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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The insolvency statistics released for May show that of the 1,868 registered company insolvencies: There were 285 compulsory liquidations 1,423 creditors’ voluntary liquidations (CVLs) 135 administrations 25 company voluntary...
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When a company is under financial pressure, administration and liquidation are often spoken about as though they are the same thing. They are not. Both are formal insolvency procedures, involve a licensed insolvency practitioner, and may be used...
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The nine-year director disqualification accepted by Lex Greensill is another significant development in the long-running fallout from the collapse of Greensill Group. While the case is high profile, the underlying issue is a familiar one in...
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The insolvency statistics released for April show that of the 2,085 registered company insolvencies: There were 371 compulsory liquidations 1,510 creditors’ voluntary liquidations (CVLs) 183 administrations 20 company voluntary...
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