Company Turnaround Specialist

Company Turnaround Specialist

BUSINESS TURNAROUND

In today’s uncertain times and the global economy more and more companies are falling in to the red. If you are serious about running your business and want to see it back in the black a.s.a.p. then you seriously need to consider consulting a company turnaround specialist or a turnaround strategist to show you how to turn your company around back in to profits. When was the last time your business made healthy profits continually for more than 3 or 5 consecutive years? When I say health profits I don’t mean just surviving, I am talking about thriving. The number of companies and businesses who think, we will be alright next month when that big order comes through and a few months later still waiting for that big order when the bailiffs turn up at the doors or even worse is a company winding up petition is issued against your company. You can’t afford to sit around waiting for things to happen, you must learn to become more pro-active and get out of the re-active mode which I find businesses owners and senior managers become when things slow down in most companies in a turnaround situation.

Closely Look at The Structure of Your Company

Often, the answer to your company turnaround is right there in front of you staring you right in the face. Just look at your company and the staff closely. Focus on areas that are productive and staff members who are productive, I don’t mean staffs that are busy because busy is not necessarily productive. Productive in my book means making a contribution to the company i.e. money. You will need to consider all the factors needed to start making savings for the company. Of course, these decisions will not be easy to make, as they may involve laying off employees who are not really needed or are not contributing to the company’s bottom line. But this has to be done for the ultimate good of the company if the company is to be turned around. And in the event these harsh measures are not acted on and implemented immediately, you might all find your selves looking for jobs. But the reality for the business owners or the company directors is worse not only have they invested large amounts of money in the company but they might have given personal guarantees which might become due if the company fails.

Perhaps a little restructuring is all that is required to save you a lot of money. Some job descriptions may have to be changed and some streamlining of responsibilities may have to be done in order to increase productivity and cut out wasteful and unnesscessory activities. Next, there may be duplication of work as some jobs overlap. Eliminate these and see your profits increase.

Cut Costs

A Company turnaround it is possible, when you start to look at the bigger picture and the overall savings possible by cutting costs. Look at ways in order to decrease costs to your company. Talk to your company suppliers and check if they will be able to give you a reduction in costs, every percent you can negotiate down will help. You will be amazed how many suppliers will agree as they would not like to lose your business as this will mean losing a good client. Or else, look for other vendors who can provide you the same quality products or services for less. There are many other ways to save money if you are able to think outside the box.

Take Advantage of Company Turnaround Consultants

A good company turnaround consultant will be able to help you with quick fixes and long term strategies and various financial secrets to help your company turnaround back in to healthy profits. Choose a mastermind strategist with a proven track record who has expertise in company turnaround and who can help you to grow your business not just cut costs only. Most company turnaround specialist will show you what to do but it is always helpful to have an expert who will also show you how to do it as well. A company turnaround specialist can see things with his exert eyes that you might not see because that is what he is trained to do, find the problems and fix them by providing all the solutions needed to get the company back in to the black by making profits. Some of the best turnaround specialists are that confident in their ability that they will be happy to get paid on a contingency based results.

Be Inspired and Motivated

Company turnaround is a delicate balance. You need to have belief in yourself, your staff and the potential growth of your business. Once you have a good turnaround strategy in place, then you need to start to roll it out and start looking to fine tune it in places for more efficiency each time till it is running at its optimum. This can be achieved by having a good turnaround specialist who can coach or mentor you throughout the whole process from start to finish. There will be incredible pressure on you if you are on your own, as it is very lonely at the top being the boss. If you have stakeholders or investors they will be keeping a close eye in your direction. You need to disclose your new turnaround strategy in order to inspire your investors, employees and shareholders. Do ensure that you do not compromise on ethics or on product safety under any circumstances. Your overall strategy is all about sustainability and profitability. You need to think long-term, even if it means losing business to competitors who might be offering lower-prices, as that will only be short-termed.

Get a Buy-In

Do not try to get agreements on each recommendation for change. People will always fight change. Rather, discuss your objectives, goals as well as your vision of where you want the company to be. Rather, create a vision together that you need to share as a team. Get the company really excited; and then you get them all to buy in to the bigger picture, the long term success of the company and their jobs.

Open Lines of Communication

In any company turnaround, communication is of the utmost importance. Each team member has to be involved individually in order to achieve corporate turnaround. This would also add value to the complete process in various ways. It is so important that everyone is pulling in the right direction and everyone and every department is productive, this can only be achieved by good lines of communication between the leaders and the workforce.

Provide Added Value to Your Customer

You may customise your services or products in order to deliver breakthrough benefits to your customers. Add enough value so that you are able to balance the incremental change in costs.

In order to make sure you have a successful corporate turnaround you must keep the customer in mind, you must look at the life time value of each customer and explore how you can up sell, cross sell to your existing customers to increase revenues and profits.

Wishing you a great company turnaround.

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...
What does winding up petition mean for the company?

What does winding up petition mean for the company?

WINDING UP PETITION

Have you been threatened by a creditor with a winding up petition or maybe have had a winding up petition served on your company?

What does winding up petition mean for the company?

The biggest number of winding up petitions being issued are by HMRC for none payments of tax for VAT, PAYE or corporation tax. Some company directors are smart enough to seek professional advice as soon as they know there is trouble ahead with company debts, they seek professional advice and end up saving their business regardless of the amount of debts to the company. Then there are other directors who wait until it is too late and the petition has landed in the post.

The early warning signs is the best time to get an insolvency auditor involved to help you plan on how best to deal with the debts and avoid the petition regardless of the size of debt or debts for your company. The other avenue open to the early warning signs person is to get a turnaround practitioner involved to help turn a viable business around. Provided you have a viable business worth saving an insolvency auditor or a turnaround practitioner will be able to help you structure a plan to save your business from a winding up petition.

On the other hand if you have not had the chance or the opportunity to seek advice and you have had the winding up petition served on you then your options are very few. One, is to fight it if you have a good defence as you have an ongoing dispute over goods or services with the creditor. Two, pay the full amount plus any legal costs before the court hearing day and have the petition discharged. Three, if you have a viable business which could be turned around then we might be able to get the courts and the creditor to agree to an administration order to save and restructure the company as this will result in returning more money than a liquidation via a petition. There are a few more options which are also open but these all depend on your financial position short term and long term.

Regardless of where in the winding up petition cycle you are there is always of finding options open to your problems provided your business is worth saving.

Most of my clients come to me seeking an umbrella once the storm has arrived on their doorstep, this is where I help them by coming out of the cold storm and having a nice hot coffee or tea and see what solutions and option we can create to save their business.

If you need professional help and advice to save your business from the storm, then give me a call on 0800 24 0800 and leave me a message with a brief description of the problems you are facing and the best time to call you back for private and confidential chat to see how we can assist you.

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...
What is a Directors Liquidation?

What is a Directors Liquidation?

LIQUIDATION

What is a directors liquidation when it comes to insolvency proceedings of a company which might be insolvent and what the directors can do about it? If a company is insolvent and continues to trade then the directors could be held liable for wrongful trading.

So what remedy do directors have to call a directors liquidation of a company. As a director of a company if you feel or know the company is insolvent and cannot pay its debts then you need to stop trading and seek the advice of a good Insolvency Auditor to help you to cease trading and to help you find optional ways of avoiding any further liabilities in the event of wrongful trading. The insolvency auditor will explain the best course of action needed to do a directors liquidation of your company whilst minimizing your liabilities and exposure from future liabilities as well.

What is the main difference between a directors liquidation and a compulsory liquidation? The directors liquidation is a voluntary liquidation by you and the compulsory liquidation which is a court lead liquidation ordered by a creditor or creditors of the company.

Depending on the amount of debts the company has, you might have a number of options open to you provided you feel the company has a viable business but for the debts. You have the options of a CVA, pre-pack administration, voluntary liquidation, a company administration order or just simply liquidate the company and walk away with minimal liabilities.

If you can gather some information about the company the number of creditors and the amounts outstanding along with what the company is owed from customers (if anything) and what assets the company has. Then simply give me a call on 0800 24 0800 we can probably run through a few options which might be open to you regarding a directors liquidation of your company.

On the other hand if the company has no debts then simply go to companies house and ask them to remove your company from the register, there is a small fee of about £10 to companies house. But this is only if the company has no debts otherwise you will have seek the advice of an insolvency auditor to guide you through the various option open to you for a directors liquidation of your company.

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...
How Do I Liquidate My Company?

How Do I Liquidate My Company?

LIQUIDATION

“How do I liquidate my company?” This is one of the most common questions I get asked via email and by phone calls. There are a number of answers to the complicated question, each case is different but what I am going to describe is where the bulk of the answers to the question.

If your company has no creditors, in other words your company does not owe any money to anyone and your company accounts are up to date with companies house then you don’t need an insolvency auditor or practitioner to liquidate your company. You can go to companies house and ask them to remove the company from the register.

If your company has debts that have not been paid or you have ongoing court cases running then you will need the service of an insolvency auditor or practitioner to help you plan the best way forward for your company. These normally involve charges. If on the other hand you don’t have a viable business and loads of debts you can arrange a creditors’ voluntary liquidation to liquidate your company, this rout will also cost you money at a cost of £5,000 or more depending on how complex your case is. But if the company has no means of money to pay for the liquidation then the only other option open is to wait for one or a number of your creditors to apply to the courts to wind the company up which is the compulsory liquidation.

Most people have companies that have debts and they want to close the company down but can’t. The only way you can close a company down if it has debts is via a voluntary liquidation which you or your company has to pay for or allow the creditors to go down the court process for a compulsory liquidation.

Why should you pay for a liquidation rather than let creditors pay for it?

Depending on the number of creditors and the total amount of debts of the company and also who the money is owed to, is it to HMRC or suppliers and so on. This might well cause an investigation in to the affairs and conduct of the directors of the company to see if they acted in a manner fit to hold office as directors in the future and what they did to reduce the liabilities of the company. But if you appoint a practitioner to liquidate the company then you are in the driving seat to a degree which is better than not being in the driving seat if the creditors are running the show and possible pushing the investigation in to the conduct of the directors. If found that you were trading the company under wrongful trading the directors could face criminal charges as well as being banned for being company directors in the future.

Sometimes all it takes is a simple telephone call to make sure you are doing the right thing.

If you need professional help and advice to save your business from the storm, then give me a call on 0800 24 0800 and leave me a message with a brief description of the problems you are facing and the best time to call you back for private and confidential chat to see how we can assist you.

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...
Directors Loan Account Reduce / Write off

Directors Loan Account Reduce / Write off

LIQUIDATION

Directors Loan account in an Insolvency / liquidation / winding up petition

In an insolvency situation if the directors are overdrawn by means of a directors loans (in other words the directors owe money to the company) then that money will be demanded by the liquidator appointed for the company.

I am sorry to say I have come across a large number of insolvency practitioners over my life working in the insolvency and business turnaround sector who do not point out to the directors the loan accounts and that they will personally become liable to pay the sums back. All I can put it down to is shear greed to get the client signed up knowing full well there is a directors loan outstanding but say nothing till a few months down the road and then start demanding the money back or further litigation to recover from the directors.

If I have seen this once or twice I would be more than happy to say they made a mistake and overlooked the fact to mention it to the directors that they will want the loan account paid back. But I have seen it with small insolvency practitioners and the bigger practices as well. So sad when greed becomes the key factor.

There are a number of ways that the amount can be reduced well before the liquidation takes place and even during the liquidation also, there are ways to lower the amounts paid back. But what the liquidator will tell you that I am duty bound to collect the loan account in the interest of the creditors. What he is saying is I need that money in my account so I can run my bill up.

Over the years I have helped to reduce and even eliminate the directors loan accounts by way of understanding how the system works and the greed factors for the practitioners as well as other creditors.

If you owe money to your company and you are considering insolvency as an option, do not go to the insolvency practitioner until you know all the facts of the power he has and what works in your favour to reduce or eliminate the loan.

If you need professional help and advice to save you from the directors loan account, then give me a call on 0800 24 0800 and leave me a message with a brief description of the problems you are facing and the best time to call you back for private and confidential chat to see how we can assist you.

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...
Company Pre pack or Liquidation

Company Pre pack or Liquidation

PRE-PACK

Company Pre pack or Liquidation which option is best for the company directors?

Pre-pack are not as common as they were a few years ago because the problems it created for the creditors and also the problems the creditors created for the insolvency practitioners who arranged the pre-packs.

In over 90% of the cases a straight forward Company Administration would address the issues of a pre-pack without having to upset the creditors. Depending on the size of the business even a straight forward liquidation could also provide a solution without the need for a pre-pack.

In my personal opinion pre-packs are over rated and far too expensive at the cost of the company directors who are being led down the altar for the slaughter for a big fat fee. You see the insolvency practitioner will try and maximize the value of the old business and he will tell you it is because of the creditors. In part he is telling the truth but not the whole truth.

The whole truth is he is thinking the bigger the value he can achieve the bigger his fee will be. Don’t take my word for it, just take a look at the company’s house records of any pre-pack and see how the money was divided up and who got the biggest pay off, the creditors or the greedy insolvency practitioner?  I have seen the insolvency practitioner’s fees as high as 50% and even more at times.

I am sure they worked hard for it or rather rephrasing that you worked hard for your money and paid them off more much more than needed.

So what’s the solution you might be asking yourself?

If you go and seek the advice from three separate insolvency practitioners you will get three different opinions and three different set of figures regarding the pre-pack. The question you should be asking in whose interest are they acting. Are they giving me biased or unbiased advice? And who can I believe to guide me with my interest at hand. That is easy just find yourself an Insolvency Auditor who will run through the different options you have and the most cost effective option also for you.

All insolvency practitioners are officers of the courts and bound by law and by duty to look after the interest of all the creditors. On the other hand an insolvency auditors job is to look after the interests of the directors or the business owners, helping them to minimize their personal liabilities by providing the best solution to the directors and not the creditors.

How will you know that they are not giving you biased advice? Most insolvency auditors will charge you for the consultation of their time where’s the insolvency practitioner is willing to give you his advice FREE.  FREE advice but at what cost and to who?

Find a local insolvency auditor and get the best unbiased advice that’s best for you and your company.

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...
Winding Up Option for Company Directors

Winding Up Option for Company Directors

WINDING UP PETITION

Is Your Business Being Threatened With Winding Up Petition?

Do you owe money to the VAT man, Tax man or other creditors & Being Threatened With A Winding Up Petition

A winding up petition is a very serious court lead legal procedure to close your company down, yes close it down or the phrase winding up states it will wind the company’s affairs up and close the business and sell off all the assets owned by the company in order to pay off the creditor petitioning.

Once the winding up petition has been issued against your company you are left with minimal choices compared to when you were being threatened by a petition. When seeking advice make sure you find a good Insolvency Auditor to help you through the legal maze of insolvency process. You see when you have a threat hanging over your company and no action has been taken apart from the threatening letter or a statutory demand you can do a number of things:

  • Pay the debts off in full
  • Ask for a payment plan
  • Arrange for a CVA which is a Company Voluntary Arrangement to repay the total debts of the company over a number of years subject to 75% of your creditors agreeing to it
  • Depending on the size of the company and the viability of the business you can arrange a Pre-Pack Administration which involved setting up a new company to buy the assets of the old company and continuing in business without any of the debts of the old company.
  • Liquidate your company by means of a voluntary liquidation and buy any assets back from the liquidator and set up a new company and carry on business without the worry of the creditors from your old company.
  • A straight forward Voluntary Company liquidation, this happens when the company is dead in the water and has no future and the directors just want to minimize their personal liabilities and that of the company’s liabilities and just walk away after the liquidation.
  • Last of all is to do nothing and wait for the Winding Up Petition to arrive which then turns into a Winding Up Order to close the company down and hand the rains over to the court appointed liquidator or even the Official Receivers Office

The above is just an outline of the winding up option to you as a company director subject to the status of your company.  A good Insolvency Auditor would ask you first of all where would you like to be in 6-12 months time if you had the choice and then plan around that what your options are to survive the insolvency and to save your business be it in its current form or in the form of a Phoenix rising from the asses of the old company. You must not ignore any threats made against your company regarding a Winding Up Petition, speak with an Insolvency Auditor before it is too late.

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...
Company Winding Up Petition

Company Winding Up Petition

WINDING UP PETITION

Everyone who starts a business wants to ensure it is a success. But sometimes even the most successful businesses face situations which are eventually to be their undoing. This could be anything from bad management to a recession right through to competing businesses.

If a business owes money to its creditors and does not take the steps necessary to resolve this situation, it may be faced with a winding up petition. Read on to find out more about what this means.

What should your first move be if you are given a company winding up petition?

Your first move should always be to get fast professional advice from insolvency auditor. Do not underestimate the power of a winding up petition because it could well be the beginning of the end for your business. It is possible to stop one in its tracks, but you must seek the advice of a insolvency auditor who is experienced in these situations to discuss your options.

For example if you can immediately clear your company debt to the creditor who has initiated the winding up process you should do so as quickly as possible. On no account should you ever miss a court appearance for the petition to be heard, otherwise you can be sure the petition will be granted.

If you are able to act quickly there may be an opportunity to ward off the winding up petition and instead agree on a voluntary liquidation arrangement. Again a insolvency auditor can help to advise on this possibility.

What about an HMRC winding up petition?

This is basically much the same thing, but in this case the winding up petition is issued by HM Revenue and Customs. If your company has been unable to pay its taxes on time (this could include VAT if it applies to the turnover reached by your business) it may eventually issue a winding up petition.

The HMRC does not issue these until it has tried to attain payment in other ways. But it has been stated that they are doing so more quickly now than they have in the past. This is possibly to recoup any cash that is owed to them more quickly than it would be otherwise.

So you can see that the winding up petition procedure is a serious one – and one that you should seek help and advice for as quickly as possible.

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...
Winding up your company and corporation tax

Winding up your company and corporation tax

WINDING UP PETITION

You need to know when the winding up process for your company has started – this can affect your Corporation Tax payment and Company Tax Return filing deadlines and requirements.

Winding up your company and corporation tax 

The winding up of your company for Corporation Tax purposes normally starts on the earliest of when:

  • your company goes into administration
  • your company’s shareholders pass a winding-up resolution to shut it down
  • a winding-up order is imposed on your company by the court; for example, following an application by an unpaid creditor such as HMRC, if you don’t pay your company’s Corporation (see separate section below)
  • a liquidator is appointed

Winding up and Corporation Tax accounting periods

At the start of your company being wound up, your current Corporation Tax accounting period comes to an end and a new accounting period begins. From that point on, your company’s accounting periods run for periods of 12 months until the winding up is complete.

If your company is in the process of being wound up, it’s still subject to Corporation Tax paying and filing requirements. For example, your company must continue to file a Company Tax Return and pay Corporation Tax on taxable profits arising from:

  • trading income and other income such as investment income
  • the sale of other goods or assets (chargeable gains) for example to pay off creditors

Your company will pay any Corporation Tax due during the winding-up period at the same rates as before the winding-up period started.

Winding up and control of the company

In certain winding-up situations a liquidator, or the Official Receiver, becomes the beneficial owner of your company. From this point on, company shareholders or directors have no further say in the running of the company including filing Company Tax Returns and paying Corporation Tax.

When this happens, your company’s Corporation Tax Office communicates with the Official Receiver or liquidator and can disclose information that would have been known by your company. For example, correspondence, Corporation Tax payment history, notes of interviews with company directors or other company officers.

In other winding-up situations such as administrative receivership or creditors’ voluntary arrangement, the company officers retain responsibility for filing Company Tax Returns and paying Corporation Tax.

 

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...
Inland Revenue Winding up Petition

Inland Revenue Winding up Petition

WINDING UP PETITION

Inland Revenue Winding up Petition Process 

Protection Against Winding Up Petition For Company Directors

“Winding up” in this case refers to the closure of a business, and the processes involved in bringing the company to an end through court proceedings and then sale of company assets. If a creditor wishes to liquidate a particular company because debts are not being paid, they can submit a winding up petition. It is important to realise that companies can in fact submit a winding up petition for themselves, but it is commonly submitted by creditors who have grown impatient with false promises that the company has made regarding payments. Winding up is a very serious matter and can prove detrimental to both creditors and businesses. 

The Inland Revenue may be one of the creditors you owe money to, and they are very effective at recovering their debts. They will usually have tried several methods to get their money back, and but if you have not paid or you can’t agree on Payment Terms, your company receive a Winding Up Petition.

Prevent Further Action

You can cease proceedings by paying the Inland Revenue all of the money you owe to them, or by implementing a payment plan that both parties can agree to and your company can stick to. It is always advisable to keep in contact with the Inland Revenue all the way through the proceedings. This is a very compromising position for a business to be in, it is hence of paramount importance that you face the problem head-on and try to deal with it in the most effective manner.

A date and time for a court case will have already been arranged and will be stated on the petition. It is important to realise that there can be a considerable amount of time between your company receiving the petition and the specified court date. You will normally be allowed to continue trading before the court date, providing you are not breaking any other laws such as continuing to trade whilst insolvent. However, it is vital that your trading is nothing less than exemplary in this time period, as any trading undertook by your business between receiving the petition and the pre-arranged court date will be heavily scrutinised.

A legal representative will usually represent the company at court, although in certain circumstances, a company representative may be allowed to represent the company, if this has been approved by the courts. If your company loses the case, the Winding Up Petition will become effective immediately, and a liquidator will be appointed to sell company assets.

Pressure For Directors

Throughout this entire period, the company directors will be under pressure and thorough scrutiny. They will have to submit accounts and a list of assets to the Official Receiver or the Liquidator’s office, as well as a list of creditors that the company owes money to. 

If your business has a Winding Up Petition submitted against it, you need to act swiftly and effectively. You can seek independent and professional advice from an Insolvency Auditor who will help you make the decisions that will be most favourable to your company, and ultimately help to determine your company’s outcome. 

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...