The Importance of a Balance Sheet

The Balance Sheet Test   When a director is considering if their company is insolvent one of the tests of insolvency is the Balance Sheet Test. The balance sheet will usually be prepared up to the last day of a company’s financial year, providing an overview of what the company owns and how it has paid…

Illegal Dividends to Directors, when Insolvency Occurs

Illegal Dividends to Directors, when Insolvency Occurs In this present time of uncertainty, with most companies having severe cash flow problems, it is worth pointing out that when a company goes into liquidation, HMRC are looking at recuperating monies to creditors by looking at illegal dividends taken by directors in the period prior to insolvency.…