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WHAT IS A PHOENIX COMPANY AND ARE THEY LEGAL? 

What is a phoenix company? A Phoenix company is one that rises from the ashes of another that has gone into administration or liquidation. They do this by rearranging their assets, liabilities, and business structure to make it appear on paper like they are a new business while using the same

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UNDERSTANDING CAPITAL DISTRIBUTIONS ON WINDING UP A COMPANY 

I am often asked by investors why the value of their investment shrinks so much when a company they bought into is wound up or suddenly stops trading.  Most people understand that with most companies, there is no guarantee that you will get back any money from your investment. In fact,

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WHAT IS BUSINESS INSOLVENCY?

WHAT IS BUSINESS INSOLVENCY?  Business insolvency is when a company can’t pay its debt — it is bankrupt. It also means that the company will have to employ debt management tactics or even go through liquidation for its debts to be settled. This usually happens when the owner of the business

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GOING INTO ADMINISTRATION  

GOING INTO ADMINISTRATION   A business may be put into administration for a number of reasons. Usually, there has been some form of financial difficulty or failure to comply with statutory regulations and standards within your industry. This is very common in the clothing industry where companies rapidly expand without keeping an

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HOW TO DISSOLVE A COMPANY?

HOW TO DISSOLVE A COMPANY?   A company is legally dissolved after it files a final tax return, and pays any outstanding taxes. A business cannot legally operate once it has been dissolved. Any contracts the company entered into during or after its existence as a legal entity are still valid and

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STRIKING OFF A COMPANY

STRIKING OFF A COMPANY   Striking off a dissolving company refers to the dissolution procedure in England and Wales, where a company no longer has any “fixed property or liabilities”.   A limited liability company may be struck off the Register of Companies at its own request (under section 1000(1) of the companies

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HOW TO LEGALLY TAKE MONEY OUT OF A LIMITED COMPANY IN THE UK? 

HOW TO LEGALLY TAKE MONEY OUT OF A LIMITED COMPANY IN THE UK?  You may believe you can use your company’s money after you establish a limited company, for personal use, without attracting the attention of the taxman. For personal use, without attracting the attention of the taxman.  You may be wrong on that score;

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WHAT IS LIMITED LIABILTY COMPANY?

WHAT IS LIMITED LIABILTY COMPANY?  A limited liability company (LLC) is a type of business entity in the United Kingdom that limits the personal financial liability of its owners. LLCs are popular in the UK because they offer the benefits of both a corporation and a partnership, without many of the

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DISSOLVING A COMPANY, WHAT YOU NEED TO KNOW

HOW IS THE PROCESS STARTED?  The procedure for dissolving a company in the United Kingdom normally starts with the liquidator applying to court. This application is generally prepared by a solicitor and filed on behalf of the liquidator, although he may do this himself if he is legally qualified. The liquidator

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