Begbies Traynor Group

Director Advice

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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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What are the signs of business failure?

When a business fails there are early warning signs to look out for that can help you deal with the matter before it becomes too damaging. Lack of cash often the first indication, and this may materialise as an inability to pay the bills on time.

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Administration vs Liquidation

So although administration and liquidation are fundamentally different in their approach to the problem, both are processes used to limit the damage for companies and their creditors. The more hopeful option of the two is administration and there are eligibility criteria and potential benefits of this process for companies and creditors alike.

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Can I resign as a company director?

If you are thinking of resigning as a company director, there are specific steps you and the company must take.

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What happens to directors of an insolvent company?

Directors of an insolvent company are protected from being held personally liable for company debts (limited liability), except in the event of misconduct.

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The Difference between Secured and Unsecured Creditors

A defined hierarchy of creditors exists when a company enters insolvency, with secured creditors being at the top.

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