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Dissolution is the process of closing down a company as a legal entity. Thousands of companies are dissolved each year and, although the procedure has its benefits, it is not suitable for every situation. A director can dissolve their company provided that the company hasn’t: traded or sold off stock in the last three months…

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There is often some confusion around the terms ‘insolvency’ and ‘liquidation’. So, let’s take a look at what they are. What is liquidation? There are three different liquidation processes. Members’ Voluntary Liquidation A Members’ Voluntary Liquidation (MVL)  is a process that can only be carried out if the company in question is solvent and able…

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January 23, 2019 FAQs

If you’d like to close down your limited company, there are a number of procedures that you must follow in order to stay on the right side of the law. Here is a brief run-down of the process: How to close down a solvent limited company Striking off voluntarily Companies that meet the following criteria…

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If your company is facing liquidation due to insolvency, you may have a number of creditors chasing you for payment. Your Insolvency Practitioner will have the responsibility of recouping as much money as possible so that the company’s debts can be repaid as far as possible. Often, this is done through the sale of assets…

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Introduced by The Finance Act 2016, the Targeted Anti-Avoidance Rule (TAAR) was made to prevent individuals from ‘phoenixing’ their companies in a bid to convert dividends into capital payments. Although the TAAR was originally introduced to deal with the tax advantages that can occur as a result of phoenixing, experts believe the legislation has a…

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