Can I Get Out Of A Personal Guarantee For A Company?
A personal guarantee is a guarantee by an individual, to cover, backup or indemnify something done by a corporate entity. For example a director guaranteeing to pay back a debt of the company if the company isn't able to.
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Company Bankruptcy Advice
The content on this page has been written by Robert Moore and approved by Chris Ferguson Licensed Insolvency Practitioner and Managing Director of RMT KSA
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How to Save a Failing Business from Insolvency
A failing business is stressful for directors and its employees. Find out what the causes are and what can be done about it. Free advice
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If My Company Goes Bust Will I Lose My House?
You will not lose your house if your company goes bust but if you have been guilty of defrauding creditors or have personally guaranteed company loans then it is possible.
ReadAm I Trading Whilst Insolvent? – Directors Guide To The Risks
Trading whilst insolvent is a legal term used to describe a business which continues trading when it cannot pay its debts and its liabilities are greater than its assets. It can lead to a breach of several provisions of the Insolvency Act 1986 which can result in the directors being held personally liable
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What Is Creditors Voluntary Liquidation (CVL)
Creditors voluntary liquidation is when the directors decide that their company should stop trading and its assets are "liquidated" and turned into cash. This is usually due to the company being insolvent and the directors do not want to be wound up compulsorily by the court.
ReadWill I Go Bankrupt If I Am A Director Of A Company That Goes Bust?
The content on this page has been written by Robert Moore and approved by Chris Ferguson Licensed Insolvency Practitioner and Managing Director of RMT KSA
ReadGuide To Liquidation Fees
The costs of liquidation start at around £4000 + VAT. This would be for liquidating a company with a single creditor, such as having an unpaid Bounce Back Loan (BBL) or HMRC. For more than one creditor issue, we would expect the fee to be approximately £4,400 - £6,000 plus VAT.
ReadHow Long Does It Take To Liquidate A Company?
Liquidating a company can take anything from 14 days to 2 years. It depends on the size and complexity of the business and the particular type of liquidation process the company is undergoing. A creditors voluntary liquidation takes a shorter time, generally.
ReadOverdrawn Director’s Loan Accounts in Insolvency
An overdrawn director's loan account is created when the director takes money out of the company, by the form of a loan, resulting in the director owing the company money. When the amount extracted is more than what can be put back in, the account is overdrawn.
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Director’s Credit Rating After Liquidation: What You Need to Know
The content on this page has been written by Eric Walls and approved by Chris Ferguson Licensed Insolvency Practitioner and Managing Director of RMT KSA
ReadWhat Is A Transaction At An Undervalue?
A transaction at an undervalue is when an asset is transferred for no payment or sold at below their true value. The transaction becomes a problem if the company is insolvent, as any transfer at an undervalue is in effect depriving the creditors of money owed to them. This is outlined in s238 of The Insolvency Act 1986.
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