The recent voluntary liquidation of Apexpost, a prominent seafood trader, has sparked significant interest and concern. Apexpost's decision to enter liquidation in November 2023, despite a reported turnover of £140 million in 2020, raises important questions about the factors influencing such a drastic measure. This blog aims to shed light on the potential reasons behind [...]
The Companies Act 2006 was a pivotal piece of legislation that has reshaped the landscape of company law in the UK, with particular emphasis on small and medium-sized enterprises (SMEs). In this blog, we look at the Companies Act 2006 further, shedding light on the challenges and opportunities it presents for UK businesses. The Strategic [...]
When it comes to the liquidation process known as Creditors’ Voluntary Liquidation (CVL), many UK business owners find themselves mired in a sea of misinformation. Rumours and hearsay often paint this legal process in a stark, negative light, leading to unnecessary anxiety and confusion. The purpose of this article is not only to dispel some [...]
In the challenging landscape of 2023, the term 'Tuffnells Parcels Express Bankruptcy' has become a somber keyword for discussions around business resilience and continuity. The collapse of this erstwhile thriving delivery company has not only led to the unfortunate redundancy of over 2,000 employees but also served as a stark reminder of the fragility of [...]
After figures surrounding insolvency were released last year, it looks as though the reintroduction of Crown Preference is on the horizon. This reintroduction could wreak serious damage on company rescues and make the company's voluntary arrangement completely redundant. This is going to be discussed in more detail throughout the below article. What Is a Company's [...]
It has been a difficult few years for many organisations thanks to the pandemic, the rise in the cost of energy and general economic uncertainty. This has resulted in many businesses going into liquidation and closing for good. One of the businesses that have currently fallen victim to this economic turmoil is Forever Unique, which [...]
When you dissolve a company, this is a formal process to close an organisation down in the UK. You can only dissolve a company if there are no outstanding debts. You shouldn’t try to dissolve your organisation if there are debts; you must liquidate it instead. If you do apply to dissolve your company and [...]
When someone dies, the executors (or administrators if there is no Will) will be responsible for dealing with the deceased’s estate. There are a number of rules surrounding paying off the different debts and liabilities which were owed by the deceased, and these need to be followed correctly. What Happens to Someone’s Debt After They [...]
There are two principal ways to close a solvent limited company; either a voluntary or informal strike-off or through a Members’ Voluntary Liquidation (MVL). It is often believed that an MVL is the most tax-efficient way, but it may not always be the best option, particularly when it comes to how much tax shareholders will [...]
If you are personally struggling with debt to the point of insolvency, i.e. your outgoings are much greater than your incoming funds, it may have been suggested to you – or a creditor is forcing the issue – that you enter an Individual Involuntary Arrangement (IVA). An IVA is a legally-binding agreement made between you [...]
