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Who gets paid first in a Company Liquidation?

How are funds distributed in a Liquidation and who is at the top of the pecking order? In this month’s article we discuss the strict hierarchy within the Insolvency Act, which determines the order that creditors will be paid during liquidation.

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How to identify an insolvent company

Directors have a legal duty to ensure that their company is not trading whilst insolvent. But what does “trading insolvent” really mean, and how can it correctly be identified?

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Company Voluntary Arrangements (CVAs) – A Basic Guide

Introduction In March BHS entered into a Company Voluntary Arrangement (CVA), an insolvency procedure designed to ensure the long-term viability of a business through a re-structuring of its liabilities to creditors.  However less than 5 weeks later the company has entered into Administration and its prospects look bleak, with over £1.3bn in debts including a …

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Insolvency law changes bring more transparency

Introduction Changes to UK insolvency law that came into force on 1st October will give creditors a better insight into the fees charged by Insolvency Practitioners (IPs) over the life of a Liquidation, Administration or Bankruptcy.

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What is an Accelerated Payment Notice (APN)?

The introduction of Accelerated Payment Notices (APN’s) by the Finance Act 2014 has been amongst the most talked about measures introduced by the UK tax authority to clampdown on what it considers to be corporate tax avoidance.

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Paul Mallatratt (Licence No. 2039) and Louise Freestone (Licence No. 2030) are licensed to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales and are subject to their Code of Ethics, available in English at www.icaew.com[...]code-of-ethics-d

In carrying out the regulated profession of Insolvency, the firm is subject to the Insolvency Regulations and Guidance Notes at www.icaew.com/insolvency and the Statements of Practice at www.icaew.com[...]insolvency-regulations-and-standards