Neil Jeeves’ Post

A Winding Up Petition is the most serious action a creditor can take against your company. A winding up petition involves asking - or petitioning - the court to compulsorily liquidate your company due to its inability to meet its liabilities and pay its debts as and when they fall due. If a creditor has served you with a Winding Up Petition you should take this action extremely seriously. Failure to deal with the petition will see your company being forced into liquidation and wound up by order of the court. https://lnkd.in/ee-aZZNX

When directors are caught up in the day-to-day running of their company, it is very easy to miss the signs of approaching insolvency. It is perhaps easier to attribute cash flow problems to a temporary blip in your company's finances rather than consider the fact that this could hint at deeper rooted problems. However, the sooner you accept the problems you are facing, the sooner a plan can be put in place to get your business back on a solid financial footing. https://lnkd.in/dGicGYzZ

There’s no size fits all approach to restructuring, with refinancing, streamlining and cost-cutting all potential options. The company’s directors will work with a team of business recovery experts to determine an appropriate strategy. https://lnkd.in/e7-48b6f

Placing a company into Administration can be a complicated process and it’s not something to take lightly. In this article, we explain when you can put a company into Administration, how you do it and what the process looks like. https://lnkd.in/eWYaN_dv

Director disputes are complex situations, and it is not easy to extricate yourself from a business under these circumstances. If you would like further information and professional advice on how to proceed, contact our licensed insolvency practitioners at Begbies Traynor for a free same-day consultation. https://lnkd.in/drrE-4YH

Once a company reaches turnover of £85,000 in a 12 month period, they must register for VAT, and submit quarterly VAT returns accordingly. VAT returns are submitted electronically, with payment of the VAT owed due on the deadline date for submission. If you cannot pay your VAT on time, you run the risk of financial fines in the short-term, and further legal action against your company in the longer-term if you do not bring your tax position up to date. https://lnkd.in/eBGNDDcu

If you are an accountant searching for solutions on behalf of a distressed client, our free guide has all the information you need when it comes to business rescue, recovery, and closure. https://lnkd.in/dY_HpVyi

Begbies Traynor Group is the UK’s leading business rescue and recovery specialist, and can provide the professional assistance you need. We’ll advise on what happens to your CBILS or Bounce Back Loan during liquidation or administration, and your personal risk of liability. Please contact one of our partner-led team of licensed insolvency practitioners to find out more. We can arrange a free same-day consultation, and operate from a network of local offices throughout the country. https://lnkd.in/ed97a2hs

It is imperative to obtain early insolvency advice if your construction company is experiencing financial distress, to avert a crisis situation. Dealing with severe creditor pressure at a time when the moratorium on legal action is ending, could leave companies on a precipice in terms of liquidation. https://lnkd.in/eGUyVHZS

A phoenix company describes a business that has been purchased out a formal insolvency process such as administration or liquidation, often by the existing directors. The term refers to a phoenix rising from the ashes, but there are strict rules that govern the use of this process. It is not possible for directors of an insolvent company to choose this route without clear evidence that creditor interests will be maximised. This should be the main consideration for any insolvent company - the insolvency practitioner appointed to oversee the administration or liquidation process is obliged to recoup as much money as possible for unsecured creditors. https://lnkd.in/eJhmJxat