Posts Tagged ‘creditor’
Corporate Insolvency and Governance Act Explained
In the weeks ahead, the Government will attempt to stimulate Britain’s flagging economy with the introduction of the Corporate Insolvency and Governance Act. The Act, which recently came into law, proposes an extensive shake-up of the insolvency regime. But exactly how will these changes affect business owners? Well, that depends if your primary focus is:…
Read MorePost-Covid-19 termination clauses
One of the most controversial proposals in the Corporate Insolvency and Governance Act is the suspension of termination clauses. Medium and large creditors are prevented from using the terms of their contract to stop the supply of ‘essential’ goods and services to a company in a formal insolvency procedure. However, the suspension of termination clauses…
Read MoreTop 5 Solutions for Dealing with HMRC Winding-up Petitions
In June 2010, we posted an article explaining how to get winding up petitions dismissed and withdrawn and another, five months later, revealing how HM Revenue and Customs (HMRC) was responsible for issuing the vast majority of winding up petitions in Britain.
Read MoreCorporate Insolvencies to Drop Following Appeal Court Ruling
A ruling by the Supreme Court in London could lead to a reduction in corporate insolvencies and stop creditors from chasing struggling businesses. Earlier this month, the Court of Appeal rejected a lawsuit by shareholders from British finance company Eurosail who claim the firm should be liquidated after buying £650m of UK mortgage-backed bonds from…
Read MoreWhat’s More Important: Managing Debt or Bad Practice?
Last year, I advised a company that went bust owing £100,000. The Insolvency Service sought to have the company’s director disqualified, but he couldn’t understand why as his liabilities dwarfed the sums owed by other companies. I explained that he faced prosecution because of his conduct rather than the size of his debt. You may…
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…
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