What is an insolvent estate?
What is an insolvent estate? When someone passes away, their debts are settled using the assets from their estate. Certain debts might be addressed through provisions like insurance policies, but otherwise, they must be paid from the proceeds of selling estate assets. If the total debts and liabilities of the deceased exceed the value of […]
Beware of Unqualified Advice
The importance of using a licensed insolvency practitioner when your company is in financial difficulty Unqualified guidance remains a concern in the corporate insolvency sector, underscoring the importance for company directors to remain vigilant and seek advice from licensed insolvency practitioners who are qualified and reputable. In recent years, there has been an unfortunate rise […]
What options do I have if my business is failing?
If your business is failing, what help is available for company directors? HMRC Time to Pay Arrangement (TTP) Alternative Finance Informal and formal negotiations with creditors (Company Voluntary Arrangement) Company Administration and Pre-pack Administration Creditors’ Voluntary Liquidation (CVL) How to turn around a struggling company If you think your business is struggling, it’s crucial […]
What is a private company limited by shares?
Private company limited by shares: what you need to know If you’re thinking about setting up your company, you might be unsure about choosing between the ‘limited by guarantee’ or ‘limited by shares’ model. Despite having similarities, there are important distinctions, especially concerning how the company’s profits can be taken out. The most widespread form […]
Can a company write off a CBILS loan?
Can my company write off its CBILS loan? A loan obtained through the Coronavirus Business Interruption Loan Scheme (CBILS) remains non-negotiable for write-off during active trading. Nevertheless, the possibility of renegotiating repayment terms exists. The sole circumstance under which your CBILS loan could be written off is if the company faces insolvency and proceeds to […]
Difference between fixed and floating charges
What are fixed and floating charges? Fixed and floating charges come into play when a business borrows money. A fixed charge involves using a specific asset as collateral, while a floating charge involves using a category of assets as collateral, rather than a single asset. A guide for company directors on fixed and floating […]
Personally funding your failing company? Get help today
Should I put more of my own money into a failing company? In short, “No!” While the desire to invest in your company to rescue it is understandable, if your business is facing difficulties and requires additional funds, there’s a high likelihood that your investment might be absorbed, and you may not recover those funds. […]
Company Director Advice
Expert help and advice for your limited company when you need it the most While no one embarks on their business journey with the intention of it failing, regrettably, numerous enterprises may encounter financial challenges at some stage. It’s crucial to bear in mind that facing financial or operational issues within your limited company doesn’t […]
Proposing a CVA: How to negotiate the agreement with creditors
Negotiating a CVA With Creditors When your company is grappling with numerous debts, and cash flow is insufficient, one of the limited options available, aside from seeking external financing, is to engage in negotiations with creditors. The aim is to request a reduction in monthly payment amounts or establish a payment plan that provides the […]
What is ‘hiving’ when used as part of a Company Voluntary Arrangement (CVA)?
Hiving assets and Company Voluntary Arrangements (CVAs) A Company Voluntary Arrangement (CVA) is a formal insolvency procedure that offers the chance to rescue a financially distressed company by restructuring its debts and reorganising its operational framework. Underperforming facets of the business can be closed down, and negotiations with creditors may result in reduced monthly expenses. […]