As a Director of a Company when Should You start Insolvency Process?
An unexpected downturn in the market can easily have severe implications on business. This is true, even if your company’s financial situation has never been a cause for concern. It’s important to know if a business is in trouble because directors who continue to trade while the business is insolvent risk being made personally responsible for company debts, […]
What does an Insolvency Practitioner do?
Behind any firm that can offer personal and company insolvency services, there is a licensed Insolvency Practitioner or IP. When seeking advice on company insolvency or otherwise, you should always check that the firm has an insolvency practitioner working for them. The IP must be regulated by one of the professional bodies, such as the […]
What types of Insolvency Procedures can be Applied to a Limited Company or a Partnership?
Insolvency describes a situation when a company (or individual) can’t pay what they owe on time, or when the value of their assets is less than the money they owe. The law (mainly the Insolvency Act 1986) sets out formal legal processes for insolvent companies. Not every business with a debt problem ends up needing […]
What happens to an Overdrawn Director’s Loan Account in Liquidation?
An overdrawn director’s loan account is simply a director’s loan that has not been repaid. It is quite common for the directors of limited companies to take money out of the business in some form other than a dividend or salary. If they do, any money they take is considered to be a loan from […]
