Directors often ask if they are allowed to start another company having previously had a business which entered into liquidation, or another insolvency procedure. This […]
Directors of a limited company which has gone into liquidation are prohibited from being involved with companies which use the same, or similar, name in […]
Introduction Since the start of the Coronavirus crisis, the Insolvency Service has been issuing monthly statistics in addition to the usual quarterly reports in order […]
Company Voluntary Arrangements (CVAs) are one of a number of insolvency solutions available to directors when dealing with company indebtedness. In summary, a CVA is […]
COVID-19 is causing significant Financial Distress for Business – So why are Company Insolvencies so low?
Introduction Since the start of the Coronavirus crisis, the Insolvency Service has been issuing monthly statistics in addition to the usual quarterly reports, in order […]
The Government’s loan support schemes have helped many businesses to weather the storms caused by COVID-19. By the end of June, over 1 million loan […]
The Corporate Insolvency and Governance Bill is currently making its way through Parliament and is expected to become law by the end of June 2020. […]
The key measures – as at 19th March 2020 Businesses of all sizes will have access to a £330 billion package of Government-backed loans and […]
To enter Administration, a company needs to be, or is likely to become, insolvent, where either the company’s liabilities exceed its assets, or it is unable to pay its debts as and when they fall due.
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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Thomas Grummitt and Andrew Smith are licensed to act as Insolvency Practitioners in the UK by the Insolvency Practitioners Association. In carrying out all work related to an insolvency appointment, insolvency practitioners are bound by the insolvency code of ethics and are subject to the regulations and guidance of their authorising body. Details of the code of ethics, statements of insolvency practice and other regulations and guidance issued by the Insolvency Practitioners Association can be found here: