Business Debt Articles

Business Debt

What are the risks of trading while my company is insolvent?

The directors of insolvent companies (companies that cannot pay their debts) have a legal duty to act in the best interests of their creditors.

Business Debt

What is an insolvency practitioner?

An insolvency practitioner is a licensed insolvency professional who is qualified to give advice and administer the full range of formal insolvency options.

Business Debt

What are Accelerated Payment Notices and how might it affect you?

The UK government is sending out thousands of Accelerated Payment Notices (APNs) to individual taxpayers and businesses in an attempt to reclaim ‘lost’ tax.

Business Debt

What is Company Strike Off?

If you no longer need a limited company, Company Strike Off, also known as Dissolution, is a simple and inexpensive way to close it down.

Business Debt

How does sequestration affect being a company director?

Sequestration is a personal insolvency solution akin to bankruptcy. Company directors in Scotland must adhere to specific rules around sequestration.

Business Debt

Can I be held personally liable for company debts?

One of the benefits of operating a limited company or limited liability partnership is that it separates you, as the business owner, from the company itself.

Business Debt

Can I close a company with debts?

One of the benefits of running a private limited company (LTD) or limited liability partnership (LLP) is that you can close the company and not become personally liable for its debts.

Business Debt

Can I enter into a Trust Deed as a sole trader when i'm struggling?

Being in debt as a sole trader can be particularly concerning because you are personally responsible for the debts of your business.

Business Debt

What are personally guaranteed business loans?

If you personally guarantee a loan for your limited company it means you’re committing to repaying any outstanding balance in full in the event of the company being unable to do so.

Business Debt

What is the process of winding up a company in Scotland?

When a company is wound up it means it permanently closes down, and creditors repaid as far as monies allow. The winding up process in Scotland is set out in the Insolvency Act, 1986, Sections 122-124...

Business Debt

Dealing with HMRC tax debts

Her Majesty’s Revenues and Customs (HMRC) is one of the biggest creditors in Scotland, and indeed across the rest of the UK.

Business Debt

Sole Trader and Cannot Afford Bounce Back Loan Repayments

The Bounce Back Loan Scheme offered emergency funding for companies and sole traders at the height of the coronavirus pandemic, and was instrumental in keeping many small businesses afloat.