A Company Voluntary Arrangement (CVA) is a process that aims to turn around and rescue an insolvent business. It is an agreement made between the director and creditors that allows the company to repay its debts over a fixed time period. Although a CVA aims to rescue an insolvent business and restore it to profitability,…
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Closing a limited company is not an easy decision to make; however, if you’ve decided it’s the right move for you, then you must understand how your financial position will affect your options. If your company is insolvent, meaning it has more debts than the value of its assets, then the process of closing it…
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There are three main types of company liquidation and the best one for you and your company will depend on your particular circumstances. If you are considering liquidating your company in 2021 and you want to know more about the process and when is the best time to liquidate your company, Clarke Bell has put…
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If you are considering closing your insolvent limited company, you may well be worried about whether the company’s debts will apply to you personally. Typically, directors won’t be made personally liable for the debts of a limited company – because it is a separate entity to the directors and shareholders who are associated with it.…
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Throughout the last year the government has set out a range of measures to help businesses struggling due to the coronavirus pandemic, including the Bounce Back Loan Scheme and Coronavirus Business Interruption Loan Scheme. The schemes are now closed to new applications, however the government has recently announced it will provide more support for businesses…
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