Company Focus’ Advice Centre
Tips and information about dealing with business debts
If your company is struggling to repay a bounce-back loan there are a number of options available to you.
If you are not able HMRC on time, a Time to Pay (TTP) Arrangement allows you to repay these debts monthly over a period of time.
The consequences for failing to fulfil duties can be significant and throughout the process of insolvency.
Directors are often aware of the term wrongful trading without being wholly informed of the meaning and the consequences until being under investigation.
There are three insolvency tests to establish if your company is insolvent.
Restrictions on statutory demands and winding up petitions will remain until 30 September 2021
As of May 2021, Insolvency Service has powers to investigate directors of companies that have been dissolved.
Liquidation and Strike Off applications are two processes for closing a business. Understanding them helps achieve a smooth closure.
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.
What happens if I can’t repay? Do I have to pay this back myself if the company cannot?
A Company Voluntary liquidation (CVL) is a formal method of closing down insolvent business
Liquidation fees can be paid from company assets, from director’s personal funds or sometimes, from redundancy payments.
What are the implications of having received a bounce back loan when liquidating a company?
A bailiff is a person that, with the authority of a court order, will arrive at your place of business collect overdue debts.
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 winding up petition should be taken very seriously as a court order to place a business into compulsory liquidation follows.