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Company Sold as a Going Concern: What Does This Mean?
Company Sold as a Going Concern: What Does This Mean? Are you considering selling your business? If so, you’ve likely come across the term “going concern.” The term “going concern” is often used in accounting to describe a business that is anticipated to remain operational for the foreseeable future. Understanding this concept is crucial, as…
What is a High Court Enforcement Officer?
What is a High Court Enforcement Officer? High Court Enforcement Officers are authorised debt collectors who enforce judgements made in the High Court. They can seize assets and repossess property, causing stress and uncertainty for those on the receiving end. We look at the role and powers of HCEOs, the types of debts they handle,…
What Are Fixed and Floating Charges
What Are Fixed and Floating Charges? Fixed charges apply to physical, identifiable assets while floating charges cover business assets. You cannot sell or dispose of a fixed asset without the lender’s authorisation. Floating charges can change until they ‘crystallise’ into fixed charges. These charges significantly impact lenders and businesses, determining the level of security and…
My Company Has Been Issued with a Statutory Demand
My Company Has Been Issued with a Statutory Demand Facing a statutory demand is daunting for any company, as it signifies a turning point in the business’s financial stability. We will equip you with the knowledge and tools to effectively manage a company with statutory security demands and safeguard your company’s future and security. Understanding…
What to Do When Your Company Owes You Money
What to Do When Your Company Owes You Money Imagine working hard for your employer, only to find out that you’re not getting the money you deserve. It’s a frustrating and disheartening situation that no one should have to face. Unfortunately, it does happen. Options summarised: So, what to do when your company owes you…
Can HMRC Force My Company into Liquidation?
Can HMRC Force My Company into Liquidation? HMRC, as a major creditor, has the authority to force a company into liquidation through a compulsory liquidation process. This legal action can have severe consequences, including investigations that may place certain liabilities and sanctions on company directors. To prevent HMRC from initiating compulsory liquidation, it is essential…
Advantages and Disadvantages of Creditors Voluntary Liquidation
Advantages and Disadvantages of Creditors’ Voluntary Liquidation Creditors Voluntary Liquidation (CVL) is a popular method for resolving business insolvency, but is it the right choice for your company? Creditors Voluntary Liquidation offers cost-efficiency, control over the process and potential asset repurchase opportunities. Reputational damage, asset loss and director investigations are potential drawbacks of a CVL.…
What is a Scheme of Arrangement?
What is a Scheme of Arrangement? A scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors to facilitate debt restructuring. The process involves obtaining court approval, negotiations, voting by members/creditors and consideration of the rights & interests of all parties involved. Advantages include binding all creditors/members and lower expenses.…
Why Do I Need to Register for VAT and What Happens if I Don’t?
Why Do I Need to Register for VAT and What Happens if I Don’t? Whether you’re a small business owner or an established company, it’s crucial to be aware of the legal requirements, consequences, and benefits of registering for VAT. If you are not VAT registered, you still need to pay VAT on your purchases…
Calculating Director Redundancy Claims
Calculating Director Redundancy Claims Understanding the process of claiming director redundancy pay is crucial for navigating this challenging period and securing your financial future. This comprehensive guide will walk you through the ins and outs of director redundancy claims. From eligibility criteria to using a full director redundancy payment claims calculator for calculating your claim…