Winding Up Petitions (WUP) and How to Deal With Them #023

Published on 10 December 2010 by Tony Groom A Winding Up Petition (WUP) is a legal application by a creditor to the High Court or another appropriate court asking that a company be closed down. The purpose of winding up a company is generally to remove control of a company from its directors so that […]

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Survival Sometimes Means Making Fundamental Change #012

Published on 9 November 2010 by Tony Groom Any successful business would be expected to be constantly monitoring its activities and modifying them where necessary to improve the efficiency and its various offers. Continuous business improvement does two things: it optimises existing processes and keeps them optimal by continually updating them. But on its own, […]

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Saving insolvent companies needs both a restructuring and business plan #058

Published on 25 July 2011 by Tony Groom Following the demise of Rok and Connaught, another national building maintenance company, Kinetics Group, has just gone into administration with 500 employees being made redundant leaving a skeleton staff of 50 to deal with its five sites. The Kinetics Group had provided building maintenance solutions to over […]

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Pre-Pack Administration #024

Published on 31 December 2010 by Tony Groom Pre-pack Administration is a tool for saving struggling businesses that are in severe financial difficulties but are potentially sound. Essentially it means “selling” the business to a new company immediately upon appointment of an Administrator, the preparation for sale being carried out prior to appointment. The sale […]

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Latest Insolvency stats suggest Zombie companies are still hanging on #061

Published on 5 August 2011 by Tony Groom The latest Insolvency Stats published on Friday suggest that Zombie Businesses are holding back the UK Economy, says company doctor Tony Groom, of K2 Business Rescue. A summary of the Q2 2011 UK insolvency statistics shows: Compulsory Liquidations up; Voluntary Liquidations down; Administrations down and CVAs static. […]

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Insolvent Liquidation and When and How it is Used #020

Published on 17 December 2012 by Tony Groom Insolvent Liquidation involves a formal process to close a company. It happens when a company is insolvent, which means it does not have enough cash or liquid assets to pay its debts and the directors have concluded that continuing to trade will be detrimental to creditors. There […]

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HMRC Taking a Tougher Line on Debt Recovery #036

Published on 25 February 2011 by Tony Groom Evidence is emerging that HM Revenue and Customs is adopting a tougher approach to PAYE, VAT and tax arrears and increasingly using its powers of distraint to take over control of the goods, stock and assets of businesses. In one example this week, just two hours after […]

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HMRC Insolvency and Enforcement Workload #054

Published on 23 June 2011 by Tony Groom The HM Revenue and Customs (HMRC) insolvency and enforcement department in Worthing appears to have an increasing workload. There are several reasons for this. Businesses are continuing to withhold payment of PAYE and VAT liabilities, hanging on to the cash and using it to prop up their […]

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HM Revenue and Customs is Increasingly Rejecting CVA Proposals #032

Published on 28 January 2011 by Tony Groom It is not being much talked about in the marketplace but it is becoming increasingly common for HM Revenue and Customs (HMRC) to reject Company Voluntary Arrangements (CVA) that would previously have been accepted. For a business in difficulties a CVA can be used to improve cash […]

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Employing Restructuring Advisers to Help Save Your Company #003

Published on 16 September 2010 by Tony Groom There are a number of options for companies who find themselves in financial difficulties, but a real challenge is finding someone to help. It’s made more difficult if the directors/owners take the view that they know their business better than anyone else and infer from this that […]

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