The importance of a Shareholder Agreement if a Company enters insolvency
Navigating the turbulent waters of business can be complex, and when a company faces insolvency, the situation can become even more difficult, so having a shareholder agreement in place is crucial. In this article, our Insolvency Practitioners look at several reasons why a shareholder agreement is essential if a company becomes insolvent. Clarification of Rights […]
Directors Beware! Companies House is becoming more aggressive over enforcement of penalties for late filing of company accounts
In addition, The Economic Crime (Transparency and Enforcement) Act 2022 has tightened the filing requirements for company accounts It is a criminal offence for directors to file their company accounts late under the Companies Act 2006 and Companies House is becoming more aggressive over the enforcement of penalties and the severity of the penalties, with […]
The four key sins for directors to avoid when their company is insolvent
Company insolvencies in 2023 were just over 25,000, the highest since 1993 and 14% higher than 2022. Of these, the number of Creditors’ Voluntary Liquidations was the highest since records began in 1960. This trend in the year to September 2024 is continuing and insolvent companies in this period account for 55 out of every 10,000 […]
Company insolvency and directors – things you wanted to know but were afraid of asking*
What are the key responsibilities of directors? What do they need to look out for when insolvency looms? Nitin Joshi, one of our partners, has worked in insolvency for over 40 years and in that time, he has seen pretty much everything you can in the world of insolvency. In this article he answers the […]
Antony Batty and Co. appointed as Administrators to Lawbit, the online legal service
On 24th September 2024, two of our Licensed Insolvency Practitioners, Antony Batty and Hugh Jesseman were appointed joint administrators of Lawbit, the online service offering legal advice for small businesses, when it went into company administration. Lawbit’s Founder and chief executive Clive Rich told the Law Gazette recently that the appointment of administrators: “….is part […]
Chancellor increases Capital Gains Tax (CGT) on Business Asset Disposal Relief (BADR) from 6th April 2025
BADR tax advantages still available for Members Voluntary Liquidations (MVL) at the current 10% tax rate until 5th April 2025 The Chancellor did not scrap BADR in her budget on 30th October as many had predicted, but she did increase the current Capital Gains Tax rate that applies to BADR from 10% to 14% for […]
Shelter from the storm. Administrations can give the breathing space insolvent companies need
Creditors’ Voluntary Liquidations (CVLs) are at historically high levels. Nitin Joshi* makes the case for Administrations. The corporate landscape can be like a post-dystopian Darwinian experiment in which only the well-funded survive. It is hard to think otherwise. Corporate carnage in recent times has been rife with carcasses once throbbing with trading activity littered all […]
Mental Health and Insolvency – World Mental Health Day 10th October 2024
The focus of this year’s World Mental Health Day is ‘Mental Health at Work’ The World Health Organisation’s (WHO) World Mental Health Day takes place on 10th October 2024, with the specific aim of ‘highlighting the vital connection between mental health and work’. As the WHO points out: “Safe, healthy working environments can act as […]
Budget October 30th 2024 – Are you selling or closing your solvent business? Don’t miss out on Business Asset Disposal Relief!
Business Asset Disposal Relief (BADR) is still available for Members’ Voluntary Liquidations. Act quickly to be sure of taking advantage of the current 10% tax rate. When business owners decide to sell or wind-up their solvent company using Members Voluntary Liquidations (MVL), they might be eligible for Business Asset Disposal Relief (formerly known as Entrepreneurs’ […]
Spotting the signs of directors burn out
When a director is suffering the physical and mental effects of too many long hours and stress it can lead to the business suffering too, and if the signs are not spotted the business can end up in distress and the need to speak to an Insolvency Practitioner. The latest Insolvency Service figures show that […]
