Business Bankruptcy
Business Bankruptcy Advice For Business Owners & Company Directors
What is Business Bankruptcy? To find out watch the video below or scroll to read…
Video Length: 6 min 18 seconds
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Business Bankruptcy causes loads of confusion with people in the UK, because the word business bankruptcy is not listed. Most people when they think business bankruptcy really mean, company liquidation or company insolvency, pre-pack administration. The word bankruptcy only applies to individuals… So to find out more on business bankruptcy, continue reading
Business Bankruptcy Advice 0800 24 0800
Business Bankruptcy under UK law does not exist. The word bankruptcy only applies to individuals and not to limited companies. If you are a sole trader or in a partnership then you would need to declare personal bankruptcy if you are unable to keep up with your personal and business debts and liabilities.
In most cases when people say business bankruptcy they really mean company liquidation, company administration, a pre-pack administration of a company or a CVA company voluntary arrangement.
If this is the case then keep reading below.
Let's Talk Company Insolvency Then?
- Did you know you can protect your business from creditors under the insolvency laws with the help of an Insolvency Auditor?
- The insolvency laws are there to protect the creditors as well as the company directors, bet you were not aware of that?
So How Can Insolvency Help My Company, with it's Debts?
Two Simple Solutions
Are you simply looking to close your company down and wish to walk away?
Or are you looking to continue in business but the debts are holding you back?
Close Your Company & Walk Away
First, we will deal with closing your company down and you simply walking away, ok?
If the company has debts there are two ways to close the company down. One is to wait for a creditor/s to petition to wind the company up, known as a compulsory liquidation.
Two, where you can employ an insolvency practitioner to liquidate your company. This is known as a Creditors Voluntary Liquidation.
Advantages & Disadvantages of Compulsory Liquidation
Advantage of the compulsory liquidation is it costs you nothing because the creditors have to pay for all the court costs and other costs associated with it.
Disadvantage is, you are not in the driving seat the creditors and the courts are.
Advantages & Disadvantages of Voluntary Liquidation
Advantage you select the practitioner of your choice and take advice about issues that might be worrying you, like director disqualification, wrongful trading or taken to much money out of your company for yourself…..
Disadvantage, You have to pay to employ the insolvency practitioner anything from £5,000 and above depending on how much work is involved in the liquidation.
The Insolvency Practitioner is an officer of the courts and he has to look after the interests of all the creditors by law.
Continuing With The Business But Reducing or Eliminating The Debts
- Continuing With The Business & Reducing The Debts
This can be done by a CVA know as a Company Voluntary Arrangement. This also has it’s advantages and disadvantages, but you need to take a look at one of my other video under CVA, which will explain the ins and out of a CVA.
- Continuing With The Business & Eliminating The Debts
This can be done in a number of ways, depending on how viable the business is if it did not have the debts and has the business got a future.
With those facts in mind the options which might be open to the company are:
- An Administration Order
- Pre-Pack Administration
- Straight forward Liquidation then buying the assets back from the liquidator at a knock down price.
Solution:
Business Bankruptcy Advice From UK's Most Trusted Insolvency Auditor
There must be a reason why most people are saying Moe Nawaz is the UK's most trusted Insolvency Auditor. Advice From The UK's Leading Expert Moe Nawaz (as seen on T.V.) is a nationally recognised insolvency auditor who has focused on providing company insolvency & company liquidation advice to business owners and company directors for over 20 years. He regularly travels the country assisting company directors on how to handle their toughest cases with the Inland Revenue, Customs and Excise and other creditors.
Moe is highly ranked among the top insolvency auditors in the country, with two books to his credit as an author “The Insolvency Survival Guide For Businesses” and his second book “Bankruptcy Guide”.
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