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Employees’ Rights in a Liquidation Process

Employees’ Rights in a Liquidation Process

Privileges

05/12/2020

There is a distinct difference between your company entering liquidation, and calling in administrators. Liquidation signifies the end of your business with the unavoidable loss of jobs for all employees, whereas administration is a process that could see jobs saved and the company restructured. Either way, your employees have a right to claim monies owed to them by the company. How this is cla…

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Understanding your rights when faced with HMRC Enforcement Officers (HMRC bailiffs)

Understanding your rights when faced with HMRC Enforcement Officers (HMRC bailiffs)

Privileges

04/12/2020

If you have been served a notice of enforcement, HMRC bailiffs or HMRC enforcement officers will be able to enter your property to recover unpaid debts, so it is important to understand your rights. When served with an Enforcement Notice by HMRC Enforcement Officers, it is important to understand your rights. Once the Notice has been served you have a choice of paying the debt in full, or negotiat…

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Understanding Company Distraint and Notice of Enforcement

Understanding Company Distraint and Notice of Enforcement

Privileges

03/12/2020

If your company owes money to HMRC or another creditor and you have been unable to settle the debt, they may take out a Distraint Order against your company. This involves the seizure of goods to the value of the debt, plus the fees for enforcement action. HMRC are known to use this method of debt recovery after several failed attempts have been made to recoup tax and National Insurance liabilitie…

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Is a company director entitled to redundancy pay if their company is insolvent?

Is a company director entitled to redundancy pay if their company is insolvent?

Privileges

02/12/2020

It isn’t common knowledge but directors may have a claim for redundancy when their company enters liquidation. They must be able to prove their status as an employee of the company, and fulfil more than an advisory or non-executive role. Being eligible for redundancy means that other statutory payments may also become available, including holiday pay and arrears of salary. Initially, directors…

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HMRC Creditor Preference: Consequences for Lenders and Directors

HMRC Creditor Preference: Consequences for Lenders and Directors

Privileges

01/12/2020

HMRC will regain its status as a preferential creditor for insolvencies that commence on or after 1 December 2020. This change is expected to have significant ramifications for lenders who have secured their debt by way of a floating charge, and also for directors who have provided personal guarantees. It may also have indirect consequences for Company Voluntary Arrangements (CVAs). The changes ex…

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