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    The Difference between Secured and Unsecured Creditors
    2016-10-20

    A defined hierarchy of creditors exists when a company enters insolvency, with secured creditors being at the top, and first in line for payment once the Insolvency Practitioner’s fees have been met. Unsecured creditors, on the other hand, rank near the bottom of the list.

    A secured creditor is generally a bank or other asset-based lender that holds a fixed or floating charge over a business asset or assets. When a business becomes insolvent, sale of the specific asset over which security is held provides repayment for this category of creditor.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Begbies Traynor Group plc, Secured creditor
    Authors:
    Jonathan Munnery
    Location:
    United Kingdom
    Firm:
    Begbies Traynor Group plc
    Advantages and Disadvantages of Company Liquidation
    2016-10-20

    Creditors’ Voluntary Liquidation happens when shareholders and directors agree to place the business into liquidation because it can no longer pay its bills when they fall due. This is the most common form of liquidation in the UK.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Begbies Traynor Group plc, Liquidation
    Authors:
    Jonathan Munnery
    Location:
    United Kingdom
    Firm:
    Begbies Traynor Group plc
    What is a winding up order and can it be reversed once issued?
    2016-10-20

    A winding up order can be used by creditors to enforce payment of a debt by a delinquent company. Often as an act of last resort, creditors petition the court to have the business liquidated, usually after several failed attempts to recover their money.

    The expense of going through the courts to obtain an order of this type indicates their determination, and this is a method often used by large secured creditors such as HMRC and the banks.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Begbies Traynor Group plc, Debt, Liquidation, HM Revenue and Customs (UK)
    Authors:
    Jonathan Munnery
    Location:
    United Kingdom
    Firm:
    Begbies Traynor Group plc
    Understanding redundancy payments to your employees
    2016-10-20

    Understanding the rights of your employees in redundancy is an important part of any insolvency procedure. Here we look at what happens during various administration and liquidation processes, plus the way in which redundancy entitlement is calculated.

    Staff redundancy following liquidation

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Begbies Traynor Group plc, Unsecured debt, Employment contract, Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK)
    Authors:
    Jonathan Munnery
    Location:
    United Kingdom
    Firm:
    Begbies Traynor Group plc
    Cannot Pay Creditor Invoices? Tips for Dealing with Pressure from Suppliers
    2016-10-10

    Pressure from suppliers can be overwhelming when your company is experiencing financial difficulties. Even if it is only a temporary downturn in company fortunes, the fact that a supplier can apply for a winding up order leaves you exposed to compulsory liquidation and closure.

    If suppliers have tried unsuccessfully to recover their monies, and your company has failed to respond or been unable to pay, their decision to take legal action could be disastrous.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Begbies Traynor Group plc
    Authors:
    Jonathan Munnery
    Location:
    United Kingdom
    Firm:
    Begbies Traynor Group plc
    Directors Personal Guarantees and Insolvency
    2016-10-10

    If you’re a company director then circumstances can arise in which you decide to offer personal guarantees in support of a loan application or your pursuit of a line of credit. Where these guarantees are given, a lender will take some reassurance that they could pursue a director personally for debt repayments in the event of the company becoming insolvent.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Begbies Traynor Group plc
    Authors:
    Jonathan Munnery
    Location:
    United Kingdom
    Firm:
    Begbies Traynor Group plc
    Understanding Directors’ Liabilities Towards Limited Company Debts
    2016-10-10

    The question of whether and under what circumstances a director might find themselves liable for their company’s debts upon entering insolvency can quickly become a very pressing concern.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Begbies Traynor Group plc
    Authors:
    Jonathan Munnery
    Location:
    United Kingdom
    Firm:
    Begbies Traynor Group plc
    Directors’ responsibilities when putting a company into liquidation
    2016-10-10

    There are certain rules and regulations surrounding company liquidation, many of which focus on your actions as a director. Once a company becomes insolvent, you must put creditor interests first by ceasing to trade and safeguarding its assets, with little or no consideration for shareholders, members or directors.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Tax, Begbies Traynor Group plc
    Authors:
    Jonathan Munnery
    Location:
    United Kingdom
    Firm:
    Begbies Traynor Group plc
    Distraint Notice and Inventory from HMRC
    2016-10-10

    Click here to view the image.
    What does this letter say?

    “I have today seen and distrained on the goods listed in the inventory below. I did this at xxx

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Begbies Traynor Group plc, HM Revenue and Customs (UK)
    Authors:
    Jonathan Munnery
    Location:
    United Kingdom
    Firm:
    Begbies Traynor Group plc
    Glossary of Corporate Insolvency Terms
    2016-10-10

    Accountant in Bankruptcy (Scotland)
    The Official appointed to monitor personal insolvency procedures. She will also act as trustee where no insolvency practitioner is nominated on a sequestration petition.

    Filed under:
    United Kingdom, Scotland, Company & Commercial, Insolvency & Restructuring, Begbies Traynor Group plc, Bankruptcy
    Authors:
    Jonathan Munnery
    Location:
    United Kingdom
    Firm:
    Begbies Traynor Group plc

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