If you can’t pay your debts or if what you owe exceeds the value of your assets, then you’re insolvent.
Historically, the only way out would have been bankruptcy, but an Individual Voluntary Arrangement or IVA is an increasingly popular alternative. An IVA is a formal but usually flexible financial arrangement dealing with all of your debts.
It is set up via an Insolvency Practitioner, the precise terms of which requires approval by your creditors. We have assisted with hundreds of IVA’s successfully enabling individuals to variously continue in trade, retain home ownership and act as Company Directors.
If your employer is unable to pay its debts, including your wages, it is likely to be insolvent. Your options depend on whether your company has entered a formal insolvency procedure. Sam Hawkins explains. This advice assumes that they have, but if not you should contact Citizens Advice or ACAS in the first instance for […]
HM Revenue & Customs (HMRC) now require statutory interest on corporation tax (CT) where it is paid after the normal due date, which has significant implications for current and future Members’ Voluntary Liquidations (MVLs). HMRC require the payment of statutory interest at 8% from the commencement of a liquidation on any CT that falls due […]