Can’t afford to pay staff wages
What can I do when I cannot pay my staff wages? If you’re unable to settle your employees’ wages promptly, take it as a warning that your company’s cash flow is precarious and may be technically insolvent. A steadfast workforce is crucial for any business, so prioritising timely and complete wage payments is essential. If […]
Improving cash flow to turn around your company
How can I turn around my limited company when cash flow is poor? Inadequate cash flow often leads to insolvency in numerous limited companies. Recognising the reasons behind the negative cash situation is vital for reversing your company’s decline and guiding it towards profitability. Two pivotal tests exist to ascertain a company’s solvency (or insolvency). […]
Can’t afford staff auto-enrolment company pension costs
Advice for employers struggling to afford auto-enrolment pension contributions If your company can’t cover auto-enrolment pension contributions due to limited working capital and poor cash flow, consider seeking insolvency advice. This can help you avoid enforcement actions from The Pensions Regulator and ensure compliance with your auto-enrolment duties. Enforcement actions may involve a statutory notice, […]
The Status of a Directors’ Loan During Liquidation
As a company enters liquidation, directors must repay their outstanding loans to the company to settle its debts. This article delves into the complexities of directors’ loans in the face of insolvency. We’ll delve into the legal intricacies, tax implications, and practical aspects, equipping you with the knowledge to navigate this process responsibly. By the […]
Support for Resolving Insolvency Issues
Feeling the weight of financial burdens on your business? Struggling to maintain cash flow? Don’t worry, you’re not alone. Company Debt offers FREE, CONFIDENTIAL online insolvency advice to help you navigate through financial challenges and make informed decisions for your company’s future. With our decades of experience in turnaround and insolvency, we’re equipped to guide […]
I am Unable to Pay Suppliers, What is the Right Thing to do?
Many British businesses are grappling with the economic fallout of the pandemic, facing challenges like accumulating debt and struggling to pay key suppliers. This can create a vicious cycle where late payments damage relationships and lead to even stricter terms, further straining finances. While it may be tempting to prioritize certain suppliers to keep your […]
What are the consequences of a limited company going bankrupt?
Company bankruptcy indicates a critical financial state where the entity can no longer meet its obligations due to insufficient cash or an excess of liabilities over assets. This can arise from various causes, including financial mismanagement, overwhelming debt burdens, and economic downturns. When bankruptcy strikes, a company’s assets are typically liquidated (sold) to satisfy creditors’ […]