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Being served a winding-up petition is a real possibility for insolvent companies. This petition is the typical route to initiating a compulsory liquidation. A process that can be forced upon a company by any creditor owed at least £750. This will bring the issue of repayment to the courts, with a view to determining whether…

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When a company becomes unprofitable, as is the future of many to some extent, a strike-off can be a good idea. By doing so, directors can dispose of their company’s assets and close it down. This way, directors can benefit from the retained profits of their companies, before prolonged unprofitability makes a financial failure out…

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During the height of the Coronavirus pandemic, no company emerged untouched by the effects it had on the economy. Footfall dropped sharply, people spent less, and the supply chain suffered. These factors, amongst many others, led companies across the nation to insolvency. To counter this, the U.K government implemented Bounce Back Loans, a specialised loan…

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12 August 2022 Business Insolvency

Insolvency is mainly used to refer to a company that cannot pay its liabilities when they are due. This is known as technical insolvency, and while it’s often the most appropriate term, it isn’t the only type of insolvency company directors should know. In addition to technical insolvency, there are two other types – balance…

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8 August 2022 Business Insolvency

For struggling companies, regaining control over their finances is paramount. If their financial situation continues to deteriorate, insolvency is highly likely, which carries a range of negative consequences for the company and its directors. As such, any tool that can be used to help remedy the situation should be strongly considered. One such tool is…

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