‍On 20th October 2024, Molly will be participating in the Yorkshire Marathon in memory of her late father, Tim Noad, who tragically passed away in a road traffic collision five years ago. This year would have marked his 70th birthday, making this endeavour even more poignant.

Liquidating a company is a complex process involving the winding up of its affairs, selling off assets, and settling debts. Directors and stakeholders need to understand the steps and considerations involved to navigate this challenging process effectively.

When contemplating the closure of a company, many directors wonder about the feasibility of striking off a company with an outstanding Bounce Back Loan (BBL). Understanding the legal and financial implications is essential for making an informed decision.

When a company is liquidated, directors' loans are scrutinised, and their treatment depends on whether the director owes money to the company or vice versa. Directors should manage these loans carefully to mitigate financial risks.

To support directors during this challenging time, I ensure they have my direct contact details. I understand that questions and concerns can emerge outside regular working hours.

In this article, we will delve into the different scenarios that may lead to the closure of a limited company and examine the implications on directors, focusing on personal liability and director's loans.

In the wake of economic uncertainties, the UK government introduced Bounce Back Loans (BBLs) as a lifeline for struggling businesses during the COVID-19 pandemic. However, companies are now facing difficulties in repaying the bounce back loans.

Terms like "liquidation" and "bankruptcy" often find themselves intertwined, and they can sometimes be used interchangeably and lead to confusion. However, it's crucial to recognise that these are two different insolvency procedures for two separate legal entities with unique implications. In this article, we will delve into the differences between liquidation and bankruptcy.

In the world of business, it is highly likely that your company will at some point pay tax; be it VAT, PAYE/NI or Corporation Tax. Businesses can find themselves juggling an array of financial responsibilities and it can become overwhelming, especially if the business is unable to meet its tax obligations.