Administration
50% increase to bankruptcy and liquidation fees
Just months after lifting the temporary restrictions on winding-up petitions, the Government has revealed plans that will make it harder for thousands of SMEs and microbusinesses to collect debts and force debtors into insolvency procedures. The Insolvency Service plans to hike in the cost of two key payments later this year. Firstly, the deposit a…
Read More3 alternatives to liquidation for directors
A clever director will be considering their options as the number of corporate insolvencies continues to rise in 2022. Still, try not to make rash decisions as they can lead to bad results. There are several alternatives to liquidation that can help a proactive director move forward with an insolvent but profitable business. An agreement…
Read MoreHow to protect yourself in an unregulated investment
Sometimes when an investment goes wrong, you can be left feeling really isolated, powerless, and hopeless. You may think: “How can I, one individual, fight this?” But few creditors are aware of the power they can obtain simply by uniting with others – because unity is strength. So, we’re here to shed some light on…
Read MoreDirector disqualification and misconduct
Careless, deceitful, and delinquent company directors can expect to face disqualification proceedings if their actions cause creditors to suffer financial loss. Disgruntled shareholders and creditors (the people and businesses you owe) may take action against a director suspected of misfeasance or another serious transgression. However, a licensed insolvency practitioner (IP) usually instigates Director Disqualification Proceedings.…
Read MoreBusiness rescue advice: administration vs CVL
When directors resolve not to rescue an insolvent company, an insolvency practitioner (IP) may recommend placing the company into administration. However, in many instances a creditors’ voluntary liquidation (CVL) would be a more suitable insolvency procedure. Whereas companies remain in administration for at least 12 months, CVLs usually take less time and therefore incur fewer…
Read MoreTips for creditors in administration
Many business owners and directors will return after lockdown to discover they’ve become creditors in a statutory insolvency procedure, most likely administration. This is because administration is an attractive solution for business owners looking to avoid incurring further debts with suppliers following Covid-19. The procedure is a rescue mechanism for asset-rich but insolvent companies and…
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