Articles Category: Bankruptcy - hacked by pesimist19

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Why Switch from Credit Cards to Debit Cards By : Prepaid Cards Credit cards have been around for some time and have proven to be very convenient when you make your purchases or payments. The popularity of credit cards are quite understandable, aside from the handiness it brings to its user, it allows you to buy something even you don’t have any cash in the bank and will allow you to just make monthly deferred payment. Phoenix or Pre-Pack guide for dummies By : Derek Cooper You may be considering simply cutting your losses and closing your business. However the business idea and certain elements of the current business may still be viable. A pre pack liquidation (commonly known as the Phoenix process) allows a new company to be formed using the viable parts. Follow this process below. How to do a Company Voluntary Arrangement By : Derek Cooper If your company is under serious pressure, but if the historic debt was removed, the business remains viable, then a Company Voluntary Arrangement (CVA) could be the answer. There are a number of steps you need to follow. Liquidation - how do I close my company? By : Derek Cooper If you have decided to close your company then you will need to put the business into liquidation. We describe the process you will need to follow. Can a landlord seize goods in lieu of rent? By : Derek Cooper Landlords do have a legal right to seize goods from a defaulting tenant in lieu of rent arrears. This process is called distrait. The question is how to protect against this. Avoid Company Bankruptcy (Liquidation) using Business Refinancing By : Derek Cooper During an economic downturn, many companies find themselves at risk of failure because they do not have enough cash to maintain their day to day business activities. High Street banking institutions are currently extremely reluctant to lend because of their huge bad debt risks. In the face of this there are alternative funding options which should be considered which are collectively known as business re-financing. Rebuilding Credit after Bankruptcy - Tips and Suggestions By : Judy Dixon Reestablishing new credit ratings takes time. It’s not an overnight process. The important thing is it’s possible, and it can be done. One has to be patient, and persistent. So it’s advisable to consult a bankruptcy attorney before filing for a bankruptcy. Avoid Company Bankruptcy (Liquidation) using a Pre-Pack or Phoenix By : Derek Cooper If your company is no longer financially viable in its current form, you may be looking at closing (or liquidating) the business. However, if you believe that the business idea remains a good one, you should look at a Pre Pack Liquidation or Phoenix. Use a Company Voluntary Arrangement (CVA) to avoid Company Bankruptcy (Liquidation) By : Derek Cooper Before deciding to liquidate your company, it is worth considering whether there may be a possibility of Business Recovery. A possible option is a Company Voluntary Arrangement (CVA). Deferring company tax is covering up a ticking time bomb of insolvency By : Derek Cooper On the face of it, the corporation tax deferment scheme seems like an extremely good idea. It is important to ask the question whether this policy is simply deferring an inevitable wave of company failures. How to choose a Bankruptcy Attorney? By : Anthony Russell In case of bankruptcies, the bankruptcy lawyer plays a very crucial role in deciding the future of your business. The attorney represents the debtor to the best of his or her ability, and tries to arbitrate with the creditors to get some leeway in terms of time frame or debt commitment. If a customer has a Company Voluntary Arrangement (CVA), how can we collect the debt owed to us? By : Derek Cooper With the challenging trading conditions in which many companies are finding themselves, the use of procedures such as company voluntary arrangements is likely to become increasingly common. This is bad news for creditors who will find themselves with unpaid accounts. Winding Up Petition on increase from the Inland Revenue By : Derek Cooper Not paying Inland Revenue debt will eventually put a business in significant risk. HMRC will in time go to court for the issue of a winding up petition. Company Liquidation need not be the end of life By : Derek Cooper Where a company is struggling financially partly due to historic debts, the directors may decide the best action is to close the business. However this need not be the end of the road as there is nothing to stop a director of the original business setting up a new company and making a bid to the liquidator for any or all of the assets which can then be used in the new enterprise. Business Turnaround - Options to get your company back on firm ground By : Derek Cooper Trading conditions at the moment are challenging for many businesses. An increasing number of businesses are facing financial difficulty. This articles gives details of some of the options to help turnaround these troubles and get your business back on firm ground. Actions Directors can take aginst Winding Up Petitions By : Derek Cooper Once a winding up petition is issued, it is advertised in the London Gazette. This advertisement will be identified by the company's bank which will normally cause the bank to suspend banking facilities. Due to the seriousness of the implications Company Directors should be clear what actions they can take. Winding Up the old company is important before starting the new By : Derek Cooper When a company finds itself in a position where it just cannot afford to it pay its outstanding debt, the directors often ask me whether they can just shut up shop and wait for HMRC to follow through a Winding Up Petition. Why is it not a good idea to start a new business while the old company is in limbo? Loan Modification- Serves Fruitful in Reducing Mortgage Payments & Avoiding Foreclosures By : Manoj Sharma Loan modification today is regarded as the rightful solution that helps in reducing mortgage payments as per the borrowers’s present financial condition letting them stay in their homes and avoid foreclosure. Bankruptcy Can Avoid Foreclosure By : Manoj Sharma Bankruptcy can prove fruitful for those who want a put a stay onto the foreclosure proceedings and relating to it Chapter 7 and 13 bankruptcy plan can be files to stop foreclosure proceedings. Bankruptcy And Attorneys - Part 1 By : Judy Dixon Ideally, the debtors are not advised to avail the benefits of Chapters 7 and 13, and financial experts often advise against filing for bankruptcy. However, the fact remains not all business concerns and individuals are eligible for other alternative facilities of debt consolidation or debt settlement. Company Administration - how am I affected? By : Derek Cooper In the current climate it can be expected that larger numbers of companies are going into administration. I have spoken to a number of people recently who are employed by businesses where administration is happening or imminent. These people are quite concerned and want to understand what administration is and what it might mean for their personal situation. What are the implications of a Winding Up Petition By : Derek Cooper If you receive a Winding up Petition, this could have very serious consequences for both you and your business. It is therefore very important to understand what a Winding up Petition is and the implications of receiving one. Why is Company Administration not the best solution to save a failing company By : Derek Cooper The theory behind company administration is that it allows a business time to make a strategic review and implement often major changes to put it onto a sound financial footing. However Customers and suppliers must be told of the company's position and this will start to cause them to consider other options making the object of the Administration harder to achieve. This article looks at the issues and alternatives of Company Administration. County Court Judgement - What does this Mean? By : Derek Cooper More and more businesses are finding that they have been issued with a County Court Judgment commonly known as a CCJ. This article seeks to explain what a County Court Judgment is, why they are issued and what the implications of receiving a County Court Judgment are. Is a Company Voluntary Arrangement only half a solution to save a Failing Business? By : Derek Cooper On the face of it, a Company Voluntary Arrangement is good news for both the company and its creditors. It allows a company which might otherwise have failed and been put into liquidation to continue to trade. Despite these potential benefits, many insolvency professionals have long regarded Company Voluntary Arrangements with scepticism because they believe there is a likelihood of early failure. Company Liquidation - What is Liquidation and when should it be used? By : Derek Cooper If you do not want to continue running your business or you think it is in difficulty and cannot continue to trade, then you need to get good information about your possible options. One area which you will need to consider is company liquidation. The aim of this article is to explain in simple language what company liquidation is and when its use might be appropriate. Business Phoenixing helping avoid record insolvencies By : Derek Cooper Nearly 5000 companies went into liquidation in the first quarter of 2009 according to the latest Insolvency Service figures for England and Wales published on 1st May 09. One of the solutions to this is Phoenixing (also known as Pre-Packing). This is the process by which the sound elements of a failing business can be packaged up and purchased by a new company. The new company then starts to trade in the same business space but without the burden of legacy debts. Business Phoenixing - Is a Pre-Pack a practical way to avoid company failure? By : Derek Cooper As the recession continues to bite, increasing numbers of businesses are finding it difficult to continue trading. In this economic climate Phoenixing or Pre-Pack Administration would enable many businesses to continue to trade without the burden of servicing legacy debts. Winding Up Petition often used to aid Debt Collection By : Derek Cooper Traditionally, winding up was initiated by a creditor because they believed that a company was not able to pay its debts. Over the last 12 months I have seen an increase in creditors using winding up petitions to force creditors to pay outstanding debt.

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