If you’re an individual in dire financial straits and no longer have the funds to pay off your debts, you can declare yourself bankrupt. Bankruptcy is one way to clear debts (for most people, it’s the most well-known form of financial legal proceedings). But it’s not necessarily the best thing for everyone. Declaring bankruptcy can
What is MVL? A key process available to a number of companies, enacting Members Voluntary Liquidation (MVL) involves your company’s shareholders appointing or designating a liquidator to close down an otherwise solvent company. This is instigated as a formal motion by the company’s directors and can only be passed by a 75% shareholder vote, requiring
If your business is starting to encounter financial difficulties, you may become aware of technical terms such as bankruptcy or insolvency. Unless you’re a financial wizard, it’s likely these two terms might cause some confusion. Insolvency and bankruptcy are often seen as the same thing. But while they might at first appear similar, they are in fact very different. To make
Companies in dire financial straits often go into administration, as they seek a way of escaping their debt and surviving as a business. Administration is a proven way of bringing insolvent businesses back from the brink of financial disaster. But there are many factors to ponder and important questions to consider before pursuing this route. One
Declaring bankruptcy is a way for individuals to eliminate their debt, and to essentially have a fresh start. Bankruptcy wipes out personal debts and will take away the need for you to continue paying debtors or creditors when you don’t have the funds to do so. It can be the best or in some cases
When it comes to insolvency, there are many myths and misconceptions which often lead to confusion and ill-informed actions. It is important that the myths surrounding insolvency and insolvency practitioners are addressed so that more people can understand some of the protocols involved. As a result, we have compiled a list of some of the