When closing a limited company, directors must choose between strike-off and liquidation. Understanding the key differences between these options is crucial for making an informed decision and avoiding any possible complications. Determining Your...
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When a business fails a director’s duties continue. Directors have several responsibilities and potential liabilities they must fulfil and these cannot be avoided by entering into insolvency or liquidation – even by resigning. Generally,...
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Company Insolvencies The insolvency statistics released for April 2024 show that of the 2177 registered company insolvencies: Company insolvencies in April 2024 consisted of 300 compulsory liquidations 1,715 creditors’ voluntary...
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The insolvency statistics released for March 2024 show that of the 1785 registered company insolvencies: 1,436 were CVLs which is 29% lower than in March 2023 228 were compulsory liquidations which is 25% lower than March 2023 There...
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An Individual Voluntary Arrangement (IVA) provides individuals with protection from legal action while trying to settle debts. It is a good option for those wanting to repay debts, or an agreed percentage thereof, over a set period of time and avoid...
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One way to deal with personal debts is to apply for a Debt Relief Order (DRO) which are not particularly well-known but can offer a helpful solution for those with relatively low levels of debt and few personally-owned assets. As always, seek...
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If you or your client’s business is facing financial distress it can be a stressful and worrying time for all involved. It can also be daunting to be presented with an overload of information and options on what to do next. Perhaps a formal...
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A restructuring plan is a recently introduced court-supervised process that allows financially distressed companies to restructure their liabilities and reach a binding compromise with their creditors and/or shareholders. It must have approval from...
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The number of registered company insolvencies in July 2023 was 1,727, 6% lower than in the same month in the previous year (1,831 in July 2022). This was higher than levels seen while the Government support measures were in place in response to the...
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The number of registered company insolvencies in June 2023 was 2,163, 27% higher than in the same month in the previous year (1,698 in June 2022). There were 260 compulsory liquidations in June 2023, 77% higher than in June 2022. Numbers of...
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