Contact Steve Thatcher of Help With Debt (UK) Limited and total debt solutions company.http://www.helpwithdebtuk.com/page007.html For all further reading see http://www.helpwithdebtuk.com For personal contact email sthatcher@helpwithdebtuk.com If you have any debt problem whatsover either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406 Visit http://www.helpwithdebtuk.com
In these hard economic times business is very hard. If you are a company director looking for a bit of advice because your holiday homes business is struggling, you have come to the right place. I have created many articles which try to help a director take the right steps in either closing or liquidating a business or pre-packing a sale and starting again.
Firstly if your holiday homes company is insolvent you have a duty as a director to close the company and not incur any further debt, unless you can be pretty sure that you can put in place a rescue plan to turn that business around. If you can’t them you need to liquidate the company yourself or take professional advice on how best to close the business in an orderly fashion.
By far the most popular choice is to engage an insolvency practitioner to call a meeting of creditors on your behalf, prepare the statement of affairs, hold the meeting and then deal with all the procedural aspects of liquidation necessary to make sure all creditors now what is going on and how they can participate in any dividend. This is called a CVL or creditors voluntary liquidation.
There is a fee for all this and generally it will be about £5000 whoever you use around the country. There are some advertisements for liquidations at less than this but by the time all costs are accounted for, it will still come in at about the same sum.
These costs can come out of the assets of the holiday homes company and indeed many businesses do have just enough assets or cash to take this final step. For many businesses, the central core of what the business does is still profitable and so often directors will want to continue to trade. This is easily possible and a sale of assets can be arranged to a new company and a lease re-assigned by a landlord, which often leaves the new company trading on in the same line of work from the same premises.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Company Bankruptcy - better known as Creditors Voluntary Liquidation or CVL
- Voluntary Liquidation - a brief guide
- Directors Voluntary Liquidation – A Guide to the procedure
- A Guide to Voluntary Liquidation
- What is the liquidation process
- How Do I Liquidate My Company
- Compulsory Liquidation and how to protect yourself as a director
- Company Liquidation – What is Liquidation and when should it be used?
Ways to Save Money on Your Home Business
By: Jason Kay | 02/12/2009When it comes to working nothing beats having a home business that you can run to bring in the money you need to pay your bills. But with a home business sometimes comes the need to scale back and save money wherever possible. This may seem like it is a...
What Can You Do With $50 and One Hour on the Internet to Market Your Business?
By: Dell Atlas | 02/12/2009The answer is you can do quite a lot to market your business on the internet. The reality is you will need to spend more time on the net but not necessarily more money. The reason for this is that so much is available on the internet in terms of resources...
Some Useful Tips for Managing Your Business Finances
By: Jovana Zivanovic | 01/12/2009Financing is a crucial issue in every business. You cannot run a business without a money and many entrepreneurs go down because of wrong attitude to their own fundings.
Freelancers: The Art of Setting Your Hourly Rate
By: Ray Myers, Jr., PMP | 01/12/2009By Ray Myers, Jr., PMP Your success in winning new projects may be due in-part to the rate you charge for your services. Set your rate too high and you won't win the business. Set your rate too low and you'll be leaving money on the table. Somewhere between the high...
Participate Or Not To Participate In Tenders
By: Dr.Irfan Ahmad | 01/12/2009Always record clearly the date for return of tender documentation. If you are deterred by either the terms or specifications expressed in the tender, don’t withdraw unless you consider it fully justified. Write to the issuing authority fully explaining your concerns and request clarification.
Responding to Tender Notice
By: Dr.Irfan Ahmad | 01/12/2009Never withdraw from any stage of the tendering procedure without offering a full written explanation. To do so could lead to your firm being barred from future opportunities.
Making every word count – business document templates for the modern world
By: Miriam Taylor | 01/12/2009Importance of creating business documents that are accurate and have the authority in any arena could not denied at all. we take the hassle out of making sure your legal documents are accurate, conform to legislation and, most importantly, can be understood easily by everyone who uses these documents.
A Continual Improvement Approach: Closing the Loop in an EPCM environment
By: Roberto Santana | 01/12/2009Continual improvement initiatives are of increasing importance in current economic times when companies across North America are paying the high costs of low quality; the price of non-conformance. Hence, the purpose of this instructional paper is to develop a continual improvement framework that close the loop, translating problems into an action plan and preventing their recurrence.
What to do if you overspend at Christmas
By: Steve Thatcher | 01/12/2009 | CreditIf you overspend at Christmas, you may need a debt solution. We can help with that and would recommend a debt management plan.
I need help to liquidate my business
By: Steve Thatcher | 01/12/2009 | LeadershipIf you have taken your business as far as it can go and it is losing money now, it may be time to consider closing it down. You should contact an insolvency practitioner or expert insolvency solicitor to help you.
Can I close my company before Christmas?
By: Steve Thatcher | 01/12/2009 | Small BusinessIf you have a business that it insolvent an dyou want to know if you can wind it up before Christmas, we explain how you need to be quick and why.
I cannot trade my business after Christmas
By: Steve Thatcher | 27/11/2009 | Small BusinessMany people will now be realising that they will not be in a position to trade after Christmas. If that is the case with you, you need to be taking professional advice now!
I can’t pay my firms wages after Christmas
By: Steve Thatcher | 27/11/2009 | Small BusinessIf you can't pay your wages this Christmas, and you worry how to tell your staff, read here and take inspriration. Make the call and restart afresh in the New Year.
I need to close my company after Christmas
By: Steve Thatcher | 27/11/2009 | Small BusinessChristmas can be a make or break time for a small business. Many companies decide to take advantage of the festive close down to re-structure their business. Here is how to do it
Have you taken PPI to cover a car loan?
By: Steve Thatcher | 26/11/2009 | InsuranceIf you have bought a car on finance, the chances are that you may hav ebeen required to take out Payment protection insurance to guarantee repayment of the loan in the event that you may become unemployed for instance. This could have been mis sold to you, allowing you to recover £1,000's