The government introduced bounce-back loans amid the coronavirus pandemic to help small to medium-sized businesses stay afloat during the uncertainty of trade during the lockdown. Loans ranging anywhere from £2000…
Ok, it doesn’t apply to all director's overdrawn loan accounts but here is a little case study, to show how to get the Government to repay a directors loan account…
It is going to be much more difficult to restructure businesses with HMRC a preferential creditor from 1 December 2020. HMRC are set to become preferential creditors from 1 December…
HMRC have got new powers to make directors and shareholders joint and severally liable to a company's debts due to HMRC. This will give directors and shareholder personal liability for…
The latest Finance Bill received Royal Assent on 22 July 2020. One important element of that bill was HMRC will become a preferential creditor for some taxes including PAYE and…
As businesses start to think about restarting after lockdown, a CVA may be a useful tool. A CVA, or Company Voluntary Arrangement, is an agreement between a company and its…
Knowing when your company is insolvent is important for several reasons. The most important reason is that it changes your duties as directors to act in the interest of creditors…
This is the second in a series of articles to help business plan their cashflow. The first one is about short term cash flow and can be found here. In…
What is wrongful trading? The offence of wrongful trading is set out in the Insolvency Act 1986 Section 214. That section applies to a director if the company ultimately ends…
The Insolvency Service has just published guidance for solvent businesses that need to make staff redundant but cannot afford to make the payments. You can find the guidance here The…