When a company experiences financial difficulties, directors are often concerned about what will happen to the business, its employees and its outstanding debts. However, where a director has personally guaranteed borrowing or other financial...
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A businessman who continued managing a noodle bar franchise despite being disqualified as a company director has received a suspended prison sentence and a further 10-year ban. Desmond Pheby, 57, remained involved in running Wok & Go...
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The insolvency statistics released for September show that of the 1882 registered company insolvencies: There were 341 compulsory liquidations 1420 creditors’ voluntary liquidations (CVLs) 102 administrations 19 company voluntary...
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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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