We’ve just been appointed jointed administrators for a company based in Grimsby. One of the assets we’re trying to sell are free whole commercial offices. The offices are located just near the town centre with great access to the A50 and A180, the asking price is £3095.00 and if you’re interested please contact us today.
John talks though the latest directory disqualification stats which have just been released for last year.
Last year there were about 1100 directors who were disqualified.
The average length of disqualification was just under 6 years, with 1 in 10 directors receiving a disqualification of 10 years or more.
Common reasons for disqualification include businesses employing illegal workers, and business selling worthless commodities such as rare earth metals or carbon credits.
Today John talks about company names and insolvency practice. Where a company goes into liquidation, the directors of the old company cannot set up a new company using a name similar to the old company.
E.G. if John Smith Limited goes into liquidation the new directors cannot set up a new company called John Smith London Limited because the names are too similar.
This is a criminal offence, and in the event of the new company enters into an insolvency process the directors of that company will be personally liable for the debts of that company.
In this video, John goes through our 5 top tips businesses in financial difficulties:
- Don’t put any more personal money into the business until you have taken professional advise.
- Don’t incur any further credit if there is a risk that you will be unable to pay for it.
- Preserve and protect the assets of the company.
- You cannot pick and choose which creditors to pay and which not to pay, you have to treat all creditors on an equal footing.
- (This one is the most important of all!) You need to take professional advise as soon as possible.
In this video (the first our series) John, one of our partners, goes through the basics of who we are. He explains that at Redman Nichols Butler we are a firm of licensed insolvency practitioners. This means we provide the full range of insolvency, turnaround and restructuring advise to both businesses and individuals.
We are based Driffield, Scunthorpe and York, but we deal with clients across the country. Our initial meetings always free and without obligation.
If we can help get in touch today.