Begbies Traynor Group

Director Advice

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What is an insolvency practitioner and what are their duties?

An insolvency practitioner (IP) is licensed to act on behalf of companies and individuals when they are facing insolvency or acute financial distress.

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What is company director disqualification?

A director’s disqualification order bans you from acting as a company director due to unfit conduct, but you are able to work as a company employee.

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Loan Scheme Hub

What happens to my CBILS or Bounce Back loan during liquidation or administration?

The Coronavirus Business Interruption Loan Scheme (CBILS) as well as the Bounce Back Loan Scheme, offered a valuable source of emergency finance for businesses during the coronavirus pandemic back in 2020.

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What is an unenforceable personal guarantee?

As a company director, you may have to provide a personal guarantee to secure business borrowing or underpin a commercial tenancy agreement.

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What is Business Asset Disposal (Entrepreneurs’ Relief) in an MVL?

Entrepreneurs’ Relief is a tax relief scheme which allows for a reduced rate of Capital Gains Tax (CGT) to be paid upon the disposal of a limited company.

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What is ‘moneyboxing’ in company liquidation?

HM Revenue and Customs (HMRC) has expressed concern about the use of this process known as Moneyboxing, but what is it? Begbies Traynor discusses.

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Can an accountant close my company?

A rescued company may be described as a 'going concern' because it is expected to trade profitably and without distress for at least 12 months.

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Understanding commercial leases and personal guarantees

Given the complexity of many commercial leases, it is vital that you understand your rights when it comes to signing a personal guarantee for a lease. The ramifications of failing to meet lease repayments are serious, but knowing the consequences to you personally if your business starts to struggle financially, could help to protect your home and other assets.

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HSE Fines – What happens when your company can’t afford to pay?

Employers have a duty to ensure the health and safety of their employees and members of the general public when they are on business premises.

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Directors’ Loan Account

Overdrawn directors’ loan accounts can come to be a real cause for concern; particularly in the context of a company entering insolvency.

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Can I be a company director if I’m in an IVA?

As a formal alternative to bankruptcy, an Individual Voluntary Arrangement is more flexible in that it allows a company director to remain in their position. Equally, you can be appointed as a new company director if you have an IVA, provided there is agreement from other members, and that existing directors are aware of your financial position.

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What Is A Restoration By Court Order? And Why Are Companies Reinstated To The Register?

What Is A Restoration By Court Order? And Why Are Companies Reinstated To The Register?

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Business Rates Exemptions, Reductions & Reliefs

The pressure placed on government to reduce business rates has led to a range of reliefs and exemptions being made available, with some local authorities also offering discretionary reliefs to local businesses that meet their criteria.

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Can directors be held liable for company debts?

In the main, the limited company legal structure protects directors from personal liability in relation to business debts.

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What are Unlawful Dividends?

What are Unlawful Dividends? Begbies Traynor is the UK's market leader in business recovery. With over 100 UK offices and 1000 staff we are well positioned to assist you.

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What happens to debts when a company is dissolved?

Dissolution is not an appropriate solution for striking off (dissolving) a company with debts. Liquidation is recommended for several important reasons.

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