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12 July 2022 Business Insolvency

When liquidating an insolvent company, the funds raised from selling assets primarily go to meeting the needs of creditors. While simple enough, the process gets a bit more complicated when a company has a variety of creditors. Some must be paid before others, creating a debt hierarchy, so to speak. If you intend to liquidate…

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“Can a liquidated company still trade?” This question is asked by more and more business owners as the UK economy faces new challenges every day. For the uninitiated, liquidation refers to the process of converting business assets into cash in order to pay outstanding debts. It often takes place when a company is too financially…

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When introducing a process or change to your company, it is naturally important that you know what impact it may have. What is equally important, though sometimes not given due attention, is the impact these actions will have on directors. This is true for every meaningful action, for both solvent and insolvent companies, and is…

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Every company must pay corporation tax once every 12 months. Unlike income tax, corporation tax does not have a particular payment date. Instead, companies will submit their corporation tax according to their own accounting period. If payment is even a single day late, the company in question will suffer a penalty of £100. This penalty…

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A company strike-off is an effective, low-cost method of closing down a solvent company. It is used by a great many directors for a wide range of reasons, from declining profitability to retirement. In most cases, the process is quite simple; you will file your application with the Companies House, notify HMRC, and allow the…

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