What is a Declaration of Solvency? Find out what this means and how Begbies Traynor can provide key advice.
If a company has been dormant for three months, i.e. no transactions in the company bank account and the business is no longer trading, you can apply to strike off the company with Companies House. But this is only a viable route if your company is up to date with its tax and accounting responsibilities, such as paying corporation tax and ensuring annual returns have been made.
HMRC Receivables Management Debt Recovery. Find out what this means and how Begbies Traynor can provide key advice.
The Final Proof of Debt letter simply states the final figure that a creditor is entitled to claim when a company that owes them money has entered an insolvency process. This form follows a Proof of Debt form (4.25) which is to be filled in writing by the creditor making a claim.
If a creditor, such as HMRC or a trade supplier, has served your company with a winding up petition, it will be because your company has persistently failed to pay its debts as and when they fall due. This is the definition of insolvency and, in reality, a drastic action such as this was only a matter of time.
What is a Statement of Affairs? Find out what this means and how Begbies Traynor can provide key advice.
A Notice of Distress letter is the consequence of a lengthy period in which you or your company has failed to meet liabilities on time and, as a result, the creditor is seeking repayment through the use of a third-party debt recovery agency.
A Walking Possession Agreement (WPA) will follow on from an HMRC Distraint notice, five days after the distraint was issued.
A company director would receive this letter from HMRC following a prolonged period of failure to meet liabilities. By sending this seven-day warning of a winding up petition, HMRC is essentially threatening to begin the liquidation process of your business in a week’s time unless the company can pay its debts.
HMRC Distraint Notice and Inventory Checklist. Find out what this means and how Begbies Traynor can provide key advice.
It is ordered that (Company) be wound up by this Court under the provisions of the Insolvency Act 1986. The administrator/s are released from office with immediate effect.
Distraint Notice and Inventory from HMRC. Find out what this means and how Begbies Traynor can provide key advice.
This letter shouldn’t have come as a shock as HMRC will send a letter of this nature after persistent failure to meet tax liabilities. Having decided ‘enough is enough’, HMRC has issued a final warning of winding up your company, which will now happen in seven days unless you can either pay your outstanding debts, or come to an arrangement with HMRC that will see them paid over time in instalments, i.e. a Time To Pay agreement.
Overdue VAT Payment Letter from HMRC Debt Management & Banking department. Find out what this means and how Begbies Traynor can provide key advice.