Before deciding to liquidate your company, have a think whether there may be a possibility of Business Recovery. One option you can consider is a Company Voluntary Arrangement (CVA).
Should your business be in a position where it is suffering from financial difficulties and is struggling to pay its creditors you may be thinking about cutting [...]

One of the main reasons for business failure during these difficult trading times is late or non payment of debts. If you are struggling to persuade your customers to pay, there are a number of actions you can take to get them to part with their cash.
A major reason for company failure during recession is [...]

The Enterprise Finance Guarantee scheme (EFGS) is designed to is to boost lending to small and medium sized businesses. We look at whether it has been sucessful.
The Small Firms Loan Guarantee Scheme (SFLG) was closed in January 2009 and replaced by the Enterprise Finance Guarantee scheme (EFGS). The idea behind the EFGS (and indeed the [...]

At first glance, the corporation tax deferment scheme seems like an extremely good idea. However, I believe it is important to question whether this policy is simply deferring an inevitable wave of company failures.
In November 2008, the Chancellor of the Exchequer announced a fast track service to allow companies to apply to defer their corporation [...]

Not paying HMRC debt will eventually put a business in significant risk. They will eventually go to court for the issue of a winding up petition.
Figures in a recent National Audit Office Report show the amount owed to HM Revenue and Customs (HMRC) in the form of unpaid income, corporation and VAT has risen dramatically [...]

With the difficult trading conditions in which many companies are struggling with, the use of procedures such as company voluntary arrangements is likely to become increasingly common. This is bad news for creditors who will find themselves with unpaid accounts.
Where a company is struggling to pay its debt, it may be at risk of becoming [...]

If a company is struggling partly due to historic debts, the directors may decide the best action is to close the business. However there is nothing to stop a director starting up a new company and buying relevant assets from the liquidator to make it a going concern.
Where a company is struggling and unable to [...]

Once a winding up petition is issued, it is advertised in the London Gazette. This advertisement will be identified by the company’s bank which will normally cause the bank to suspend banking facilities. With such serious consequences it is important that Company Directors are aware of the following actions that they can take.
Traditionally, a winding [...]

When a company is unable to pay its outstanding debts, I have had a number of directors ask me whether they can just close the doors on the business and wait for HMRC to issue a winding up order. In the mean time, the directors plan is to start a new business and carry on [...]

When a company is liquidated or Wound up, the liquidator is required to write a report on the actions of the Directors of the company. If they believe the Directors did not act in accordance with their duties then they will indicate that they believe the Directors were guilty of wrongful trading. If this accusation [...]