A whisky cask investment business has been closed by the High Court after an Insolvency Service investigation uncovered serious concerns over customer ownership, company records and the information provided to investors. Seventeen customers...
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The insolvency statistics released for August show that of the 1946 registered company insolvencies: There were 314 compulsory liquidations 1431 creditors’ voluntary liquidations (CVLs) 182 administrations 19 company voluntary...
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A winding-up petition is one of the most serious forms of creditor action a company can face. It is an application asking the court to place the company into compulsory liquidation because it cannot pay its debts. Receiving a petition does not...
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The insolvency statistics released for July show that of the 1,931 registered company insolvencies: There were 288 compulsory liquidations 1,497 creditors’ voluntary liquidations (CVLs) 124 administrations 22 company voluntary...
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Trading through a limited company normally separates company debts from a director’s personal finances. However, HMRC can make an individual personally responsible for certain tax debts where the conditions for a joint liability notice are...
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When a company enters financial difficulty, directors are often concerned about what will happen to workplace pensions. Employees may worry that their pension savings will disappear, while directors may be unsure whether pension funds can be used...
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A Birmingham company director has received a suspended prison sentence after fraudulently securing £37,500 in Covid support for a business which had never genuinely traded. Faruk Chowdhury, the sole director of Learn & Earn Ltd, falsely...
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The insolvency statistics released for June show that of the 1,845 registered company insolvencies: There were 276 compulsory liquidations 1,364 creditors’ voluntary liquidations (CVLs) 191 administrations 14 company voluntary...
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Being unable to pay employees is one of the clearest signs that a company is experiencing serious financial pressure. Payroll is usually treated as a priority, so when the money is no longer available to meet it, the problem may extend beyond a...
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A Glasgow company director has been disqualified for eight years after his business imported raw tobacco without the required HMRC approval. Fazle Masum, director of Unique Enterprise Ltd, was sanctioned after Border Force intercepted a shipment...
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