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Technical Reminder – ESC- C16

For those companies on the opposite end being zombie the withdrawal of the extra statutory concession c16 means that any company who wants to make a capital distribution in excess of £25,000 needs to be formally wound up by way of members voluntary liquidation.

Contact us for a fixed fee no obligation quote.

 

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What Are Pre-Packs?

A pre-pack sale is when the assets of an insolvent business have been substantially agreed for sale to a company which is either operated by the same directors, shareholders or a third party prior to the company entering either administration or liquidation.

One of the issues regarding a pre-pack sale is that this can complete prior to the creditors meeting and without notice to creditors. This can be an area of concern which creditors can complain about as they may believe …

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Zombie Companies

With an rise in zombie companies, businesses are becoming increasingly under pressure that they may lose key customers and cannot afford for zombie companies to fail.

This is helped further by HMRC allowing companies to enter into time to pay schemes and banks freezing or reducing capital repayments

But in the wake of these zombie companies having just enough cash to survive they don’t have sufficient resources to invest in long-term growth.  Thus why it will be extremely difficult if not impossible …

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Claim for mis-sold interest rate swaps

In the last few days, the big four banks, Barclays, Natwest, Lloyds and HSBC have admitted to mis-selling interest rate swaps to small and medium sized businesses.

An interest rate swap enables the banks to exchange fixed rate interest for variable rate interest over a set period of time. A company typically uses interest rate swaps to limit or manage exposure to fluctuations in interest rates.

In essence, banks offered businesses the opportunity to fix the base rate on a loan at …

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