All posts in the insolvency category

Quick! Time is running out…….

With the end of the tax year only one month away, now may be the time to consider putting a company through a solvent restructure otherwise known as a Members’ Voluntary Liquidation (MVL). Where the company has assets in excess of £25,000, by using the MVL process, shareholders can gain advantageous rates of tax on […]

Can a Director re-use a company name following Liquidation?

Well the quick answer is ‘it depends’… If you want to re-use a company name after it has become insolvent, care must be taken to ensure you keep within the rules, or you could face criminal proceedings and become personally liable for the successor company’s liabilities.   When is a name prohibited? Section 216 of […]

What is wrongful trading?

Following the collapse of Carillion in what could be one of the largest insolvencies our profession has seen, the directors of the company have been ordered by the Work and Pensions and BEIS committees to give evidence as to why the company went into liquidation with liabilities estimated to be in excess of £1.5 billion.  […]

Employee claims in insolvency

Employee claims in insolvency When the decision is made to place a company into an insolvency procedure and some or all of the employees are made redundant, this can leave employees in an extremely precarious situation.  As a consequence of the employer being insolvent, in many cases employees are faced with not only losing their […]