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Many directors will want to release capital from their solvent company at some point. This could be while the company is still trading because of a lack of profitability or to spend the capital on the business; or because they are looking to close down the company, perhaps to take up a PAYE-role or retire.…

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At the end of the liquidation process, insolvent companies will be wound up and cease to exist as commercial entities. While this has a wide range of consequences, one of the most important is the future of the company’s employees. Many will be without employment at this stage, entitling them to certain rights and benefits.…

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Corporation Tax is an expense all companies must budget for. It is a tax linked to a company’s profits and must be paid every twelve months as part of a company’s year-end accounts. However, although it is a regular expense, it is not uncommon for directors of struggling companies to fail to budget for their…

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The past few months have seen a marked rise in the cost of energy and other utilities, both for commercial and individual use. This increase in cost shows no sign of slowing, with energy prices set to rise by 65% this Winter, according to estimates provided by the Cornwall Institute. Naturally, this rise in energy…

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When a director is ready to close down their solvent company – perhaps to retire or take on a PAYE-role due to IR35 – their best option is often a Members’ Voluntary Liquidation (MVL). In the MVL process directors sell off assets and distribute the proceeds, and/or they can transfer company assets – which is…

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