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
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
A high court writ is a court order served on a person to perform a certain action or pay damages. It can be issued for breach of contract, tortious claims and unpaid taxes. It is issued by the High Court in England and Wales. In Scotland it is known as an
The HM Revenue & Customs HQ is situated in London, England at 100 Parliament Street where they are able to oversee their UK-wide offices. As of 2016 there are 453 HMRC office locations throughout the United Kingdom, Scotland, Wales and Northern Ireland. The HMRC has offices all over the UK. There
Insolvency is the inability of a debtor to pay its debts. A person or business is insolvent when their total debt is greater than the sum of their total assets and their income. This usually happens when an individual has significant debt they cannot repay and there are not sufficient liquid
Invoice discounting is a form of factoring where the business sells its invoices at a discount in return for cash. The finance provider then becomes responsible for collecting from debtors and any risks that might be associated with the debtor defaults are also transferred to the lender. A good invoice finance
Before a company problem can be solved , one should be able to analyze , understand and identify these problems before hand. Sometimes, dealing with the day-to-day of the company and its management, prevents us from seeing the real evils that lie in wait for it: reduced sales, increased costs or
Yоu mау have hеаrd thе expression ‘саѕh іѕ kіng’, whісh fоr соmраnіеѕ оftеn rеfеrѕ tо thе іmроrtаnсе of саѕh flow іn the оvеrаll fіnаnсіаl hеаlth оf a buѕіnеѕѕ. Hаvіng a strong саѕh flоw аnd саѕh reserves can protect a company from the unfоrеѕееn. However, nоt аll соmраnіеѕ hаvе this luxurу. Sо
What rights do creditors have and how should you deal with creditor pressure? Crеdіtоr рrеѕѕurе іѕ еnоugh tо make аnу buѕіnеѕѕ оwnеr fееl аѕ thоugh thе wаllѕ аrе сlоѕіng in. Understandably, nо оnе ever wants tо ѕubmіt to the wоrѕt саѕе ѕсеnаrіо, but thаt wіll nоt stop сrеdіtоrѕ frоm taking whаt’ѕ
A company can only bе put into voluntary lіԛuіdаtіоn bу its ѕhаrеhоldеrѕ. Thе lіԛuіdаtоr арроіntеd muѕt bе an аuthоrіѕеd іnѕоlvеnсу practitioner. Thеrе are twо tуреѕ of vоluntаrу liquidation, mеmbеrѕ’ vоluntаrу liquidation аnd сrеdіtоrѕ’ vоluntаrу lіԛuіdаtіоn. This is whеn thе shareholders оf a соmраnу decide tо рut іt іntо lіԛuіdаtіоn аnd thеrе
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