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5 December 2022 Business Insolvency

Many company directors will seek help from an insolvency practitioner at one point or another. They might need advice on how to restructure their company to improve profitability, help with selling their company using methods such as a pre-pack administration, or help to liquidate their company when it needs to be closed down. In this…

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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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When a company decides to close using a Members’ Voluntary Liquidation (MVL), directors will usually file a signed indemnity during the procedure. Essentially, this allows the company to distribute funds amongst its shareholders without waiting for the MVL to follow the usual channels that allow for the release of funds. As this can take months,…

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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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