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What Happens When I Owe Money to My Own Company?
What Happens When I Owe Money to My Own Company? If your company enters liquidation you become personally liable to repay the full balance outstanding. Any outstanding debt owed to the company is recorded as an asset on the balance sheet. In the event of company liquidation, you assume personal liability to repay the entire…
Who Values the Assets in a Company Liquidation
Who Values the Assets in a Company Liquidation? Navigating the complexities of a company liquidation can be an overwhelming experience for directors and shareholders alike. Assets need to be professionally valued by an independent expert. The proceeds from the sale are then distributed to the creditor groups. With so many variables to consider, it’s essential…
What is Fraudulent Trading for a Limited Company
What is Fraudulent Trading for a Limited Company We’ve all heard the tales of deceit and scandal in the world of business, but have you ever wondered, what is fraudulent trading for a limited company? With the potential to wreak havoc on businesses and their stakeholders, understanding the complexities of fraudulent trading is crucial for…
How Can a Business Remove a County Court Judgment (CCJ)?
How Can a Business Remove a County Court Judgment (CCJ)? As a business owner, encountering a County Court Judgment (CCJ) can be a daunting and confusing experience. You can remove a CCJ by repaying the debt within a month or applying for a set aside. If you pay the debt quickly, the Judgment may not…
Business Debt Advice | Get Help With Company Debts
Business Debt Advice | Help For Struggling Business When debts begin to overshadow your business operations, it’s crucial to seek professional advice and explore viable solutions that can help steer your company back to financial stability. Understanding the different types of business debts, recognising the signs of financial distress early, and knowing when to seek…
Company Director Redundancy
Company Director Redundancy Company directors may be eligible for redundancy payments when their limited company is insolvent and has been operating for two years. Eligibility criteria include meeting age and service requirements and going through liquidation. Claims must include proof of employment status, with claims needing to be made within the specified time frames in…
Can I Liquidate My Company and Start Again?
Can I Liquidate My Company and Start Again? You can restart your company after liquidation using a licensed insolvency practitioner to ensure it is done correctly. You should be cautious when naming your new company similar to the liquidated one, which could lead to legal problems. This practice, often called “passing off,” can make creditors…
What Does It Mean When Your Business Is Bankrupt?
What Does It Mean When Your Business Is Bankrupt? When a company goes bankrupt, its liabilities (or debts) exceed its assets, and bills cannot be paid. We explore the ins and outs of business bankruptcy, the role of insolvency practitioners, and the various options available for insolvent companies. We’ll also discuss the responsibilities and liabilities…
On What Grounds Can a Company Director Be Disqualified?
On What Grounds Can a Company Director Be Disqualified? Company director disqualification is a serious matter that can have lasting consequences on both personal and professional lives. The Company Directors Disqualification Act outlines the legal framework for disqualifying directors on the grounds of unfit conduct. Common reasons for director disqualification include unfit conduct, wrongful trading…
What Happens if My Business Receives a CCJ
What Happens if My Business Receives a CCJ Receiving a County Court Judgment (CCJ) can be a daunting experience for any business. A CCJ requires the company to pay the outstanding debt within a set timeframe or face further legal action. One immediate and tangible impact of a CCJ on a limited company is its…