When an insolvent company enters a liquidation process, one of the key tasks for the insolvency practitioner (IP) is to sell the company’s assets before liquidation. In many cases, the assets are sold to third parties, sometimes to competitors or a director may wish to buy the asset from the company for personal use or [...]
As a shareholder of a company, you can expect to receive annual dividends. These are a distribution to shareholders of the company’s profit, which are normally paid from the company’s retained earnings. However, as a shareholder you may receive what are known as liquidating dividends. But what are liquidating dividends and when would a company [...]
Insolvency and bankruptcy - it’s confusing to know which applies to your business. Whilst the two are similar, they are also very different and don’t mean the same thing. Insolvency is when a company or an individual can’t pay their debts on time. Bankruptcy is the legal process that follows when an individual has been [...]
Despite the impact of COVID-19 in 2020, if you look at the monthly UK insolvency statistics, the number of companies that filed for bankruptcy or went into liquidation, administration or CVAs, has decreased year on year. For example, in July 2020 in England and Wales, there were a total of 955 company insolvencies which represented [...]
Choosing the right insolvency practitioner for your UK business is very important. You may be looking for someone to help you close your business or to get help turning it around with the aim of restoring profitability. Either way these are specialist skills, which is why you need a dedicated professional. The choice you make [...]
