What is a Phoenix Company? The word phoenix derives from the mythical bird that rises from the ashes as a new being when their life has come to an end. This is exactly the same when it comes to describing a phoenix company. Phoenixing is when a company has been entered into liquidation. The business [...]
What is a Time to Pay Arrangement?As a business owner, you have tax liabilities you need to keep up with. However, if you find that you are struggling to pay your tax bill on time, you will need to get in touch with HMRC as soon as possible; do not delay.You may be able to [...]
What is a Sole Trader?A sole trader is an individual who operates a business on their own. They will still be classed as self-employed, however, they will also be the sole owner of the business they work for.When you are a sole trader there will be no legal distinction between yourself and your business. You [...]
What is high court enforcement?When a creditor is owed money by you, then those creditors can make a claim against you through the High Courts. This is called High Court Enforcement.If the amount owed is over £5000 then any claims made would be passed onto the High Courts for overseeing. Anything under £5000 will be [...]
Company Liquidation: What Are Your Options?What is the liquidation of a company?Liquidation is a term many business owners dread.But while it may be feared, company liquidation is very common. Liquidation is where a company uses its assets to pay off its debts. To go into more detail, the assets from the business are ‘liquidated’ or turned [...]
What is a company voluntary arrangement?If your company is insolvent then under the UK insolvency law, you can enter into a company voluntary arrangement (also known as a CVA). A company voluntary arrangement is a legally binding agreement between an insolvent company and its creditors. The CVA allows the insolvent company to repay all or [...]
What is a winding up order?A winding up order is something that many business owners dread. In the world of business, failure is sometimes inevitable and often managing a situation effectively is more important than trying to prevent it from happening.At Anderson Brookes, we specialise in providing personal and business debt advice to people throughout [...]
