Rogue directors who dissolve their companies by striking off and avoid paying liabilities to staff, creditors and the taxpayer can now be disqualified from being a director.
Charities are unusual in that they are not like a business owned by its shareholders. The trustees (or directors) of a charity are often acting in a voluntary capacity.
A debenture is a legal mortgage taken on a limited company to secure a loan, an overdraft or invoice discounting. They are often used by banks and factoring companies.
A voluntary arrangement is a legally binding agreement between an individual, a partnership or company and all its creditors.
For most company directors insolvency is not something that they have experienced before.
We often see companies that have been established a long time that cannot afford to downsize and make staff redundant due to the costs.
October 2021 Newsletter
From the 12th May the Insolvency Service has been given new power to investigate directors of dissolved companies and apply fines and bans from acting as a director. This new legislation gives the Insolvency Service the power to revisit dissolved companies that took Bounce Back Loans and Coronavirus Business Interruption Loans that have closed and […]
David Kirk’s latest article published in the London Gazette can be found here: https://www.thegazette.co.uk/insolvency/content/103900 What is the order in which creditors get paid when a company is insolvent? David Kirk, a chartered accountant and licensed Insolvency Practitioner at Kirks, explains who gets paid first during liquidations and administrations. Which creditors get paid first when a company […]
Will I be personally liable for a Bounce Back Loan if I close my company?