Business Insolvency

For companies looking to close, a strike-off, or dissolution, is a more than viable method. It is cheap, effective, and relatively straightforward, making it a good choice for directors wanting to wind up their companies without much hassle. However, it is only an option for solvent companies, and cannot be carried out for companies with…

It is the fate of most companies to close at some point or another. The reasons for this are plentiful; the company may be insolvent, its market share or profitability may be declining, the directors may wish to pursue other ventures, or they may simply want to retire. There are many, many more reasons why…

Every insolvency procedure has its own set of rules and regulations that must be adhered to. Before directors decide to use any particular procedure, they would do well to understand these regulations adequately. For a pre-pack administration, SIP 16 regulations must be strictly followed to ensure the procedure is carried out lawfully. In this article,…

Dissolution is an effective method of closing a company. It is cost-effective, well-structured, and relatively easy to implement. However, it is a method only available to solvent companies, meaning all debts and liabilities must be paid before a company goes into dissolution. Directors who attempt to dissolve an insolvent company (i.e. one with debts) will…

Managing an insolvent company is a difficult task, with the usual stressors of running a company being accentuated by creditor pressure and, in some cases, the looming threat of legal action. If the situation is not handled, this potential threat can become active, with an insolvent company’s creditors filing a winding-up petition, and the courts…