Larger private companies in the UK sometimes reward their employees by giving them equity in the company, i.e. shares. It can often be used as an employee perk or part of a remuneration package, particularly when an employee has completed so many years in the business or is promoted to a senior position. Employers opt [...]
Administering the estate of a deceased person can be complex and time-consuming. However, dealing with insolvent deceased estates is even more complicated for executors of the estate and the deceased’s family. Insolvent deceased estates are handled differently to insolvent businesses or individuals. Firstly, the Insolvency Act 1986 does not cover the administration of insolvent estates. [...]
The latest insolvency statistics showed that the number of company insolvencies had risen by 63% in October 2021, compared to October 2020 which had 1,405. But the figure that stood out from this data is the number of Creditors’ Voluntary Liquidations (CVLs) – 1,248 companies in October alone, which is higher than pre-pandemic levels. Entering [...]
The probate process in the UK can be time-consuming, even if the deceased’s estate is a simple affair and they left a will. The length of time probate takes will often impact the period between probate being granted and when the beneficiaries receive their inheritance money after probate. Before beneficiaries receive their inheritance money after [...]
The last couple of years have been a struggle for many and secured loans with attractive interest rates have never been so appealing. Secured loan debt comes in many forms; it may be the mortgage on your home, it may be the loan on your car or it may be the only way you could [...]
The voluntary winding up of a company that is solvent can be accomplished under the Insolvency and Bankruptcy Code, 2016. Under the Insolvency Act 1986 is the Insolvency Rules 2016 that apply in England and Wales which sets out the procedure for the voluntary winding up of a company. The Insolvency and Bankruptcy Code (IBC) [...]
The last couple of years have been extremely difficult for businesses of all sizes, particularly for some industries, such as retail, travel, and hospitality. The coronavirus pandemic has hit companies hard and with support from the government ceasing in the last few months, many are struggling to stay in business. Negotiating a Creditors’ Voluntary Arrangement [...]
When an insolvent company enters a liquidation process, one of the key tasks for the insolvency practitioner (IP) is to sell the company’s assets before liquidation. In many cases, the assets are sold to third parties, sometimes to competitors or a director may wish to buy the asset from the company for personal use or [...]
Debt is debt, right? Well, yes and no; whilst owing money is debt, there is secured debt and unsecured debt, both of which have their pros and cons. In some cases, you may not be able to access unsecured debt as lenders need collateral to lower the risk of lending money to you. In other [...]
There are many reasons why you’d want to dissolve a company, whether it is solvent or insolvent. Closing down a limited company with or without debts is a cost-effective way of removing a dormant company from Companies House and doesn’t require the need for liquidation. Dissolving a limited company, also known as voluntary dissolution, removes [...]
