Company Focus’ Advice Centre
Tips and information about dealing with business debts
A winding up petition should be taken very seriously as a court order to place a business into compulsory liquidation follows.
HMRC has a statutory requirement to maximise tax revenue, however is a it is not in their remit to shut down companies without considering proposals for a compromise.
A bailiff is a person that, with the authority of a court order, will arrive at your place of business collect overdue debts.
Liquidation fees can be paid from company assets, from director’s personal funds or sometimes, from redundancy payments.
A Company Voluntary liquidation (CVL) is a formal method of closing down insolvent business
What happens if I can’t repay? Do I have to pay this back myself if the Company cannot?
If your company has debts that you are struggling to pay then you need to take the advice of a qualified professional before going down this route.
Liquidation and Strike Off applications are two processes for closing a business. Understanding them helps achieve a smooth closure.
As of May 2021, Insolvency Service has powers to investigate directors of companies that have been dissolved.
Restrictions on statutory demands and winding up petitions will remain until 30 September 2021
There are three insolvency tests to establish if your company is insolvent.