Insolvency system does not protect employees

23rd Mar, 2015

The closure of City Link has exposed how company insolvencies fail to offer enough protection to employees, according to a damning report by MPs. MPs said the system was too heavily skewed in favour of investors and the taxpayer and called for the balance to be shifted. The report into the controversial closure of the company over Christmas stated that under the current rules, it was in the financial interest of a company to break the law and ignore the statutory redundancy consultation period. Mick Cash, leader of the Rail, Maritime and Transport union, said the "shocking" report vindicated its complaint about the... Read more

Budget 2015: Corporation tax to fall to 20%

18th Mar, 2015

There is good news for struggling businesses as Chancellor George Osborne has announced in today's budget that Corporation tax will fall to 20% in April 2015.HMRC said that the further reduction in Corporation Tax supports the government’s objective for a more competitive and simplified Corporation Tax system to provide the right conditions for business investment and growth.... Read more

Insolvency - Life on the Streets

16th Dec, 2014

While the great and the good try and decide on whether the pre-pack administration is a good thing that rescues a viable business from a failed company, or a rogues charter, IP's at the sharp end try and deal with clients situations on a case by case basis.  Every situation has it's routine, familiar factors, and also some unique variables to consider, when formulating a plan of action. In situations where the owner/operator is seeking to continue with the business, often the pre-pack has certain key advantages over the alternative of a trading administration or CVA.  These advantages however, do not always translate into... Read more

Low Cost Liquidation

17th Aug, 2014

Our online liquidation system is unique. It's direct! Liquidating online means we can keep costs down giving you a guaranteed lowest cost liquidation. We keep the costs down by working together, no middlemen, no commission, direct liquidation with no fuss. We're Direct about Liquidation Fees You can find out exactly how much it will cost to liquidate your company by To find out exactly the cost of liquidation you can follow our simple liquidation quote wizard. There's no obligation to proceed at that stage. ... Read more

95% of Directors of Insolvent Companies Avoid Disqualification

13th Mar, 2014

Many Directors assume that they will face an automatic ban from acting as a Director of another company when their existing company goes into Liquidation. This is most definitely not the case.   The likelihood of a Director receiving a disqualification depends on a number of factors, relating to their conduct as Directors, and the reasons for the failure of the company. As an Insolvency Practitioner (IP) advising a Director prior to insolvency proceedings,  commenting on the likelihood of the director being disqualified is particularly difficult, as the final decision to take action is within the remit of the Insolvency Service, and there may be... Read more

New Years Liquidation

10th Jan, 2013

Since 2013 got going properly, with everyone back at work properly by Friday, things have really started to kick off on the insolvency front. We are experiencing a record level of inquiries from Directors who are looking to grab the bull by the horns and deal with the financial problems faced by their companies. The high level of demand is probably due to a combination of factors: - the post Christmas hangover, with the turkeys coming home to roost in January! - the recent downturn in the service sector is hitting small service companies hard - the continuing trend of directors of... Read more

A Stitch in Time

05th Jan, 2013

Every Insolvency Practitioner ("IP") would agree with me when I say, it is better to get advice sooner rather than later. If your business is experiencing cash flow pressure, then the sooner you seek advice to understand your options, the more options you are likely to have. Of course, we would say that, it is a self serving point of view, as we are looking for business opportunities to provide insolvency services, so we are hardly likely to recommend delaying coming to see us for as long as possible. And the sad fact is that that is the normal scenario, as we are... Read more

Company Liquidation - A Fresh Start in 2013

03rd Jan, 2013

The new buzz word in the Insolvency professional is Zombie, as in Zombie Company, which is basically a company that is a dead man walking, just hanging on, robbing Peter to pay Paul, with time to pay arrangements in place with HMRC and major trade creditors, and often under the supervision of the Business Support Unit of their Bank. The sad fact is that particularly for smaller companies, it is often impossible to trade out of a substantial financial deficit, often for several reasons. The fundamental difficulty of trading out of a cash flow deficit is that the lack of cash makes... Read more

Liquidation - A Learning Curve

08th Aug, 2012

Many entrepreneurs experience business failure several times before finally succeeding. In today's ultra competitive business environment, this has never been more true. Liquidation is only really a business failure if the director(s) give up and call it a day.  In the event they re-start the business in a new company, they can learn the lessons from the previous company, and the apparent "failure" is instead valuable experience. In business, mistakes are inevitable, the trick is to avoid repeating them, and also to avoid making catastrophic mistakes that lead to being totally wiped out. That is why it makes sense to use the structure of... Read more
more...