Call our Freephone Helpline
0800 066 2544
Debbie Cockerton currently writes monthly articles for the Independent Certified Practising Accountant (ICPA) newsletter covering all insolvency areas.
Copies of these articles can be found below.
Should you require any further information on any matters discussed in these articles please do not hesitate to contact us.
If your client is considering closing down their company and wants to solvently liquidate in this financial year – you’re running out of time! What is a Solvent Liquidation? A solvent company that has ceased to trade is wound up using a formal liquidation process and an insolvency practitioner is appointed.All liabilities will have been…
Corporate insolvencies in 2024 could surpass last year’s thirty-year high, new forecasts suggest, with around 33,000 firms on the brink. A new forecast from the Centre for Economics and Business Research (CEBR) suggests that Corporate Insolvencies in 2024 could surpass last years figures, which were already a thirty year high. The number of companies is…
According to insolvency and restructuring trade body R3 there has been a slight fall in Insolvencies in Yorkshire between November and December 2023. The research, based on an analysis of data provided by CreditSafe, found that insolvency-related activity reduced by 11.7 per cent month-on-month, representing 248 businesses. Across the UK, two-thirds of the 12 regions…
The number of company insolvencies last year was at a 30 year high, due to increases in business costs, high interest rates and consumers having less disposable income. There were 25,158 firms across England and Wales that entered an Insolvency procedure in 2023. This is a 14 per cent increase from 2022 and the highest…
A specialist HR Law firm Nockolds recently obtained data from The Insolvency Service under the Freedom of Information Act, showing that there is a large increase in the number of employees who are owed money from their employer in an Insolvency situation. When a company enters into Insolvency the employees are able to make…
On 17th May 2022 the Insolvency Service released their monthly Insolvency Statistics for April 2022. Corporate The number of company insolvencies in April 2022 was 1,991, which is more than double the number registered in April 2021 of 925. This is also 39% higher than the figures for pre pandemic April 2019…
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 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.…
Solvent Liquidations and paying less tax We receive quite a few enquiries about how you can close down a limited company that is no longer needed and pay less tax when the shareholders withdrawn the monies from the company. This is a solvent liquidation to close the company down and is known as a Members…
Directors’ duties in insolvency – wrongful trading In these uncertain times, Directors of limited companies need to take extra care, especially when the company is forced into closing down and liquidation occurs. When a company is insolvent, the Directors’ first duty is to the creditors, rather than to themselves or the shareholders. If the…