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Home Page  Derek Cooper |
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Derek is Managing Director of Cooper Matthews Limited (http://coopermatthews.com), and a member of the Turnaround Management Association UK
Cooper Matthews specialise in Business Recovery Services Advice offering straight forward insolvency advice for businesses with financial problems, and offering Directors Personal Financial Advice. They have significant experience in working with small to medium sized businesses. For a free analysis report on the best option for your business recovery visit http://coopermatthews.com/analyser.html Sort By: Date | Popularity
 How Do I Liquidate My CompanyIf you have determined it is time to close your company either because it is bankrupt and cannot continue or you want to stop trading for some other reason then you need to go through a liquidation process.
The most common form of liquidation is creditors voluntary liquidation (CVL). A... Is your company in financial trouble - consider a Company Voluntary ArrangementIf your business is in financial difficulty, you may be better off undertaking a Company Voluntary Arrangement rather than struggling to raise the funds necessary for a Pre-Pack Administration. Company Voluntary Arrangement for Business RescueIn the economic downturn a number of businesses are are finding trading difficult. If it looks like your business is unable to pay its bills and is therefore facing insolvency, particularly where there is a large debt burden, a company voluntary arrangement (CVA) may be a good solution to turnaround your business. A lump sum Individual Voluntary Arrangement can solve personal debt problems for Self EmployedFor a Director, Sole Trader or someone who is self employed, if your business has failed, you may not be in a position to maintain monthly payments into an IVA. There is an alternative lump sum IVA which may well be the right personal debt solution for you. HMRC Fast track Time to Pay Scheme likely to close at year endThe government's tax and VAT Time to Pay scheme designed to help companies with their cash flow during the recession, may be more difficult to use if the business support centre is closed. Whatever the outcome of the changes, it seems likely that the number of business insolvencies will continue to increase into 2010. 4 options to solve debt problems for the sole traderMany sole traders and the self employed prop up their business with personal borrowing. If things go wrong, the individual is left with large personal debt which they cannot repay. What options are there available to resolve these problems? Creditors more realistic about Company Voluntary Arrangement (CVA)Another Company Voluntary Arrangement (CVA) is in the headlines again as outdoor and leisure clothing retailer Blacks is planning use one to resolve its financial difficulties. This just highlights how much creditors now accept a CVA as a method of business rescue for companies with financial problems. Debt Management used to fix directors personal debt issuesThe directors of small businesses often build up personal debts because they have borrowed money in their own name to invest into the business. If the business subsequently fails, the director will be responsible for this debt and often find themselves struggling with personal debt which they cannot afford to repay. Helping Directors Personal Financial Debt using an Individual Voluntary Arrangement (IVA)When a company gets into financial trouble there are a number of business rescue solutions available. The problem for directors is that corporate rescue solutions do nothing to resolve any debts taken on by them personally. One answer which should be considered is an IVA (individual voluntary arrangement). How to respond to a statutory demandIf you have received a statutory demand, you have three weeks in which to respond to it. There are basically four options depending on your business' circumstances, which are explained in this article.
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