MLSAdmin
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What is a High Court Writ?
What is a High Court Writ? A High Court Writ is a formal directive granting High Court Enforcement Officers (HCEOs) authorisation to enter your business premises and undertake asset seizure, to liquidate assets to settle outstanding debts. Facing a High Court Writ can be a daunting experience for both debtors and creditors. But, as with…
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What Happens to My Overdrawn Director’s Loan Account in Liquidation?
What Happens to My Overdrawn Director’s Loan Account in Liquidation? The liquidator will demand repayment if your director’s loan account is overdrawn during liquidation. If you don’t repay, they will take legal action, potentially leading to bankruptcy. An overdrawn director’s loan account could lead to serious financial and legal consequences. This scenario is common, and…
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How to Cease Trading a Limited Company
How to Cease Trading a Limited Company Deciding to cease trading is a complex and often emotional decision for business owners. However, understanding the reasons, options, and consequences associated with closing down a limited company is crucial to ensure a smooth transition. Directors and shareholders must agree to cease a trading limited company. The method…
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What is the Role of the Official Receiver in a Liquidation?
What is the Role of the Official Receiver in a Liquidation? When a company faces liquidation, the process can be daunting and confusing for all parties involved. One of the key figures in this complex procedure is the Official Receiver. But who exactly is this individual, and what is the role of the official receiver…
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What is a Phoenix Company?
What is a Phoenix Company? A Phoenix Company is a business bought out of a formal insolvency process like administration or liquidation, often by the existing directors. Phoenix Company symbolises a Phoenix rising from the ashes, and strict rules regulate this process. Pre-pack administration, regulated to protect creditors’ and directors’ obligations, can offer the most…
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Can You Liquidate a Company For Free?
Can You Liquidate a Company For Free? Are you facing the daunting task of liquidating a company with no money? You’re not alone. Many company directors find themselves in this situation and wonder, can you liquidate a company for free? Directors can liquidate their company through Administrative Dissolution, or “striking-off.” This process allows directors to…
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The Cheapest Way to Liquidate a Company
The Cheapest Way to Liquidate a Company Liquidation can be overwhelming, especially when faced with tough decisions that impact the future of your business and its stakeholders. We have compiled a comprehensive guide that will equip you with the knowledge and tools to confidently choose the cheapest way to liquidate a company and find the…
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Liquidating a Company with Outstanding Personal Guarantees
Liquidating a Company with Outstanding Personal Guarantees Personal guarantees are legally binding agreements where an individual takes responsibility for a company’s debts. They are crucial in company liquidation and must be understood and managed carefully. Liquidating a company with outstanding personal guarantees can have significant implications, including personal liability for debts. Exploring options for cancelling…
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Which Creditors Get Paid First in a Liquidation Process?
Which Creditors Get Paid First in a Liquidation Process? When a company faces insolvency and enters the liquidation process, one of the biggest concerns is which creditors get paid first in a liquidation process and, more importantly, how much they will receive. Secured creditors are usually the first to get paid in a liquidation process.…
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Can I Reuse a Company Name After Liquidation?
Can I Reuse a Company Name After Liquidation? Your company has the option to submit an application to the court for the reuse of your liquidated company’s name, but it is necessary to do this within seven days following the company’s liquidation. This procedure is referred to as applying for ‘court leave’, which essentially means…