Day: February 7, 2018

What warranties and indemnities must I give when selling a business?

Warranties and indemnities play an integral part in the process of selling a business. They provide the buyer with assurances about potential future outlay after the purchase has gone through, and help them deal with the unforeseen business-related issues that could arise. In the case of a limited company, purchasers take over the existing and […]

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What is the law regarding company director redundancy?

When determining a company director’s eligibility to claim redundancy, it is important to consider a number of factors based around their general working relationship with the company. When a limited company is liquidated, the appointed insolvency practitioner will seek to establish whether a director is also an employee of their company, in which case they […]

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What is statute barred debt?

When a debt has been outstanding for some time, with no payments being made or communication from the debtor, the debt can become what is known as ‘statute barred.’ When debts are statute barred it means they’re no longer enforceable, and the debtor is not required by law to pay the amount outstanding. The Limitation […]

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Do I need to contribute more to an IVA if my financial situation improves?

An Individual Voluntary Arrangement (IVA) is a flexible debt solution that generally lasts for five or six years. At the outset, a licensed insolvency practitioner (IP) assesses your income and essential living expenses, and negotiates an affordable sum to repay creditors based on your financial position at the time. During the IVA term, however, it […]

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Can an accountant’s mistake lead to a professional negligence claim?

Although business owners and company directors are ultimately responsible for ensuring their compliance with HMRC, it is natural to want to seek compensation if they have suffered a material loss due to an accountant’s mistake. Professional input to a business can be costly, and there is usually high expectation on the part of clients that […]

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