Creditors Voluntary Liquidation (CVL) #021

Published on 21 December 2010 by Tony Groom Creditors’ Voluntary Liquidation is a process by which the directors of an insolvent company can close it down without involving a court procedure. There are four tests of insolvency laid down in the Insolvency Act 1986 and any one of the four tests can be used to […]

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Construction in Crisis – Time for a Reconstruction? #065

Published on 18 October 2011 by Tony Groom The ongoing economic crisis continues to take its toll on the construction industry with the sad news that a high profile UK company that was more than 100 years old has gone into administration. KPMG have been appointed as administrators of London-based Holloway White Allom, which recently […]

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Company Voluntary Arrangements (CVA) and When to Use Them #022

Published on 24 November 2011 by Tony Groom  A Company Voluntary Arrangement (CVA) is a binding agreement between a company and those to whom it owes money (creditors). A CVA is based on a proposal that will include repayment terms. These should be affordable, realistic and manageable. While the proposed payment period can be much […]

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Business Turnaround Process Involves Completing Three Phases #011

Published on 14 November 2011 by Tony Groom There are essentially three phases to a business turnaround which are the first, emergency phase to try to ensure survival, followed by a stabilisation phase which includes a thorough look at any fundamental changes needed to achieve a viable business and finally the growth phase to secure […]

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A Winding Up Petition Due to HMRC Arrears Need Not be the End #001

Published on 12 October 2010 by Tony Groom In early 2010 HMRC (Her Majesty’s Revenue & Customs) served notice for a winding up petition against a small trading company. The company had ignored HMRC for three years and had not submitted accounts for three years, not since 2007. A director attended the winding up hearing […]

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A Significant Increase in Winding Up Petitions #047

Published on 5 May 2011 by Tony Groom The last couple of months have seen a significant increase in the numbers of Winding Up Petitions (WUPs) presented to the High Court. A company that has been monitoring the numbers of new petitions being filed, the numbers of petitions being heard and the numbers of orders […]

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