MLSAdmin
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Can HMRC Liquidate A Company?
Can HMRC Liquidate A Company? HMRC has the authority to force a company into liquidation if the company fails to pay taxes or is found to be engaging in tax fraud. This power is particularly concerning for businesses that struggle to meet their tax obligations. The procedure for HMRC-initiated company liquidation involves warning letters, bailiff…
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Who Pays for Staff Redundancy When a Business Goes Into Liquidation?
Who Pays for Staff Redundancy When a Business Goes Into Liquidation? When a business goes into liquidation, it’s not just the company’s assets and finances that are at stake. The livelihood of its employees is also on the line. Certain staff redundancy payments, including redundancy, statutory notice, and unpaid wages, can be recovered from the…
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Bounce Back Loan Support
Bounce Back Loan Support The Bounce Back Loan Scheme is an initiative designed to support UK small and medium enterprises (SMEs) during the challenging economic climate induced by the pandemic. Introduced by the government as a lifeline, this scheme offers vital financial support to businesses striving to navigate through disruptions and maintain their operational momentum.…
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What’s the Difference Between a Liquidator and the Official Receiver?
What’s the Difference Between a Liquidator and the Official Receiver? Imagine being in the middle of a financial crisis with your company on the brink of insolvency. It’s a nightmare scenario that many businesses face, and understanding the roles of liquidators and official receivers is crucial in navigating these turbulent times. The liquidator and official…
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What to Do When a Customer Will Not Pay Your Invoices
What to Do When a Customer Will Not Pay Your Invoices You can file a court claim for the money you’re owed (commonly referred to as a ‘money claim’ or ‘small claim’), including any interest and compensation due. Your customer may choose to pay soon after receiving your claim to avoid a court order against…
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How Do I appoint An Insolvency Practitioner?
How Do I Appoint an Insolvency Practitioner? In the world of business, financial distress is an unfortunate reality that many companies may face at some point, this is where an insolvency practitioner’s expertise becomes invaluable. You can appoint an insolvency practitioner by a meeting of creditors or through the courts. In this guide, we will…
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What is an Insolvency Lawyer?
What is an Insolvency Lawyer? An insolvency lawyer offers advice to businesses that are at risk of insolvency and supports insolvency practitioners in carrying out statutory insolvency procedures. They also assist individuals dealing with bankruptcy. These professionals navigate the intricacies of financial distress, offering guidance provide advice and solutions tailored to each unique situation. Understanding…
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Business Recovery Options: Can My Company Be Rescued?
Business Recovery Options: Can My Company Be Rescued? In today’s fast-paced and ever-changing business landscape, it’s essential to recognise the signs of distress and act promptly to secure your company’s future. There are many ways your company can be rescued such as Company Voluntary Arrangement,Debt Restructuring and Refinancing, Asset Refinancing, and Working with an Insolvency…
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Is a Director Liable if a Company Can’t Repay a Bounce Back Loan
Is a Director Liable if a Company Can’t Repay a Bounce Back Loan If the company cannot repay the Bounce Back loan, the bank or a liquidator will likely investigate the use of the funds and may conclude that the loan was “stolen” from the company. As a director, you would be personally liable for…
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Bank Bounce Back Loan Help
Bank Bounce Back Loan Help Scheme The Bank Bounce Back Loan Help Scheme has been a vital lifeline for many businesses during turbulent times. As a business owner, it’s crucial to understand the scheme and manage it effectively, ensuring your company’s financial stability while fulfilling your obligations. Are you making the most out of the…