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What Happens To Bounce Back Loans if a Business Goes Bust?
What Happens To Bounce Back Loans if a Business Goes Bust? When businesses struggle to repay Bounce Back Loans, they can refinance existing company debt and seek professional advice from insolvency practitioners. Businesses remain liable for unpaid Bounce Back Loans when they go bust. We look at the potential implications of Bounce Back Loans on insolvency,…
Closing A Limited Company
Closing A Limited Company Are you considering closing your limited company but unsure of the steps involved? From informing HM Revenue and Customs (HMRC) to settling outstanding debts, there are legal requirements and tax implications to consider. We look closely at the reasons why someone would want to close their limited company, the steps involved…
Can I Wind Up My Own Company?
Can I Wind Up My Own Company? Is it time to close your business? The decision to wind up your company can be a difficult one. Directors can wind up their company by submitting Form DS01 to Companies House. This voluntary dissolution process involves repaying creditors and removing the company name from the official register…
Am I Liable For Company Debts During Insolvent Liquidation?
A company director might be personally responsible for company debts if they provided personal guarantees or engaged in misconduct or fraud that led to the debts. If the company goes into insolvency and is liquidated, these liabilities could fall to the director to repay. Understanding your responsibilities and potential liabilities is essential as you guide…
I Want To Close My Business and Walk Away
I Want To Close My Business and Walk Away Before closing your business, it’s crucial to know whether your company is solvent or insolvent. This determination will significantly impact the liquidation process and the steps you’ll need to take. As a business owner, it can be challenging to make this assessment, especially when emotions are…
What Happens if I Can’t Afford to Liquidate My Company?
What Happens if I Can’t Afford to Liquidate My Company? Imagine you’re a director of a small company that has hit a rough patch. Your business is struggling, and you’re facing insolvency. You know that liquidation is a potential solution, but what happens if I can’t afford to liquidate my company? This blog post will…
My Company is Going Bankrupt: What Are My Options?
My Company is Going Bankrupt: What Are My Options? Bankruptcy can be a daunting experience for any company director. The fear of losing control, the potential for personal liability, and the uncertainty about the future can be overwhelming. But what if there were alternatives and options to help you navigate this challenging time? This blog…
What are the Three Different Types of Liquidation
What are the Three Different Types of Liquidation Liquidation is a legal process undertaken when a company faces insolvency or decides to cease its operations. There are three distinct types of liquidation: compulsory liquidation, members’ voluntary liquidation, and creditors’ voluntary liquidation. Understanding the differences between these types is essential for company directors, stakeholders, and creditors…
Company Owes Me Money and They Have Gone Into Liquidation
Company Owes Me Money and They Have Gone Into Liquidation Having a company that owes you money and has gone into liquidation can leave you wondering what to do next and how to recover your funds. When a company enters liquidation, the liquidator sells its assets at auction. The proceeds from this sale go toward…
How to Close a Company with HMRC Debts
How to Close a Company with HMRC Debts Closing a company can be a complex and challenging process, particularly when there are outstanding debts owed to HMRC. Dealing with HMRC debts requires careful attention and proper communication to ensure a smooth and compliant closure while addressing any financial obligations. The safest way to close a…