Receiving a winding-up petition isn’t something that any company director or business owner can ignore. Creditors issue winding-up petitions when they are owed money by a company, but have already exhausted other avenues and made multiple failed attempts to reclaim that money. Winding-up petitions are a last resort on behalf of the creditor. A successful
If your company is struggling financially and facing the threat of insolvency, there are countless different options and outcomes that you, as a director, could consider, including a Company Voluntary Arrangement (CVA) or a Members’ Voluntary Arrangement (MVA). Insolvency is a serious process and, as the director of a company, your actions will be judged
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
There’s no doubt these are tough and trying times for businesses across the United Kingdom. The effects of COVID-19 on the economy are unprecedented, and businesses are being forced to pivot, to adapt and, in many cases, to seek support on a level never seen before. Unfortunately many businesses have had to declare insolvency, call
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
An insolvency practitioner can provide essential support, guidance and advice when you are facing financial issues, whether as a business or an individual. However, what might not be clear, is when the right time is to contact an insolvency practitioner. It is important to understand that an insolvency practitioner is not simply a financial emergency