Insolvency

Creditors Voluntary Liquidations

The creditors voluntary liquidation is generally commenced by the Directors of the Company and they will instruct a Licensed Insolvency Practitioner to assist in calling the meetings of the shareholders and the creditors and

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Members Voluntary Liquidations

The members' voluntary liquidations are generally controlled by the shareholders of the company. The shareholders of the company may have come to the conclusions that they no longer wish to continue trading

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Company Voluntary Arrangement

This procedure is used by the company when the Directors wish to continue to trade but the company is insolvent and are willing to pay its debts in full or in part but over a period of time. The shareholders and the directors will need to approve the proposal drafted by the Insolvency Practitioner based on the information provided before it is sent to the creditors for their approval.

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Individual Voluntary Arrangements

This is an arrangement by an individual with his creditors to repay his debts over a period of time to avoid bankruptcy. Generally you will pay less than what the actual debt is. As you will need 75% majority of the creditors

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Bankruptcy

An individual is made bankrupt when he is unable to meets his liabilities. A Trustee is appointed whose role is to realise the Bankrupt's assets, agree creditors' claims and distribute any dividends and investigate

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Administrations

Before the company can be placed into Administration it must meet one of the following three objectives: 1 That the Company is to be rescued as a going concern

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Compulsory Liquidations

The compulsory liquidation is initiated by a creditor when the company has failed to meet its liability within the time frame given by the creditor to pay its debts. Most often it is the HM Revenue & Customs who will issue the winding up petition and serve at the companys registered office and then it is also advertised in the London Gazette. The effect of the publication can be devastating as the bank account will be frozen immediately and can put the company out of business in no time.

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