Winding Up Petitions
Struggling Business Owners Will Act Swiftly, If They Are Smart
In December, I warned that company insolvencies would soar over the next 12 months. Now, new research suggests that one million businesses are currently facing ‘financial distress’, with 850,000 UK firms currently suffering from decreased profits. Insolvency & Law provide services for companies in trouble, and businesses affected by companies in trouble i.e. creditors.
Read MoreSection 127 of the Insolvency Act: Stop Spending If You Receive a Winding Up Petition
If you’re a business owner and expecting difficult financial times ahead, now’s the time to educate yourself on insolvency legislation to ensure you don’t become the subject of litigation. A record number of winding up petitions will be served on ailing businesses in the coming year, but most of their recipients – company directors –…
Read MoreCorporate Insolvency to Rise in 2011, Despite Xmas Boost
Research carried out by insolvency trade body R3 has found that nearly 50 per cent of UK businesses are currently experiencing falling profits. The new ‘Business Distress Index’ found that 750,000 businesses had seen a reduction in their sales volumes and 32 per cent had experienced a recent fall in market share. Last year, a…
Read MoreIf Your Business is in Debt, a Winding Up Petition Could Follow Sooner than You Think
Around one in five businesses in the UK are worried about the amount of debt they currently owe creditors. Whilst most debts accrued by small businesses are owed to HMRC, owners are in fact more concerned about trade debts. Businesses deal with these types of debts on a daily basis, and so they can seem…
Read MoreWinding Up Petitions Increase, But Are They Being Served Correctly?
Winding up petitions issued by creditors against firms based in Central London increased by 39 per cent in October 2010 compared with 10.5 percent in the rest of the country, a new study has revealed. The increase is simply a reflection of the government cutbacks and will probably continue throughout 2011. It’s also evidence that…
Read MoreIs the Activroll Case Another Example of HMRC Abusing Their Powers?
It appears that a successful Scotland-based payroll company, which describes itself as one of the country’s fastest growing businesses, has become the latest victim of HMRC’s aggressive collection procedures. Last month, bosses at Activroll, which employs around 100 staff and has offices in the US and Australia, were shocked to discover a public notice in…
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