Posts Tagged ‘creditor’
Top 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In June 2010, we posted an article explaining how to get winding up petitions dismissed and withdrawn and another, five months later, revealing how HM Revenue and Customs (HMRC) was responsible for issuing the vast majority of winding up petitions in Britain.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…
Read MoreTake Control of Your Business before Creditors Do
If your business is in financial trouble, the earlier you address the problem, the more doors will be open for you to find a solution. The longer you leave it those doors will begin to close. Prompt action can prevent creditors from losing patience and issuing you with a winding up petition; leaving your business…
Read More