Business Debt Doctor from Director First

Whatever you do - don't panic about having an overdrawn loan account in a liquidation scenario, but be armed with the facts. In this video, you will find out what an overdrawn director loan is, how you can work out if you have one and most importantly what you should do about one

In this video, we’ll look at what a pre-pack liquidation is, the process itself, and whether it could potentially be the right course of action for your business WHAT HAPPENS IF I CAN'T PAY HMRC? If your business has arrears with VAT , Corporation Tax or PAYE and you don't know where to turn then watch this video. We will explain exactly what you need to do if your business can't pay HMRC!

If your company has received a winding-up petition or has been threatened with one it's very serious and you need to take advice ASAP- keep on watching for more info!

The simple answer is YES. There is a myth that if you liquidate a business then you are not allowed to open up another. When a business is placed into liquidation, its common that  the assets of the company, the branding, and sometimes the name is bought by a newco backed by the same directors. It's known as a   pre-pack liquidation

On today's episode of the 1st Business Rescue, we are joined by Mark Hague of Farleys solicitors. Mark spends his time assisting insolvency practitioners to prosecute directors and also defends directors against prosecution. This is not one to miss!

Closing a business isn’t as easy as ceasing to exist though, and there are two different routes available. One is striking a company off, and the second is liquidation. Understanding the differences between the two can make the process a lot easier to manage and also stop you getting in trouble, especially if you have taken a  Bounce Back Loan . So, in this video, we’ll walk you through the m...

If you are a business owner thinking about liquidation you are probably worried and have lots of questions running through your head. In today's podcast, we speak to "David" who placed his company into voluntary liquidation around 12 months ago.

The short answer is no, you cannot strike a company off that still owes a  bounce-back loan . Furthermore, if you try to strike a company off with a bounce-back loan it could get you into serious trouble with the insolvency service. Attempting to strike your company off with a bounce-back loan could lead to you being disqualified from being a director and being made  personally liable fo...

Provided you follow all the rules , there shouldn’t be an issue with you setting up a new limited company, if you have closed down an insolvent one. Its very important that you take professional advice when doing this to avoid making any mistakes that could land you in hot water.

With many directors facing the prospect of having to liquidate their ltd company this is a question that is often on a directors mind. The thought of having to close your company can be stressful enough without the idea that the company closure will hang around your neck personally by affecting your credit score. Liquidating a ltd company in most circumstances will have absolutely no bearing on yo...

STAGE 1 – initial enquiry Timeline: On the same day We will set up either an online meeting or a face-to-face meeting, at a time and place that suits you. At least one of the company’s directors will need to be present to explain the financial situation. STAGE 2 – Written proposal Timeline: Usually 1-14 days We review all the information and advise you on all the available options (not just l...

Will You Have To Pay Your BBL Back If You Liquidate?  In most cases NO ............ but in these circumstances maybe YES

Many directors are concerned about how they will deal with a personal guarantee if they place their company into liquidation. Today we are joined by Gary Whitehead of AFT Assist. If you have signed a personal guarantee for your business make sure you listen to this.

I've had 2 enquires from people saying the banks have advised them to try and strike their companies off at Companies House PLEASE DO NOT LISTEN TO THEM IT WILL GET YOU IN SERIOUS TROUBLE The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act (the Act) extends the Insolvency Service’s powers, on behalf of the UK Business Secretary, to deal with company directors who abus...

What will happen to me when my company goes into liquidation? If you find yourself in the unfortunate position of your company facing insolvency, it can be a very uncertain and stressful time. There can also be a raft of misinformation passed around about what may happen to you personally and professionally as you liquidate your company. This can muddy the waters and make it difficult to decide wh...

If you are worried how you are going to be able to to afford liquidation costs listen to this.

In today's podcast I will be talking about How to close a company that has paid off all its debt How to close a company that can't pay off its debt What will happen if you don't close your company Any questions please let me know

If you are researching on the internet how to liquidate a company, one of the top questions on your mind is, how much does it cost to liquidate a business in the UK . Chances are, you haven't found many specific answers and the websites have to offer you a free consultation before they tell you the cost to liquidate your business. It's probably the question that I get asked the most and normally I...

There are many businesses currently that still have HMRC arrears, this could be corporation tax, VAT, and PAYE.  It's HMRC's job to collect this from businesses in the UK. If you can't pay HMRC or fall behind with payments you will face fines, interest, bailiffs, and legal action if the debts remain unpaid. It's very important that if you are struggling to pay HMRC that you don't bury your he...

WHERE TO BEGIN IF YOU’RE CONSIDERING LIQUIDATING YOUR LIMITED COMPANY, THEN THERE ARE NUMEROUS FACTORS TO CONSIDER. THE MOST IMPORTANT ONE IS WHETHER THE COMPANY IS SOLVENT OR INSOLVENT. The corporate insolvency test is a way to understand if your company is insolvent. The test is made up of 3 parts and here they are: Cashflow Test – Very simply, can you pay your company debts when they fall due?...

The recent end to wrongful trading suspension means that company directors are once again at personal risk if their company continues to trade when clearly insolvent When a company becomes insolvent the director's main focus should be to not make the creditor's position any worse. If a director doesn’t do this and losses to creditors increase, then they could be accused of wrongful trading and pot...