If property you own is occupied by a corporate tenant who enters into an insolvency process, there may be restrictions on the way you can recover debts and minimise future losses.
If your business supplies goods, there is always a risk that you will not get paid. By default, once you sell goods they belong to the customer, whether or not they have paid for them, and the customer owes you the purchase price. But what if your customer refuses to pay or becomes insolvent. This is where the existence of a retention of title (ROT) clause is vital.
Armstrong Watson is is aiming to be recognised as “the best financial advisory firm to deal with, delivering the best client experience in the UK" and has become the first accounting firm to join The Institute of Customer Service
When a personal guarantee is given by a director it means that that person can become personally liable for the company’s debts if the company cannot meet its obligations. How can a director can protect themselves from personal guarantee risks?
As many charities are faced with increased costs and reduced income, trustees must be vigilant in ensuring that their organisation is in a sound financial position to achieve its goals. If this is not the case, there are steps that should be taken to minimise damage to all interested parties.
Increased operating costs, increased legal obligations and cyber security threats are amongst the variety of challenges currently facing charities and those in the not for profit sector.
The administration process is designed to protect a company from creditor pressure, in order for a licensed insolvency practitioner to consider whether it is possible to achieve a better return for creditors than would be likely if the company were to be wound up.
As we move towards the end of another tax year, it is worth considering whether you hold assets in a company that is no longer required. It may be that the shareholders are considering retirement or that the purpose of the company has come to an end...