’ rights when their company undergoes an administration process. If the company is sold during the exit from administration, existing employee contracts move to the new company, guaranteeing both ongoing employment and the maintenance of current terms, conditions, and periods of continuous service. TUPE […]
Receivership: Process and Procedure
What is the process of LPA receivership? The Law of Property Act, or LPA, receivership unfolds when a debtor neglects agreed payments to a creditor with a fixed legal charge. Upon falling into arrears, the creditor can initiate the receivership process to take ownership of the specified asset. Creditors commence the LPA receivership by appointing […]
Receivership: Advantages and Disadvantages
The advantages and disadvantages of receivership A creditor finds receivership beneficial, but a director facing it sees drawbacks. Directors lose control swiftly, a disadvantage. Yet, for creditors, it’s advantageous – quick liquidation of company assets and prompt distribution of proceeds. What Are the Benefits and Drawbacks of Receivership? When a company violates the terms […]
What is Administrative Receivership?
How to Stop Your Company From Going into Administrative Receivership If your company has defaulted on a debenture created before 15 September 2003, there’s a risk of the bank appointing an administrative receiver to recover the owed money. For defaults on debentures or loan agreements created on or after 15 September 2003, the bank cannot […]
Administration Name Change
Can I change my company’s name during administration? Yes, you can change a company’s name during an administration process. You will need to discuss the proposed name change with the appointed insolvency practitioner. Generally, this is not likely to be problematic, and the request is likely to be approved. Changing a Company Name in […]
How long can a company stay in administration?
Time scale of company administration Administration is a temporary state for a company. Sooner or later, it will need to exit administration and the safeguards it provides. Exiting administration can happen through various means, including a sale to a connected or unconnected party, entering an alternative recovery process like a CVL, or even liquidation if […]
Employee Rights During Company Administration
What rights do employees have during company administration? During a company’s administration, employees face redundancy risk until a way forward is determined. If the company can be saved and sold to another party, employee contracts will move to the purchasing company under TUPE regulations. Employee Rights & Company Administration As a director or employee […]
Can business HMRC tax debts be written off?
Can a limited company write off tax arrears owed to HMRC? If your company is burdened with HMRC debts that you find challenging to repay, you may be curious about the circumstances, if any, under which you can have them forgiven. Encountering difficulties in settling bills for VAT, National Insurance contributions, or PAYE is not […]
Expert help and advice on VAT issues
What are my options when I cannot pay the VAT? If you find it challenging to settle the VAT, various options exist to assist your company. HMRC is eager to support those facing difficulties with VAT or other tax commitments and might establish a Time to Pay (TTP) arrangement to facilitate the repayment of owed […]
Can’t afford to pay Construction Industry Scheme tax
What are your options if you fall into arrears with CIS payments? If you’re facing challenges in meeting Construction Industry Scheme (CIS) payments, it’s crucial to take prompt action. Delay can rapidly escalate into a cycle of debt for your business, potentially leading to insolvency. HMRC enforces a strict tax regime and imposes significant penalties […]