Purnells provide advice on all aspects of Insolvency, to include both Corporate and Personal recovery. Options available to Limited companies: Creditors Voluntary Liquidations, Compulsory Liquidations, Members Voluntary Liquidations, Administrations, Company Voluntary Arrangements. Purnells are based in Newport, South Wales, our immediate area includes Newport, Cardiff, Bridgend, Swansea, Carmarthen.
We are, however, available to discuss your financial affairs regardless of where you are located within the United Kingdom (Wales, England, Scotland, Ireland).
We are, however, available to discuss your financial affairs regardless of where you are located within the United Kingdom (Wales, England, Scotland, Ireland).
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Complaints Gateway: You can use the Insolvency Service Complaints Gateway to complain about an Insolvency Practitioner. The information provided on our website is for general guidance purposes only and should not be relied upon as having received Insolvency Advice. For Insolvency Advice tailored to your specific circumstances, please contact Suzi Purnell on 01633 214712 or e-mail: suzi@purnells.co.uk to arrange a free initial meeting.
Directors have a duty to take positive action when they realise that their company is insolvent. One option available to directors, would be to place their company into a Creditors Voluntary Liquidation (CVL). A CVL is a director led process which does not involve attending court and obtaining a court order.
A Liquidator is normally paid from the assets realisations made during the Liquidation, but what if they company has no assets and therefore cannot afford to finance such a route? There are two alternatives to choose in such a situation.
The first would be for the directors to personally finance such a Liquidation (although in such circumstances, we would always limit the amount that the director would have to pay), or the directors could apply to have the company struck from the Register using S1003 of the Companies Act 2006.A S1003 strike off is normally only available to those companies which have little, or no, assets.
The first would be for the directors to personally finance such a Liquidation (although in such circumstances, we would always limit the amount that the director would have to pay), or the directors could apply to have the company struck from the Register using S1003 of the Companies Act 2006.A S1003 strike off is normally only available to those companies which have little, or no, assets.
The period in which a person is adjudged bankrupt, is now only one year (please note, however, that this can be extended to a maximum of 15 years, should the individual attempt to hide assets or not co-operate with the Official Receiver/Trustee). 1 You cannot take credit exceeding 500, without first advising that person that you are bankrupt.
A Members Voluntary Liquidation (MVL) is a "Solvent Liquidation" (ie, where all creditors can be paid in full) and there is a surplus of money which would then become available to the shareholders. Within an MVL, all distributions made to the shareholders are classed as "Capital Distributions" and therefore attract tax on the individual shareholder at either the Capital Gains Tax rate, or the lower Entrepreneurs rate.
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