Posts Tagged ‘Liquidation’
KNP Logistics: A Cautionary Tale of Cybersecurity
In a shocking turn of events, Kettering-based KNP Logistics Group, the parent company of the long-standing haulage firm Knights of Old, has been forced into administration following a cyber attack. The attack, which occurred in June, has not only affected the lives of its employees, but also serves as a stark reminder of the looming…
Read More50% 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 MoreWhat makes an independent insolvency expert?
An independent insolvency expert’s job can be tough, complicated, rewarding and at times exciting. It requires the application of several abilities, including intelligence, excellent people skills and technical knowledge. The ability to assess situations and how to attack each one is paramount. Of course, deep knowledge of insolvency law is vital. Insolvency is a fast…
Read MoreCompany insolvencies rapidly increasing
Government figures reveal a 40% increase in the number of registered companies that entered insolvency procedures during the past year. Newly-released data shows the number of companies entering statutory insolvency procedures has risen 15% compared to pre-pandemic levels in June 2019. Furthermore, the number of companies that were placed into a creditors’ voluntary liquidation (CVL)…
Read MoreDark Side of Liquidation
When a limited company enters liquidation, for whatever reason, revenue from the sale of the company’s assets is redistributed amongst creditors and shareholders in order of priority. The director’s powers cease and an insolvency practitioner (IP) takes over managing the company’s affairs. The director no longer has any control over the company or its…
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