Can I liquidate online?
The quick answer Yes everything to liquidate a company can be done online. If you want to have a meeting we can do this by video using Zoom, Teams or other services. All of the signatures that we need can be done electronically. In more detail ONLINE LIquidation We can do everything by email and […]
Has wrongful trading been suspended?
The quick answer Wrongful Trading was suspended on the 1st March 2020 until the 30th September 2020. This was because of the economic impact of the Coronavirus on businesses. In more detail Wrongful Trading The issue with Wrongful Trading is that the directors can be personally liable for the company debts if they keep trading […]
My Language School Is In Trouble – What Should I Do?
The quick answer The first thing you should do is work out if your language school is insolvent. This means either all your assets will not cover all your liabilities in full or you are unable to pay your debts as they fall due. If you are insolvent then you should not continue to take […]
How To Liquidate A Limited Company
The quick answer Firstly, you need to know that there are two types of liquidation, and to make sure you choose the right one: Insolvent liquidation: also known as Creditors Voluntary Liquidation (“CVL”). This is where the company cannot pay off everything it owes and needs to be closed down quickly. Solvent liquidation: this is […]
What Happens If My Business Cannot Pay Its Corporation Tax?
The quick answer You need to be proactive and contact HM Revenue and Customs and ask for time to pay if you want to keep trading. If your business cannot afford to pay its Corporation Tax then HM Revenue and Customs will send in a bailiff to your business premises to seize company assets in […]
How Do I Get My Maternity Pay If My Employer Goes Into Liquidation Or Administration?
The quick answer If your employer goes into Liquidation or Administration then your maternity pay will be paid by HM Revenue and Customs. They will take up where your employer left off and pay the following at the statutory level (not the level if your employer was paying you more): Maternity pay Sick pay Paternity […]
Effects Of Liquidation On A Business
The quick answer The effects of liquidation on a business means that it will stop trading and the powers of the director’s will cease. The directors are replaced by a Liquidator whose job it is to realise the assets of the business for the benefit of all the creditors. All of the employees are automatically […]
What Is The Difference Between A Business Liquidator And An Official Receiver?
The quick answer The Official Receiver is a civil servant employed by the Insolvency Service who deals with compulsory liquidations and bankruptcies. A business liquidator is an individual working in the private sector and is a Licensed Insolvency Practitioner. In more detail When the directors want to liquidate a company they will need a Licensed […]
How To Have A Cheap Liquidation And Quickly
The quick answer The cheapest liquidation for an insolvent company is usually £3,000 plus vat. This is if the company has two or less shareholders, no employees and no more than 5 creditors. The cheapest solvent liquidation is £2,000 plus vat for assets held of up to £100,000. The cost of liquidation can increase if […]
How To Close A Business That Is In Debt
The quick answer In a nutshell, the three options to close a company are: 1. Striking off using Companies House from DS01. If you do not owe any creditors or very small sums then you can deal with striking off yourself or get your accountant to do it. 2. Compulsory liquidation. Where you have a […]
