Insolvency Helpline for Company Directors
True Insolvency On The Up
The number of businesses filing for voluntary liquidation under the insolvency law for protection in the United Kingdom reached an all time high during 2010, according to new figures.
A leading insolvency auditor has urged businesses in the UK to make a resolution this new year to keep their financial affairs under control, following reports of record levels of personal and company insolvency including bankruptcy, Individual Voluntary Arrangements (IVAs) and Debt Relief Orders (DROs) .
The latest statistics for businesses being liquidated in the UK do not show the full and true picture according to Moe Nawaz a leading insolvency auditor and author. Moe claims that over 20% of the companies removed during 2010 from the register or dissolved should have been liquidated because the debts that these companies still had outstanding. Companies house has been removing registered companies from the register because the directors had not been filing the accounts or not returning the annual returns for the companies. This left annoyed creditors all over the UK with nowhere to turn to for the creditors. Moe fears that this year the situation could get worse unless the law is changed or companies house reviews it policies for dissolving dormant companies from its register.
Moe Nawaz, from the Help Organisation is urging creditors who are left high and dry when a company is removed from the register from companies house unless it has been liquidated or wound up by the courts to write to companies house stating that the company in question still has creditors and that the creditors have rights to object to the removal of the company from the register until the directors face their responsibilities.
“With VAT at 20 per cent now, 2011 brings with it a rise in living costs for people in the UK — and this, coupled with the threat of further job losses, will put added pressure on every business owner.”
Unfortunately, many businesses may already have reached a financial crisis point.
Moe Nawaz said: “Those whose businesses are already struggling with unmanageable debt should seek advice from an insolvency auditor as soon as they can to find out what options are available and how they can get their business back on track or liquidate the current company and start fresh.”
As businesses prepare to feel the “pinch” of 2011, Moe Nawaz the leading UK insolvency auditor has told us today that his team will be helping every business that turns to them for help free of charge.
Business owners and company directors can can access free advice on www.ukadvice.com or by calling
Our Insolvency Helpline 0800 24 0800
Moe Nawaz – Author – Speaker – Insolvency Auditor - Business Coach
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Filed under: INSOLVENCY
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