Simple Liquidation blog

No one likes to be in debt and any type of debt will affect your credit rating. Declaring bankruptcy is often considered the last resort for insolvent individuals but while it has its advantages; it also comes with disadvantages. One of the main issues is bankruptcy and credit ratings as it has a much longer, greater impact on your credit profile than other forms of debt management plans. Any serious debt situation can be frightening and you may feel you don’t know how to deal with it. The first step is to seek debt management advice, but it also helps to fully understand what bankruptcy involves and the difference it will make to your daily life. What is bankruptcy and credit rating? Before we look at how bankruptcy can impact your credit rating, let’s explain the two terms. If you have debts in excess of £5,000 and are not in a position to pay them back using a Debt Relief Order (DRO),  Individual Voluntary Agreement (IVA)  or other insolvency plan, a final option is to declare bankr

 When an insolvent company is liquidated and closed down, its assets are sold to raise the necessary funds to pay back the company’s creditors. Whilst not every creditor is likely to get their money back, most priority creditors are successful. There are two forms of insolvency procedure for a company with debts and assets – a Creditors’ Voluntary Liquidation (CVL) or a compulsory liquidation. However, for a company with debts and no assets, it’s a slightly different situation. Liquidating a company costs money but if there are no assets and only debt, how do you close an insolvent company with debts and no assets? The cost of closing an insolvent company Firstly, whether the company is solvent, i.e. no debt, or insolvent, any liquidation or insolvency process must be managed by a licensed insolvency practitioner (IP); that’s the first cost that has to be paid. There are also the costs of paying any outstanding monies to HMRC, such as PAYE and corporation tax. Any loans have to be paid

The last couple of years have been a struggle for many and secured loans with attractive interest rates have never been so appealing. Secured Loan Debt comes in many forms; it may be the mortgage on your home, it may be the loan on your car or it may be the only way you could secure funds due to a bad credit history. Whatever the reason, paying off a secured loan debt can be a struggle and if you get into difficulty, such as a change in circumstances mean you can no longer afford the monthly repayments, there are options available to you to help. What is a Secured Loan Debt? Firstly, let’s just clarify what a secured loan debt means – it is a loan of funds from a bank or another financial institution which is ‘secured’ against one of your assets of equal or greater value to the loan. They are popular with consumers and businesses generally because they incur lower rates of interest, larger amounts can be borrowed and it is often the only way someone with a bad credit history can secur

Licensed Insolvency practitioner are the authorized and licensed businesses who give advises on the insolvency procedures. they have the required qualifications and license to assist the individuals and organizations who faces insolvency problems. In actual fact, an insolvency practitioners’ have to play some other duties. They may help businesses with company rescue procedures, such as voluntary arrangements and administration. They may also help solvent companies in liquidate their assets. Insolvency Practitioners are generally called in to assist companies or directors to either rescue or close down their companies. Insolvency comes with a legal requirement to use an insolvency practitioner who has different type of tasks like Selling any corporate assets, liaising with creditors, distributing monies realized fairly, Investigating the actions of directors.   Simple Liquidation is a company located in Norwich, United kingdom. it provides the quick and simple solution to liquidate a

Seeing the term ‘company administration’ in the press and hearing it in the news has certainly not been an uncommon occurrence in recent months.  Indeed, due to the COVID-19 pandemic and subsequent lockdowns, some big High Street names have been listed as ‘gone into administration’ including Debenhams, Jessops, Paperchase, New Look, the Arcadia Group, Dune, Jaeger, Moss Bros. and Hotter Shoes. There are several aspects that all of these companies have in common – they are all insolvent and they have all entered a voluntary administration process .  But what exactly does the term administration mean for a company, and what is the process? What is company administration? Firstly, let’s clarify insolvency; just because a company owes money to creditors’ which is more than it has in cash and/or assets, it doesn’t necessarily mean the company has to liquidate, i.e. shut down.  As long as the company has sufficient funds to pay for essentials, such as employees, and their creditors are not d