- I have received a Winding Up Petition - What actions can I take? By : Derek G Cooper
More recently, creditors have started to use winding up petitions specifically as debt collection tools. Rather than issuing a county court judgement which could then be ignored, creditors are choosing to issue the winding up petition because of the immediate pressure that this puts on the company to pay the outstanding debt. Given these serious implications, as a company director, it is very important for you to know what actions you can take. - Business Phoenixing - Is a Pre-Pack a practical way to avoid company failure? By : Derek G Cooper
With the continuing economic downturn, increasing numbers of businesses are finding it difficult to continue trading. In these circumstances Phoenixing or Pre-Pack Administration would would remove the burden of historic debts and allow business to continue to trade. - Self employed and in financial difficulty - 4 options to solve your debt problems By : Derek G Cooper
It is usual for sole traders and the self employed to assist their business with personal borrowing. Unfortunately when the business suffers it often leaves the individual with large personal financial problems. So what are the options available to help solve these? - CVAs (Company Voluntary Arrangements) become increasingly acceptable to creditors By : Derek G Cooper
The outdoor and leisure clothing retailer Blacks is planning to resolve its financial difficulties by agreeing a Company Voluntary Arrangement (CVA) with its creditors. Yet more evidence that creditors are starting to understand the value of CVAs for restructuring struggling companies. - Resolving directors personal debt problems with Debt Management By : Derek G Cooper
Frequently directors of a small business borrow in their own name to invest in the company. If the business fails, they are often left struggling to pay personal debts which corporate rescue schemes do nothing to assist. Debt Management discussed here is one of the options to help their personal debt. - Solving Directors Personal Financial Difficulties with an Individual Voluntary Arrangement (IVA) By : Derek G Cooper
The problem for directors is that corporate rescue solutions do nothing to resolve any debts taken on by them personally. Very often the directors of a company will borrow money in their own name which is then used to support their company. Directors may take a personal loan and transfer the money to the company account, or a director will pay company bills and invoices with a personal credit card. Because these debts are in the director's name and not that of the company, the director remains personally liable for them even if the company is closed. We look at one solution to help directors personal debt problems. - I have a Statutory Demand - What does this Mean? By : Derek G Cooper
On receiving a statutory demand you have three weeks to respond. After that the courts will assume your company is insolvent and take steps to wind it up. Here are the four options that you have. - Do the benefits of Pre Packs (Phoenixing) outweigh the criticisms? By : Derek G Cooper
Pre Pack liquidation or Phoenixing has become the subject of much debate over the past 12 months. It is my view that these arguments against the pre pack process are fundamentally flawed. - An Easy Guide to do a Phoenix or Pre-Pack By : Derek G Cooper
Transform your dying business using Pre-pack or Phoenixing. Take the viable parts of your struggling business and move on using this guide. - Practical guide to a Company Voluntary Arrangement By : Derek G Cooper
A step by step guide to doing a Company Voluntary Arrangement. Take away the pressure caused by historic debt and have a viable business again. - Liquidation - how do I close my company? By : Derek G Cooper
Looking to close down your company? Here is a guide to the liquidation process you will need to go through. - Can you protect your business against seizure of goods in lieu of rent By : Derek G Cooper
Landlords do have a legal right to seize goods from a defaulting tenant in lieu of rent arrears. This process is called distrait. The question is how to protect against this. - Business Refinancing used to prevent Company Bankruptcy (Liquidation) By : Derek G Cooper
In the midst of an economic downturn, many companies find themselves at risk of failure because they do not have enough cash to maintain their day to day business activities. High Street banks are currently extremely reluctant to lend because of their huge bad debt risks. There are other funding options which should be considered which are collectively known as business re-financing. - Use a Pre-Pack or Phoenix to avoid Company Bankruptcy (Liquidation) By : Derek G Cooper
If your company is no longer financially viable in its current form, you may be looking at closing (or liquidating) the business. However, if you believe that the business idea remains a good one, you should look at a Pre Pack Liquidation or Phoenix. - Company Voluntary Arrangement (CVA) used to prevent Company Bankruptcy (Liquidation) By : Derek G Cooper
Before deciding your company is bankrupt, it is worth considering whether there may be a possibility of turning around the business. One option you can consider is a Company Voluntary Arrangement (CVA). - Winding Up Orders now used as Debt Collecting Tools By : Derek G Cooper
Traditionally, winding up was initiated by a creditor because they believed that a company was not in a position to pay its current outstanding debts. Over the last 12 months I have seen increasing numbers of creditors using winding up petitions to force creditors to pay outstanding debt. - Helping Cash Flow in challenging trading conditions By : Derek G Cooper
A major reason for company failure during recession is late or non payment of debts. If you are struggling to persuade your customers to pay, here are a number of tips to get them to part with their cash. - Deferring company tax is covering up a ticking time bomb of insolvency By : Derek G Cooper
On the face of it, the corporation tax deferment scheme seems like an extremely good idea. It is important to ask the question whether this policy is simply deferring an inevitable wave of company insolvencies. - Tips to ensure a successful Pre-Pack or Phoenix By : Derek G Cooper
Undertaking a business pre pack liquidation is by no means a recipe to ensure that the new phoenix business will be a success. Following the tips below will help get off to the best start possible. - If a customer has a Company Voluntary Arrangement (CVA), how can we collect the debt owed to us? By : Derek G Cooper
Unfortunately, with the challenging trading conditions in which a large number of companies are finding themselves, the use of procedures such as company voluntary arrangements is likely to become increasingly common. This is bad news for creditors who will find themselves with unpaid accounts. - What are the implications of a Winding Up Petition By : Derek G Cooper
A Winding Up Petition could have serious consequences for you and your business. It is therefore very important to understand what a Winding up Petition is and the implications of receiving one. - Company Liquidation need not be the end of life By : Derek G Cooper
If a company is struggling in the current economic climate partly due to outstanding debts, the directors may decide the best action is to close the business. However there is nothing to stop a director starting up a new company and buying relevant assets from the liquidator to make it a going concern.
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