Help and advice when dealing with bailiffs for limited company debt
What are bailiffs’ powers with limited companies in debt? A limited company stands as a distinct legal entity from its director, meaning that if a bailiff or enforcement officer is appointed, only possessions owned by the company can be repossessed. When bailiffs are tasked with collecting a debt on behalf of a creditor, and negotiations […]
County Court Judgments: How to challenge a CCJ
How can company directors dispute a County Court Judgment (CCJ)? A company director can dispute or seek to remove a County Court Judgment (CCJ) under the following conditions: To challenge or remove a CCJ, you must submit a defence form. Is it possible to remove or challenge a CCJ? When a creditor seeks a County […]
My company is insolvent – what happens to my staff?
Understanding TUPE and redundancy pay for employees following insolvency When a company becomes insolvent, directors often worry about the fate of their employees. Despite insolvency, it’s not guaranteed that the business will shut down, and safeguards exist to protect employees. If the business is sold as a going concern, the Transfer of Undertakings (Protection of […]
What are the warning signs of company insolvency?
What are the common signs of business insolvency? If you’re concerned your company might be heading towards insolvency, watch out for warning signs. Financial troubles can sneak up slowly, making it hard for directors to notice. But the sooner you spot the issue, the more choices you’ll have. Check for these problems to see if […]
My business is failing: How can I save it?
Common reasons small businesses fail Upon closer examination, the ominous foreshadowing of a failing business often manifests in subtle indicators months before the actual downfall. Recognizable signs include stunted business growth, inadequate cash flow management, and a conspicuous dearth of innovation or distinctiveness. According to CB Insights, the leading culprits behind startup failures can be […]
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’ […]