- Actions to take against a Winding Up Petition By : Derek G Cooper
More recently, creditors have started to use winding up petitions specifically as debt collection tools. Rather than issuing a county court judgement which could then be ignored, creditors are choosing to issue the winding up petition because of the immediate pressure that this puts on the company to pay the outstanding debt. Given these serious implications, as a company director, it is very important for you to know what actions you can take. - Cash Flow - A strategy for debt recovery in difficult recessionary times By : Derek G Cooper
A major reason for company failure during these difficult trading times is late or non payment of debts. If you are struggling to persuade your customers to pay, here are a number of tips to get them to part with their cash. - Business Phoenixing - Is a Pre-Pack a practical way to avoid company failure? By : Derek G Cooper
As the recession continues to bite, more and more businesses are finding it difficult to continue trading. In these circumstances Phoenixing or Pre-Pack Administration would enable many businesses to continue to trade without the burden of servicing legacy debts. - Self employed and in financial difficulty - 4 options to solve your debt problems By : Derek G Cooper
For self employed or sole traders it is quite usual to help your business with personal borrowing. This is great while the business is going well. However in poor economic conditions if the business struggles this can lead to individuals with large personal debt problems which they cannot afford. Here are 4 options to help resolve this situation. - CVAs (Company Voluntary Arrangements) become increasingly acceptable to creditors By : Derek G Cooper
The outdoor and leisure clothing retailer Blacks is planning to resolve its financial difficulties by agreeing a Company Voluntary Arrangement (CVA) with its creditors. Yet more evidence that creditors are starting to understand the value of CVAs for restructuring struggling companies. - Resolving directors personal debt problems with Debt Management By : Derek G Cooper
The directors of small businesses often build up personal debts because they have borrowed money in their own name to invest into the business. If the business subsequently fails, the director will be responsible for this debt and often find themselves struggling with personal debt which they cannot afford to repay. - Using Individual Voluntary Arrangement (IVA) to solve Self Employeed Personal Financial Difficulties By : Derek G Cooper
The problem for directors is that corporate rescue solutions do nothing to resolve any debts taken on by them personally. Very often the directors of a company will borrow money in their own name which is then used to support their company. Directors may take a personal loan and transfer the money to the company account, or a director will pay company bills and invoices with a personal credit card. Because these debts are in the director's name and not that of the company, the director remains personally liable for them even if the company is closed. We look at one solution to help directors personal debt problems. - I have a Statutory Demand - What does this Mean? By : Derek G Cooper
If you have received a statutory demand, you have three weeks in which to respond to it. There are basically four options depending on your business' circumstances, which are explained in this article. - Minnesota bankruptcy attorney - To handle financial issues By : Michael Blammers
Many people in United States have opted for bankruptcy, as many people and organizations have been affected because of economical depression. Majority of the people have lost their jobs, and now they are struggling to survive in this recession period. The only option they have is filing bankruptcy. Bankruptcy is a legal declaration of failure to repay the outstanding debt. This is the last option if there is no other alternative to handle the financial condition. People in Minnesota have also suffered from many problems due to the recession, this worldwide economic crisis has affected many people and businesses who are filing for Minnesota bankruptcy to stay safe from the poor financial condition. The first thing is to hire a professional MN bankruptcy lawyer as they can give the best advice. - Do the benefits of Pre Packs (Phoenixing) outweigh the criticisms? By : Derek G Cooper
Pre Pack liquidation or Phoenixing has been much maligned over that last year. Under closer examination I believe the arguments against are based on false assumptions. - Phoenix or Pre-Pack guide for dummies By : Derek G Cooper
Have things got so bad you are thinking of cutting your losses and closing the business? Is the core idea still viable? Phoenixing (or pre-pack) lets you form a new company with the viable parts and go on to run a successful business. - How to do a Company Voluntary Arrangement By : Derek G Cooper
A step by step guide to doing a Company Voluntary Arrangement. Take away the pressure caused by historic debt and have a viable business again. - Liquidation - how do I close my company? By : Derek G Cooper
Looking to close down your company? Here is a guide to the liquidation process you will need to go through. - Can a landlord seize goods in lieu of rent? By : Derek G Cooper
Given that landlords and HMRC have the legal right to seize goods in lieu of debts owed, is there anything you can do to protect yourselves against this? - Use a Business Refinancing to avoid Company Bankruptcy (Liquidation) By : Derek G Cooper
In the midst of an economic downturn, many companies find themselves at risk of failure because they do not have enough cash to maintain their day to day business activities. High Street banks are currently extremely reluctant to lend because of their huge bad debt risks. In the face of this there are alternative funding options which should be considered which are collectively known as business re-financing. - Pre-Pack or Phoenix used to prevent Company Bankruptcy (Liquidation) By : Derek G Cooper
If your company is in significant financial difficulty you may be looking at closing (or liquidating) the business. If you believe the business idea is a good one then an option is to instead look at a Pre Pack Liquidation or Phoenix. - Company Bankruptcy (Liquidation) avoided using Company Voluntary Arrangement (CVA) By : Derek G Cooper
Before deciding to liquidate your company, have a think whether there may be a possibility of saving the business. A possible option is a Company Voluntary Arrangement (CVA). - Winding Up Petition now being used to aid Debt Collection By : Derek G Cooper
Traditionally, winding up was initiated by a creditor because they believed that a company was not in a position to pay its current outstanding debts. Over about the last year I have seen an increase in creditors using winding up petitions to force creditors to pay outstanding debt. - Deferring company tax is covering up a ticking time bomb of insolvency By : Derek G Cooper
At first glance, the corporation tax deferment scheme seems like an extremely good idea. It is important to ask the question whether this policy is simply deferring an inevitable wave of company insolvencies. - Tips to ensure a successful Pre-Pack or Phoenix By : Derek G Cooper
There is no guarantee of a success when undertaking a Phoenix or Pre-pack. However, considering the areas in this article will certainly help to avoid some of the pitfalls of the pre pack process. - If a customer has a Company Voluntary Arrangement (CVA), how can we collect the debt owed to us? By : Derek G Cooper
With the difficult trading conditions in which many companies are finding themselves, the use of procedures such as company voluntary arrangements is likely to become increasingly common. This is bad news for creditors who will find themselves with unpaid accounts. - I have a Winding Up Petition - What Does this Mean? By : Derek G Cooper
A Winding Up Petition could have serious consequences for you and your business. It is therefore very important to understand what a Winding up Petition is and the implications of receiving one. - Company Liquidation need not be the end of your business By : Derek G Cooper
If a company is struggling in the current economic climate partly due to historic debts, the directors may decide the best action is to close the business. However there is nothing to stop a director starting up a new company and buying relevant assets from the liquidator to make it a going concern.
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