HM Revenue & Customs have the power to issue a Personal Liability Notice (PLN) and lift the ‘corporate veil’ of a Limited Company, to hold Directors personally liable for non-payment of National Insurance Contributions (NIC).
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.
Discover the importance for Directors of insolvent companies to be aware of the legislation and implications around the sale or transfer of assets, and regarding preferential payments to stakeholders and creditors.
A look at Independent Business Reviews (IBR) and help for you to identify if your, or a client’s, company could benefit from one?
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?
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 …
We all know that Taxes should be paid when they fall due, however HMRC will usually agree a payment arrangement, known as Time to Pay (TTP) in order to clear any arrears. Here are 5 top tips to help you and your clients achieve the best outcome with HMRC
The number of people being declared bankrupt could now fall sharply, as the government has increased the threshold required for a creditor to begin bankruptcy proceedings, from £750 to £5,000.
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.
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.
Bridgewood is a trading style of Bridgewood Financial Management Limited (Company No: 07130329) and Bridgewood Financial Solutions Limited (Company No: 06957765). Registered Office: Poynt South, Upper Parliament Street, Nottingham, NG1 6LF. Registered in England and Wales.
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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