Posts Tagged ‘winding up petition’
HMRC Exhausted from Issuing Winding-Up Petitions
Last month’s revelation that HMRC resources are stretched so thinly the tax collector is no longer able to supply insolvency practitioners (IPs) with data, is a sure sign the British economy is bankrupt.
Read MoreHow Do You Protect Yourself as a Director When Your Company Has Been Liquidated?
After a company is liquidated either through a Creditors Voluntary Liquidation (CVL) or compulsorily winding up by the court, the actions of the directors during the previous 12 months usually come under careful scrutiny. If the liquidator (or official receiver) believes the director(s) in question did not act in accordance with their duties, they can…
Read MoreHow Do You Issue a Winding Up Petition?
A Winding Up Petition (WUP) is the most serious action that can be taken against a company and usually is only issued if a creditor is determined to recover an undisputed debt or put the company out of business because the debtor company is believed to be insolvent. The creditor will issue a statutory demand,…
Read MoreJJB Sports Complete Company Voluntary Arrangement
JJB Sports owners are ‘delighted’ to have concluded their company voluntary arrangement (CVA) last month. The sports equipment retailer entered into a CVA with creditors and shareholders in May 2009 to avoid collapse. But what is a CVA? Companies apply for CVAs when they’re overwhelmed by debt liability and, as a result, unable to trade.…
Read MoreTo Sell or Not to Sell: When is a Good Time to Cash In on Your Assets?
If you’ve been served with a winding up petition, selling your assets should be seriously considered as a viable option to help save your business. In fact, if selling your assets is an option, the sooner you do so the better and preferably before a winding up petition have been presented against your company. If…
Read MoreInsolvency Practitioners to be Independently Regulated – About Time
Last week, the Office of Fair Trading (OFT) released a report criticising the insolvency industry and calling for the establishment of a complaints body to regulate practitioners. The report found that, on average, insolvency practitioners (IPs) earn fees of up to 20pc of the assets available when firms are wound up. A large part of…
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