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.
Hiring an accountant to complete your company accounts and tax returns not only frees up time, it negates the need to employ high-level finance staff in-house.
If you are in serious dispute with a co-director – maybe you have strongly disagreed on a matter of business, for example, or are a divorcing couple - you may want to liquidate the company and move on.
Being refused finance or having a loan called in by your bank is a common process when a lender senses risk. However, other funding options may be available
An insolvent estate is left when a deceased person’s debts are greater than the total value of assets, and therefore money is owed to their creditors.
The Companies Act, 2006, sets out the general duties of company directors in the UK. If you breach these duties the consequences can be severe, with the company, its creditors, or shareholders having the right to pursue you on a personal level for any losses they have suffered.
Under the Companies Act, 2006, directors can be held personally liable for losses caused to creditors where ’misfeasance’ has occurred.
Retention of Title (ROT) can be a complex affair unless the clause is unambiguous in its content, and delivered in a manner that cannot be disputed by the debtor. It often forms part of a written contract between the supplier and their purchaser, and is likely to have been discussed at some point during negotiation
What is a Statement of Affairs? Find out what this means and how Begbies Traynor can provide key advice.
Applying for a County Court Judgment (CCJ) against a limited company is often the result of failed attempts by creditors to recover a debt.
If you are one of the many companies that have received an accelerated payment notices then you have very little time in which to act.
In England and Wales, the Solicitors Regulation Authority (SRA) has the power to close down professional firms under certain circumstances.
Under company law you can be a director of multiple enterprises, regardless of whether one company is in liquidation.