Closing a limited company with VAT debt: Your step-by-step guide If your limited company has accrued VAT debt and faces insolvency, you must act swiftly and responsibly. Ignoring VAT arrears can lead to severe penalties, enforcement actions by HMRC, and potential personal liability. This comprehensive guide outlines the precise steps and legal obligations directors must [...]
Phoenix Companies After CVL: What Directors Need to Know Yes, you can start a new company after a Creditors’ Voluntary Liquidation (CVL), but only if you follow UK insolvency laws. The new company must be legally separate, assets must be purchased at market value, and directors must not reuse the old name without permission. Done [...]
If you’re reading this, chances are you - or someone you know - is facing a tough situation. Maybe the business is struggling to pay suppliers. Maybe HMRC is knocking. Or maybe cash flow has dried up completely, and you're unsure what happens next. Whatever the reason, you're not alone, and you're certainly not the [...]
Company in Financial Difficulty? Your Complete Guide to UK Business Debt Solutions When your company faces financial difficulties, the stress can feel overwhelming. You're not alone - thousands of UK business owners find themselves in similar situations every year. The key difference between those who recover and those who don't is understanding your options and [...]
Contractor Insolvency: Managing Risk and Responding Quickly in Construction Written by Anderson Brookes | June 2025 Contractor insolvency is one of the most disruptive and expensive risks in construction today. Whether it’s a main contractor folding or a key subcontractor walking off site, the financial and operational impact can be enormous - delaying work, blocking [...]
What Is an Insolvency Practitioner: Key Roles Overview What is an Insolvency Practitioner? An Insolvency Practitioner (IP) is a licensed professional authorised to act on behalf of companies and individuals facing financial difficulties or insolvency. These specialists serve as the official mechanism for resolving debt problems, working to minimise the negative impact on all parties involved. IPs can assist directors of [...]
Costs of Going Into Liquidation: A Complete Breakdown for UK Business Owners Overview of Liquidation Liquidation marks the formal end of a company's existence, involving the sale of assets and settlement of debts with creditors. There are several types of liquidation which have different costs, timescales and risks attached to them. We advise to speak [...]
✅ Bounce Back Loan Liquidation Checklist: A Practical Guide for Directors If your business is struggling with an outstanding Bounce Back Loan (BBL) and you’re considering closing down, it’s important to take the right steps to ensure everything is handled legally and with minimal stress. This checklist will guide you through the liquidation process, so [...]
CCJ County Court: Navigating Small Claims Procedures in the UK Understanding CCJs County Court Judgments (CCJs) are legal orders issued when individuals or businesses fail to repay debts. These judgments can have significant financial and legal consequences, affecting one's credit score and ability to obtain future credit. Definition of a County Court Judgment A County [...]
Insolvency Liquidation Costs: A Comprehensive Guide to Professional Fees and Expenses Overview of Insolvency Liquidation Insolvency liquidation serves as a formal legal process to dissolve a company and distribute its assets to creditors. The procedure follows strict priority rules and requires qualified insolvency practitioners to manage the process. Essential Principles of Insolvency Liquidation When your [...]