Articles

Once a company gets to the stage where it is struggling to keep up with its liabilities as and when they fall due, options need to be considered to protect the business and its creditors from incurring further losses.

If your company owes £750 or more and has received a 21-day statutory demand, one or more of your creditors can issue a winding-up petition with a view to closing down your business.

If a customer won’t pay your invoice and you’ve already exhausted the usual methods of collecting payment, you may be wondering how you’re going to recoup the debt. There are several steps you can take in these circumstances.

A county court judgment (CCJ) is an order made by the county court against a business or individual that owes an unpaid debt.

There are various ways to close down a limited company, but which one is most appropriate will depend on the business’ financial position.

An insolvent company is liquidated through a formal process known as a Creditors’ Voluntary Liquidation (CVL) which must be administered by a licensed insolvency practitioner and this unfortunately does come with a financial cost attached.