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Have you received demands from HMRC or creditors? Have you had bailiffs at your premises? Are you struggling with cash flow on a daily basis?
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Company Liquidation Financial Issues Fife
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What is Company Liquidation in Fife ?
Liquidation of a company is a process of winding up the companies affairs and dissolving the company. It is usually used when a company can no longer afford to pay its debts as and when they fall due. An example of this, would be when a creditor demands payment, but the company simply does not have the money to pay for it.
Company Liquidation can seem very daunting to many directors in Fife , but in reality it isn’t as complicated or scary as you may think. Liquidating a company, means selling its assets to generate cash that can be distributed to creditors. Quite often assets can be bought back by the directors for a fair value.
By placing a company into liquidation, it can relieve the stresses and pressure of creditors and focus on being able to run a business. It also allows the directors to get away from the stresses of creditors and have a clean break where the burden of the business is no longer on their shoulders.
What is the process of Financial Issues in Fife ?
1. Fill one of our contact form or phone us on the helpline.
2. We will discuss the situation by phone and way up some options.
3. We will quickly make the right decision for you and your company.
WHY CANT I JUST STRIKE THE COMPANY OFF?
A company is struck off from Companies House register when an application is made to Companies House for the company to be removed from the register. This can only be done if it: • has not traded in the last three months. • has not changed names in the last three months. • is not presently threatened with liquidation. • has no agreements in place with creditors, e.g. a Company Voluntary Arrangement (CVA).
DO I NEED TO GO TO ANY MEETINGS?
The directors would hold a board meeting to consider recommending liquidation to the company’s shareholders. Following this an extraordinary general meeting of the shareholders must be held for the members to pass resolutions to place the company into liquidation and to nominate a liquidator. As of 6 April 2017, it is no longer an automatic requirement of the Insolvency Act 1986 (as amended) to hold a physical meeting of creditors. Depending upon the circumstances of the liquidation the members’ appointed liquidator may be ratified as the creditors’ liquidator by deemed consent or by holding a virtual meeting. A physical meeting of creditors will only be held if it is specifically requested by either creditors representing ten percent of the total creditor debt, ten percent of the total number of creditors or by ten creditors in number.
WILL THE CVL BE ADVERTISED?
Notices of the liquidation must be advertised in the London Gazette. This is the only place that the liquidation is usually advertised unless the liquidator feels it is necessary to place additional advertisements.
WHAT ARE THE LIQUIDATOR’S DUTIES?
A liquidator has a number of practical and statutory duties to adhere to in the normal course of a liquidation. These duties include: • The maximisation of realisations from the assets of the company for the benefit of the company’s creditors. • Reporting to creditors on the progress of the liquidation and, where appropriate, seeking creditor approval for certain actions within the liquidation. • Where appropriate, the collation and agreement of creditor claims against the company. • The distribution to creditors of all available funds that have been realised through the liquidation process. • The investigation into, and the reporting upon, the conduct of the company directors prior to the company’s liquidation.
3 Simple Steps to find out if your company needs liquidation around the area of Fife
Phone us for free advice
Call Financial Issues on 0800 612 5448 to find out what are the best options out there for when going into liquidation in Fife . And don’t forget this advice is free.
Review the situation you are in
Once we have discussed why the company is going into liquidation in Aberaeron, we then make a decision about what is the next best option for your company.
We will support you
At Financial Issues we will give you the best support that is needed when your company in Fife is going through liquidation. We also help you through company debt.
Company Liquidation Advantages
The Advantages of a Company going into Liquidation with Financial Issues:
- ✔ You don’t have to go through a court process which means no legal action will be taken.
- ✔ All your employees can all claim redundancy pay from company assets.
- ✔ Apart from upfront costs from a creditors’ meeting, you only pay very little as the money comes from company assets.
- ✔ Gives company directors a chance to look ahead for the future and focus on new opportunities.
- ✔ Once there are no debts to be paid, you can then make new business opportunities by using investment funds.
- ✔ No creditor pressure.
Compulsory Liquidation (WUC) is the winding up of a company through the courts, usually by a creditor that is owed money by the company.
Creditors Voluntary Liquidation (CVL) is the voluntary winding up of a company that can no longer afford to pay its debt and is insolvent on a cash flow or balance sheet basis.
Members Voluntary Liquidation (MVL) is the voluntary winding up of a company that is no longer trading, and funds need to be distributed to shareholders once all creditors have been settled. This is used as a tax efficient way to close a company as long as the shareholders qualify for entrepreneur’s relief. All three of these procedures make up part of the Insolvency Act 1986. They have the other set of rules, regulations and uses.
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Other Options that aren’t Related to Liquidation
If your not interested in liquidation or you just want to know other ways to rescue your business. Then Financial Issues will give you other options on what to do with your business.
Administration is an insolvency procedure that a company may enter if that company is insolvent and the insolvency practitioner nominated to be the administrator believes that one of the following objectives can be achieved:
• the rescue of the company as a going concern, or
• achieving a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in administration) or
• realising property in order to make a distribution to one or more secured or preferential creditors.
A CVA is a formal agreement between the company and its creditors. This agreement allows you as the director to keep control of the company and continue trading.
Director Redundancy Fife
As a director of a limited company, you are entitled to claim redundancy just as any other employee is entitled to. Your claim is processed and paid through the governments National Insurance Fund and Redundancy Payment Service (RPS).
HMRC Debt Fife
Everyday companies are falling into debt with HMRC and it seems like an endless cycle that many struggle to avoid and get out of. The most common issues for companies are:
An accelerated payment notice (APN) is a request from HMRC that requires you to pay an amount on account of National Insurance Contributions (NICs) or Tax. APNs are issued to individuals who pay tax. These individuals are usually involved in tax avoidance schemes disclosed under the Disclosure of Tax Avoidance Schemes (DOTAS) rules, or counter-acted under the General Anti Abuse Rule (GAAR).
Tax is the one thing no business can avoid, and it comes in many forms. Her Majesties Revenue & Customs (HMRC) are the government body that manage and collect taxes. Tax arrears covers all taxes including National Insurance Contribution (NIC), Pay As Your Earn (PAYE), Corporation Tax (CT), Capital Gains Tax (CGT) and Value Added Tax (VAT).
A pre-packaged (or ‘pre-pack’) administration, is an arrangement for the sale of all or part of a company, this can include business and assets. This is negotiated with a purchaser prior to the appointment of an administrator, following which the administrator effects the sale immediately on, or shortly after, appointment. They are a means by which administrators realise the assets of an insolvent company.
When a company goes into receivership, an administrative receiver is appointed to run the company. An administrative receivership is appointed by a secured creditor who has a floating charge:
• over the whole; or
• substantially the whole of a company’s assets.
Winding Up Petition Fife
If a winding up order is granted by the court your company will be immediately placed into liquidation with the Official Receiver being initially appointed liquidator. This will result in the immediate cessation of trade and the immediate redundancy of all company staff.
For additional information on all these options and more, then visit our main site:
Get Help Today with Financial Issues
If you require any advice on company liquidation or about the other options above, then please leave your details in the contact form and one of our experienced team members at Financial Issues will be in touch imminently.