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25 September 2023 Winding Up Petition

Creditors with outstanding loans to insolvent companies may be tempted to make use of a winding up petition. This petition offers a means of recovering a debt that would otherwise be difficult, if at all possible, to collect. Winding up petitions allow creditors to take the matter to the courts, make their case, and potentially…

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For insolvent companies, being served a winding up petition is a very real possibility. The procedure can be used by creditors as a means of trying to recover a debt they are owed. Being on the receiving end of a winding up petition can be catastrophic for a company, and stressful for the directors.  If…

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Insolvency is a financial state that indicates serious trouble for a company. Not only does it foreshadow severe financial turmoil for a company, but it also can cause directors financial and legal problems. As such, knowing whether your company is approaching insolvency can be invaluable. Directors have a number of tools and warning signs they…

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8 September 2023 Business Insolvency

Companies which are struggling with their cashflow and business debts have a range of options available to them to remedy their financial situation, including insolvency solutions. The main insolvency solution used by directors is to appoint an insolvency practitioner to place their company into a Creditors’ Voluntary Liquidation (CVL). Other options include administration or a…

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5 September 2023 Business Insolvency

Directors may, at some point, consider using a liquidation process for their company. This could be for a number of reasons, including: These scenarios are relatively common. However, many parts of the liquidation process are not widely known, for example, the various rights of both creditors and directors involved in the liquidation. Directors should be…

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