How can a bank appoint an Insolvency Practitioner?
When faced with a struggling borrower, banks wield significant influence through the appointment of insolvency practitioners. By strategically selecting these practitioners, banks not only protect their financial interests but also contribute to the orderly resolution of insolvency proceedings. This process involves careful consideration of the practitioner’s expertise, track record, and alignment with the bank’s objectives. […]
How to find an insolvency practitioner?
When financial challenges arise, having a knowledgeable and trustworthy insolvency practitioner by your side can make all the difference. By offering practical tips on conducting research, asking the right questions, and assessing compatibility, we empower you to make a confident choice. This article guides you through the process of finding the ideal professional to support […]
What is an insolvency practitioner?
When businesses or individuals face insolvency, an insolvency practitioner steps in to overcome the complex terrain of financial distress. Discover the vital role these professionals play in administering insolvency procedures and providing expert guidance to stakeholders. Who is an Insolvency Practitioner? An Insolvency Practitioner (IP) is a licensed professional who specialises in dealing with individuals […]
What to do if you cannot afford to liquidate your insolvent company
Can I liquidate my insolvent limited company without a licensed insolvency practitioner? If you don’t have enough money for a licensed insolvency practitioner, there might be other ways to pay for a formal insolvency procedure, like a payment plan. You can’t close a company by yourself because UK law says only a licensed insolvency practitioner […]
Retention of Title – How does company insolvency affect this?
What you need to know about Retention of Title When a company gives items to customers on credit, there’s a chance they might not get paid on time. This can be a big problem for suppliers, affecting their cash flow, especially if the customer is in financial trouble. If a company has to go into […]
Can I run my UK limited company from abroad?
Running a UK limited company from overseas as a non-UK resident If you don’t live in the UK, you might be thinking about running a UK-based limited company from another country. There are things to think about, like your taxes and where your company is officially based. Getting your taxes right is really important here. […]
The importance of business liquidity
What is the definition of business liquidity? Business liquidity describes how fast and easily a business can turn assets into cash. A company with high liquidity can quickly raise funds to cover unforeseen expenses without needing to borrow more. What does liquidity mean in business? Business liquidity depends on how swiftly a business can […]
Can I resign as a director but keep my shares in the company?
Resigning as company director: What happens to my shares? There are numerous reasons why you may wish to resign as a director of your company. However, before doing so, it’s important to think about whether you intend to retain your shares in the company. The Articles of Association or Shareholders’ Agreement usually outline the procedure […]
Can I be a company director if I have an IVA?
Can I operate a limited company if I have an Individual Voluntary Arrangement (IVA) due to personal debt problems? A company director doesn’t need to resign or lose their position if they have an Individual Voluntary Agreement (IVA) to solve personal debt problems. Unlike bankruptcy, where a director has to relinquish their position. IVAs: Definition […]
What To Do When Your Company Owes You Money?
What can I do if my employer owes me money? If you’ve loaned your company money, it’s seen as a director’s loan, and you’re considered a creditor of the business. If the company can’t repay the money you’ve lent, and it goes into liquidation, as a director, you’ll be low in the hierarchy to get […]