There are some insolvency cases that, due to the nature of the insolvent company, or the complexity of the case, become notable in history. The benefit of notable insolvency cases is that future insolvency practitioners (IPs) have the opportunity to learn from them. So, let’s take a look at the top 5 notable insolvency cases [...]
In June 2020, the Corporate Insolvency & Governance Act 2020 (CIGA) became law which introduced a new restructuring procedure for businesses. To support businesses in finding a way to recover rather than go through an insolvency process due to the pandemic, CIGA incorporated the Restructuring Plan, which gave companies that were struggling financially an alternative [...]
During the Coronavirus pandemic, businesses suffered badly, particularly small and medium-sized businesses. Whilst many businesses bounced back as restrictions were lifted, there are plenty still struggling to recover and grow. In April 2021, the Government announced the Recovery Loan Scheme (RLS), designed to provide support for businesses affected by the pandemic that need access to [...]
Insolvency practitioners (IP) are in demand, particularly over the past few years. An IP is a professional authorised to act on behalf of an individual of a company – partnership, private or public limited – in insolvency and bankruptcy procedures as laid out in the UK’s Insolvency Act 1986. In most cases, an IP’s background [...]
If you are an owner or director of a limited company and are dealing with personal debt, you may think that your personal debt may impact your company. In most cases, this isn’t true and that’s because a limited company is treated as a separate legal entity. Therefore, any debt you owe is not related [...]
Last month Rishi Sunak’s wife, Akshata Murty, was plunged into a tax controversy due to her non-domiciled status in the UK. The Chancellor’s wife was considered to allegedly have avoided paying UK tax on her income and faced a lot of criticism for her decisions. The issue is based on two main aspects; one, that [...]
There are two principal ways to close a solvent limited company; either a voluntary or informal strike-off or through a Members’ Voluntary Liquidation (MVL). It is often believed that an MVL is the most tax-efficient way, but it may not always be the best option, particularly when it comes to how much tax shareholders will [...]
Recently the Bank of England (BoE) reported that total corporate debt had risen by around 6% over the past two years in the UK. Their figures also revealed that small and medium-sized (SME) businesses carried more of the burden – by as much as a third – than larger listed businesses, principally because they were [...]
Suppose you are closing a solvent business through a Members’ Voluntary Liquidation (MVL) process and selling the business’s assets. In that case, you will be liable to pay Capital Gains Tax (CGT) on the profits of all qualifying assets that are sold. However, you may be eligible for tax relief on CGT, which was called [...]
The coronavirus pandemic caused many businesses to close temporarily and many employees were placed on the government’s furlough scheme. The period the business is closed is known as a lay-off and during this time, employees are entitled to receive their normal pay throughout the lay-off. However, some employee contracts have a clause that allows an [...]
