Company Debt Advice

How Do I Know If My Company Is Insolvent? You know your company is insolvent when issues such as cash flow, pressure from creditors, high staff turnover, and difficulty paying wages arise. Insolvency is not a situation any business owner wants to face, but it is crucial to understand the implications and warning signs to…

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…

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 | 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…

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…

Cannot Pay Corporation Tax Bill – What Options Do I Have? Understanding and managing corporation tax is essential for any business owner. This blog post offers valuable insights and practical solutions for navigating the complexities of corporation tax obligations. We’ll explore the fundamentals, consequences of non-payment, communicating with HMRC, and alternative solutions. By the end,…

Who Decides When a Limited Company Is Insolvent? Imagine being a director of a limited company, and suddenly you find yourself unable to pay your company’s debts. You’re not alone, as every year, countless businesses face the harsh reality of insolvency. But who decides when a limited company is insolvent, and what is the process…

What Is Deemed Misuse of a Bounce Back Loan? The Bounce Back Loan Scheme has been a lifeline for many small businesses during the Covid-19 pandemic. However, misuse of these loans has become a significant issue, with far-reaching consequences for businesses and the economy. In this blog post, we’ll delve into “what is deemed misuse…

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…

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…