Welcome to TG News – we hope that you find our Blog News Channel interesting, informative and a temptation to collaborate.
This is not where you will find the general insolvency news, that’s in our SME News section. This is where you will find tidbits of breaking news that is released as it breaks – and not all of it relevant to the Insolvency Industry!
by , 08/07/2013 | Permalink | Email this
"Our business was faced with a difficult situation that became out of the control due to short timeframes - Through TaxGone we were able to enter into an arrangement, fully resolve the dispute and protect a significant proportion of the creditor balances." Maintenance Firm - Ipswich "After being almost shafted by "BT" not the telecoms BT, it was a pleasant surprise to deal with you and your staff." Engineering Firm - Bury "The advice and service I received was excellent, and very reassuring, at a very stressful time." Taxi Firm - Leicestershire "Your service for my voluntary liquidation was excellent. It is a highly stressful and confusing process to go through. Your staff were considerate and patient. They explained the process carefully and it was the first time in over a year that I fully understood it." Website Production Company - Leeds "Incredible people, incredible service, sometimes CVA may be your best choice." Textile Firm - Manchester "Alan Davis was very helpful and both business like and friendly." Clothing Firm - Surrey "Very friendly company and quite happy" Furniture Company - London "TaxGone offer not just a professional service, but go above and beyond what is required by their clients, to make you feel there is light at the end of the tunnel no matter how bleak things seem." Building Company - Hampshire "The representative who highlighted the problem in the first instance then proceeded to offer valuable advice in relation to resolving the matter in the most efficient and cost effective manner." Waste Management Company - Liverpool
by Ken Greenworth, 20/08/2014 | Permalink | Email this
It is not hard to reduce company debt through various methods such as a Company Voluntary Arrangement but liquidations appear to be the preferred option for many Insolvency Advisers. If your company is unable to work its way out of cash flow problems, hasn't enough money to pay its debts and the business is no longer viable, then quite possibly a liquidation would be the way to go. If your company has the potential for future sales and profitability then why let it go? Look into a Company Voluntary Arrangement with TaxGone. A Company Voluntary Arrangement can be the perfect solution for a lot of companies as it allows a business to continue trading normally while ring fencing its unsecured debts within a manageable payment plan. As a director you still remain in control of your business and you have guaranteed protection for your company from its creditors. Contact TaxGone today to see if your business would qualify for a Company Voluntary Arrangement on: 01302 815846.
by Ken Greenworth, 19/08/2014 | Permalink | Email this
Needing to adjourn a Winding up Petition to give yourself more time to pay, is something TaxGone can help you with. In order to adjourn a Winding up Petition you will need a barrister to seek an adjournment on your behalf which would allow you the time to consider your options. Remember that when the petition is advertised, your bank may be notified and it will probably freeze your bank account. That could close your business before even the hearing date of the company winding up petition. There are thousands of businesses every year that need winding up petition help in the UK and in these difficult circumstances, TaxGone can guide you through a range of solutions available to you but it is vital that you take action at the earliest opportunity. Talk to TaxGone, we are company rescue - 01302 815846.
by Ken Greenworth, 18/08/2014 | Permalink | Email this
There are so many companies that are trading whilst insolvent, which is illegal. However, some companies such as banks have run in an insolvent position for years. If small companies find themselves in such a position then the directors would have to rectify the position or face severe consequences. Trading whilst insolvent is when a company has more liabilities than it has assets or that it has more debts than it is able to pay – which pretty much sums up the position of some of the UK’s banks.
by Ken Greenworth, 17/08/2014 | Permalink | Email this
When vat arrears build up in your company there can be a rocky road ahead. HMRC are not willing creditors, unlike the rest of a company’s creditors and so they object to late or reduced payments to fund cash flow. If your company has debts, including vat arrears, that cannot be paid before legal action is taken then it would be very sensible to look at a Company Voluntary Arrangement in order to stay in control and keep on trading. Some companies are advised just to liquidate when the first sign of trouble arrives so getting the right business debt help is crucial, some advisor's will only tell you about rescue procedures if you insist that you want to keep on trading. It is an illusion that the only choice is liquidation. Come and talk to TaxGone on: 01302 815846 and arrange a meeting to see if your company can be saved.
by Ken Greenworth, 16/08/2014 | Permalink | Email this
Liquidating a company may make many a director a little hot under their collar. This is especially the case when a director has received dividends or there is a director’s loan account.
Director’s loan accounts and dividends may have to be repaid to the liquidator. This may come as a shock to directors when liquidating a company.
Often this is not explained prior to the liquidation. By the time a liquidation is completed, some directors may have wished they had at least tried to trade out of the situation or even considered a different insolvency measure, such as a Company Voluntary Arrangement.
Is is for this reason that directors should take advice from an insolvency specialist who will explain each option in its entirety, and in plain jargon free language.
If you are thinking about liquidating a company then call TaxGone on: 01302 815846 first.
by Ken Greenworth, 15/08/2014 | Permalink | Email this
If a company is struggling and unable to continue trading, perhaps due to a downturn in business coupled with outstanding debts, then closing down your business maybe the best course of action if all alternatives have been explored.
Closing down a business with debt can be done with a Creditors Voluntary Liquidation which means the company's creditors agree to liquidate the assets of the business and take a share of them.
TaxGone can help you explore all the insolvency options open to you to ensure a Creditors Voluntary Liquidation is best for your situation.
Whilst it is true that a Creditors Voluntary Liquidation can provide an instant solution; the abrupt end of your business may not be what you are really looking for.
Talk to TaxGone today on: 01302 815846 for free insolvency advice.
by Ken Greenworth, 14/08/2014 | Permalink | Email this
Feeling trapped by your business debts can be soul destroying, a business is supposed to increase an owners net income not reduce life expectancy. However, when company debt problems arise this is often what happens. If directors become more aware of the huge benefits of Company Voluntary Arrangements, the numbers would triple in a year. Any company with a cash flow problem has the potential to be rescued by a Company Voluntary Arrangement. If your company has a viable future, but current cash flow problems have resulted in mounting pressure from creditors, then a Company Voluntary Arrangement could be just what you need. Its a low cost insolvency solution that saves businesses and as the company is not closed, the directors are not subject to a liquidator's investigation into whether they allowed the business to trade on whilst insolvent. Speak to TaxGone today about the benefits of a Company Voluntary Arrangement and if it's the right solution for your company debt problems.
by Ken Greenworth, 13/08/2014 | Permalink | Email this
A bankrupt business can appear from nowhere. Just walking down your local high street and you'll no doubt find heaps of boarded up shops and outlets, some still littered with their last days closing down sale banners.
You may be running a bankrupt business right at this moment. You may not know what to do. You could put your business into voluntary liquidation or you could save it. It's your choice.
We would like to save your bankrupt business because that's what we do.
We're company rescue and will talk you through all the options available to you, so call TaxGone on 01302 815846 and see what we can do for you.
by Ken Greenworth, 12/08/2014 | Permalink | Email this
There are over 50 directors a day that are appointing a liquidator, you are not alone. The decision may be based on their accountant's advice or that of a friend. But there is no doubt that wherever the advice did come from, the decision was not an easy one. Appointing a liquidator is one of those very simple tasks that can have a complicated outcome for a director. There are always pieces missing out of a jigsaw and those pieces are really the bits you need in order to see the full picture. The missing jigsaw pieces are probably those that can complicate your life. One piece may be related to what the vat will do on your next company, the other may be related to a director's loan account, whilst the third missing piece may be about dividends. These are key pieces that you should have been given before appointing a liquidator. Without these missing pieces it is very likely that you will be in a worse position after appointing a liquidator than before. Appointing a liquidator is simple. Dealing with the fallout of a liquidation can be difficult. Talk to TaxGone today on: 01302 815846 and we'll take you through what a liquidation means for your situation.
by Ken Greenworth, 11/08/2014 | Permalink | Email this
A Company Voluntary Arrangement CVA is the first step to secure financial stability and must often be accompanied with a change of the corporate habits that initially caused the problems. Your company needs to owe a minimum of £20,000 with no upper end limit. The more you owe, the better the Company Voluntary Arrangement.
Entering into a CVA does not prohibit, in any way, the normal running of the company. Sometimes new credit facilities can be a little harder to obtain, however good business negotiators can always secure credit lines by agreeing an increasing credit line with assessment periods built in.
In instances where the customer base is the public and the creditors that are placed into the CVA are normal creditors including HMRC then the company will simply carry on without the heavy debt burden.
When your company has been granted a CVA then the creditors can no longer wind up your company. The right to do so may be vested in your Supervisor. Generally, the only reason that he may take such action is if you do not keep up to date with the agreed monthly repayments or post– CVA HMRC payments.
Take a better look at a CVA with TaxGone today.