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Before deciding your company is bankrupt, have a think whether there may be a possibility of turning around the business. A possible option is a Company Voluntary Arrangement (CVA).
If your company is suffering from financial difficulties and is struggling to pay its creditors you may be thinking about cutting your losses and closing the company [...]

One of the main reasons for business 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.
One of the main reasons for business failure during these difficult trading times is late [...]

The Enterprise Finance Guarantee scheme (EFGS) is designed to is to boost lending to small and medium sized businesses. The question is has it worked?
The Small Firms Loan Guarantee Scheme (SFLG) was closed in January 2009 and replaced by the Enterprise Finance Guarantee scheme (EFGS). The aim of the EFGS (and indeed the SFLG before [...]

At first glance, 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 liquidations.
In November 2008, the Chancellor of the Exchequer announced a fast track service to allow companies to apply to defer their corporation tax [...]

Not paying HMRC debt will eventually put a business in significant risk. HMRC will eventually apply for the issue of a winding up petition.
According to a recent report by the National Audit Office (NAO), the amount owed to HM Revenue and Customs (HMRC) in the form of unpaid income, corporation and VAT has risen dramatically [...]

Unfortunately, with the challenging trading conditions in which a large number of companies are struggling with, the use of procedures such as company voluntary arrangements is likely to become increasingly common. This is not good news for creditors who will find themselves with unpaid accounts.
If a company is struggling to pay its debt, it may [...]

Where a company is struggling in the current economic climate partly due to historic 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.
If a company [...]

Once a winding up petition is issued, it is advertised in the London Gazette. This advertisement will be identified by the company’s bank which will normally cause the bank to suspend banking facilities. Given these serious implications, as a company director, it is very important for you to know what actions you can take.
Traditionally, if [...]

When a company finds itself in a position where it just cannot afford to it pay its outstanding debt, I have had a number of directors ask me whether they can just close the doors on the business and wait for HMRC to follow through a Winding Up Petition. Why is it not a good [...]

Once a company has been liquidated either through a Creditors Voluntary Liquidation or winding up, the liquidator will produce a report on the conduct of all of the directors in the period running up to when the business stopped trading. If they believe the Directors did not act in accordance with their duties then they [...]