What happens if a company cannot afford redundancy pay?  Here we discuss a new government initiative aimed at solvent companies entitled “Financial assistance for employers unable to pay statutory redundancy payments”, launched on 11th Marc…

Dissolving a company is the process of closing a limited company through a strike off application, or following a liquidation or administration process. Dissolution leads to the company being removed from the official companies register mai…

The answer is yes, provided the process is managed correctly. The ability to claim directors redundancy pay depends upon the company closure method chosen and the qualifying eligibility of the director.

Now that the furlough scheme has finally ended it may be that you as a Director are having to consider placing a company into liquidation, either  a creditors voluntary liquidation or possibly it will be placed into compulsory liquidation. …

Temporary restrictions relating to statutory demands and winding up petitions have now been partially lifted. In certain circumstances, a winding-up petition can now be presented against a company and proceeded with in court, irrespective o…

There can be many scenarios that drive the company directors to close down their businesses. Depending on the reason why, they can either dissolve the company or, in most cases, will need to consider a liquidation process.

A Creditors’ Voluntary Liquidation (‘CVL’) is a commonly-used procedure for closing an insolvent company. There are a number of common business circumstances that can lead to its use and here we explore the “typical reasons for a Creditors …

You may have submitted your DS01 company strike off application to Companies House and be in the unfortunate position of having the application rejected. There will be reasons for the rejection and there is action you can take, which may le…

Bounce Back loans were introduced as a support for UK businesses during the Coronavirus pandemic. For many Directors they were a last resort, the last chance to save their businesses and a chance to survive the pandemic. Many Directors are …

New law is set to target directors who dissolve a business with unpaid pandemic loans.  A director trying to dissolve a company instead of liquidating it, may be subjected to investigation by the Insolvency Service (TIS).

A sudden change in the business environment such as COVID may be just one of many reasons for a failing company.   So here are 5 things to help with a failing company:

While recent government business loan schemes relating to the Coronavirus may have provided some short term cash flow relief, what of the longer term?  What happens when you can’t pay a coronavirus government business loan?

“A company restructure isn’t just about today.  It’s a chance to take stock, to change and reposition.  It can be about tomorrow’s business being a more robust one”

As ‘all animals are equal’ in the novel Animal Farm by George Orwell, ‘all creditors are equal’ in insolvency should directors wish to avoid assertions involving unfair preference payments.

For many companies, the ongoing business backlash from COVID-19 poses an existential threat.  Regardless of the government financial support and stimulus packages, there’s a balance still to be struck between short term business needs and l…

Even for companies with the best profits, poor cash flow (working capital) will effect business performance and weaken resilience.  So a downturn event such as COVID-19 (Coronavirus) could spell trouble. However, there are things to be done…

The Government is pressing ahead with planned changes to favour HMRC in insolvencies, despite opposition from the insolvency industry trade body, R3.

Creditor pressure and late payment penalties can be very stressful.  Depending on severity, there are a few options which can help a company to move away from insolvency as long as there's a realistic prospect of recovery and action is take…

Greenfield Recovery, provider of licensed insovency services UK wide is pleased to announce the promotion of Sam Shepherd to Assistant Insolvency Manager and Michelle Dutton’s move to Insolvency Manager. “Both Sam and Michelle are a key par…

As an invited guest blogger of Companies House, we shared the answer to explain the purpose of an administration, going into administration, its end results and situations an administration may be viable for.  Plus, pre-pack administration.…

As an invited guest blogger of Companies House, we recently shared our CVA knowledge with them to discuss the purpose of a CVA and its use, potential CVA benefits, business plans and the CVA proposal and lastly, the CVA process.

We recently shared with Companies House, as an invited guest blogger, our knowledge about the early signs of insolvency, tests for insolvency, resolutions and director duties when insolvent.

Greenfield shared with The Gazette how creditors and debtors will be affected by recent government's proposals aimed at improving business rescue opportunities for financially distressed companies.

There are many KPIs to check fully the breadth of business health but keeping an eye on the well-being of the financial KPI (especially those relating to business cash flow, cited as the leading cause of insolvency) will go a long way to go…

Improve cash flow: credit insurance, invoice finance & asset based lending.  When customers cannot pay your invoices due to insolvency the effects on your business cash flow and the ability to pay your commitments can be far reaching. …

Like the Greek God Zeus who governed the daily lives of the mortals by patrolling the skies, credit control presides so that sales revenues increase, by extending credit to those deemed credit worthy; able to pay and pay on time.

Insolvency is not always permanent.  As such, for directors with duties, it’s important to know a thing or two about trading whilst insolvent and wrongful trading.

HMRC debt begins to build when a company can’t pay VAT, can’t pay PAYE or can’t pay corporation tax. These are often signs of insolvency. The following details essential action for HMRC debt to manage the financial and legal penalties that …

Balancing the accounts is a ceaseless melee; money coming in - with that that’s going out (and at the very last moment where possible!).  A toil for every company but for the most part, one that’s managed.  Allowing cash flow to sustain and…

No one wants to shine a light into that deep, dark corner that is Compulsory Liqudiation, but what do you do if you receive a Winding Up Petition?  Foremost, keep your head.  Act within 7 days and you can stop the Winding Up Petition from b…

It’s not uncommon for a company to suffer creditor pressure.  Colluding conditions of late customer payments, declining markets, lack of finance and more, sometimes form to make the perfect cash flow storm. The key to surviving said credito…

When there are unexpected cash flow problems, falling behind on payments to HMRC is easy to do. Corporation Tax, VAT or PAYE payments will often play second fiddle to the immediate expenditures of suppliers, wages, rent and utilities.  A po…

As Christmas approaches it seems a good time to remember the humble beginnings of the Insolvent Debtors Act 1813 and how life has improved since.  Envisage if you will, the early Victorian period of ‘A Christmas Carol’ by Charles Dickens. A…