An Introduction to Administrative Receivership

Administrative Receivership is the process where the holder of a qualifying floating charge appoints an administrative receiver to realise the assets of a company that has breached the terms of the security agreement or debenture. Administrative receivership should not be confused with administration – though the two processes bear some similarities, they are different. Administration …

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Section 216 and the Prohibitions on The Reuse of a Company Name After Liquidation

If you’ve been a director of a company that has gone into liquidation, you are bound by certain laws that govern your involvement with companies with the same or a similar name in the future. It is very important to be aware of these laws as contravening them is a criminal office punishable by prison, …

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Accelerated Payment Notices: What are they and When are they Used?

Since their introduction in 2014, HMRC have used Accelerated Payment Notices to recover several billions of pounds of taxes, but what are they and when are they used? Accelerated Payment Notices (APNs) are notices stating that HMRC believes that the recipient has partaken in a tax avoidance scheme and that require the recipient to pay …

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Why Should I Choose A Creditors’ Voluntary Liquidation Over Compulsory Liquidation?

Being faced with putting a company into an insolvent liquidation is a difficult position for a director to find themselves in. It can be tempting to bury your head in the sand and wait until one of the creditors forces the company into liquidation by presenting a winding-up petition to the court, it’s often better …

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Will HMRC become a preferential creditor once again under their new proposed bank raiding powers?

The insolvency regime changed in 2002 under the Enterprise Act, when HMRC removed their right as a preferential creditor in the pecking order and ranked alongside unsecured creditors. Under the new plans, it is proposed that HMRC will be able to access bank accounts of individuals owing more than £1,000 in unpaid tax bills and …

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The New Dividend Tax Rules

As of April 2016, the dividend tax rules changed. The notional 10 percent tax credit on dividends was abolished, and replaced with a £5,000 tax free dividend allowance. But is the new £5,000 allowance going to cost or save you money? The government says one million tax payers will benefit from the changes, so let’s …

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