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17 March 2023

If directors of an insolvent company do not act swiftly to remedy the situation, or maintain clear communication with creditors, then they are likely to be served with a winding-up petition. A winding-up petition often precedes a compulsory liquidation, meaning the future of a company on the receiving end is at risk. Furthermore, once this…

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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…

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Liquidating an insolvent company can be rather volatile for the uninformed. It’s easy to trip over one of the many legal pitfalls, especially when lacking a solid understanding of the practice and what to avoid. Acting haphazardly and underestimating the sensitivity of such a practice can easily result in unforeseen consequences, many of which carry…

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It is the fate of most companies that they will be closed at some point. This could be for a wide range of reasons, from lack of profitability to the directors wanting a new project or to retire. For such companies, a voluntary liquidation or a voluntary strike-off will be the two main options for…

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If you are a director of a company that is being placed into Creditors’ Voluntary Liquidation (CVL), you might be entitled to claim redundancy payments from the Insolvency Service. The Gov.uk site provides some guidance on this topic here. To be eligible for redundancy payments as a director, you will need to confirm your status…

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