Advantages of Administration Stops any further legal action being taken against the company by the creditorsThe business can continue to tradeEmployees jobs can be savedStops the financial position of the…Read More
Directors Duties & Obligations
What factors concerning the Directors Loan Account will the Insolvency Practitioner investigate when reviewing a company’s affairs?
Insolvency Practitioners are required to report preferential treatment, transactions at undervalue or misfeasance. As such, directors may have to prove that transactions were in the best interests of the company.…Read More
What issues may arise for an overdrawn Directors Loan Account with a company that is in financial distress?
If the loan is not repaid before the end of the accounting period, the company can potentially become liable to pay HMRC an amount equal to 25% of the loan.…Read More
Financial Warning Signs
The causes of a company’s demise can be numerous and vary widely, however there are a number of very common issues to be aware of: Loss of SalesWeak credit managementCashflowUnrealistic…Read More
Advantages of a TTPA Allows the company to continue to tradeGives the company time to pay the debt with affordable monthly repaymentsAs this is an informal agreement between you and…Read More
Before contacting HMRC you should first consider what you can afford to offer as part of the TTPA. As HMRC are very strict on any missed payments it is important…Read More