Archive for January 2011
Creditors Voluntary Liquidations Will Be Popular in 2011
Thousands of struggling company owners will voluntarily close their businesses this year, and most of those that do will use a Creditors Voluntary Liquidation (CVL) process. A CVL is perhaps more popular than a Compulsory Liquidation as it allows directors to put a company into liquidation with their shareholders’ approval and permission from creditors. If…
Read MoreAlways Read the Small Print of Finance Agreements – the Devil’s in the Detail
Over the past year, Yorkshire businessman Keith Elliot has launched a campaign to highlight what he claims are unscrupulous banking practices. A few years back, Elliot’s car business, Premier Motor Auctions, ran into trouble so he arranged a pre-packaged deal with accountants PwC for his bank, Lloyds TSB, to purchase a 15 per cent stake…
Read MoreNew HMRC Scheme Punishes Small Businesses Owners
Up to two million small and medium sized business that fail to keep up-to-date records and are likely to pay taxes late face fines of up to £3,000, under a new scheme to be launched by HM Revenue and Customs (HMRC) this year. HMRC’s consultation plan, Business Records Checks, runs until 28 February 2011 and…
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