• What is insolvency?
• Who decides that a company is insolvent?
• What is the "Rescue Culture"?
• What is Administration?
• What is a Company Voluntary Arrangement (CVA)?
• What is an Administrative Receivership?
• What is liquidation?
• What is a Creditors Voluntary Liquidation (CVL)?
• What is a Compulsory Liquidation?
• What is a Members Voluntary Liquidation (MVL)?
• What is the role of Express Tax Solutions?
• What happens to the employees of an insolvent company, and do they get redundancy pay?
• What happens to the directors?
• What is fraudulent trading?
• What is wrongful trading?
• What happens to the assets of individuals and Ltd companies in when insolvent?
• How much does our service cost?

What is insolvency?

Insolvency is a legal process which companies or individuals face if they do not have enough capital to cover their debts, cannot pay their debts as they fall due, or when the value of their debts exceed the value of their assets.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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Who decides that a company is insolvent?

The directors are usually aware if their company is trading whilst insolvent. By appointing Express Tax Solutions we will be able to assist in the best possible method to move your company forward and out of liquidation. Often directors themselves or their creditors will decide whether the company is insolvent. But at Express Tax Solutions we believe you should beat your creditors to it so that you are in control.

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What is the "Rescue Culture"?

Many limited liability companies have attempted to secure a rescue structure to avoid liquidation by reaching an agreement with their creditors. Successful law reforms in the United Kingdom have encouraged this rescue culture by introducing measures which seek to safeguard businesses that are viable.

Express Tax Solutions are able to offer a wide range of options to companies or individuals as we provide protection from creditors while formal arrangements can be made allowing the debtors to avoid winding-up proceedings or bankruptcy.

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What is Administration?

Administration is a formal legal procedure which is intended to allow a company to continue trading while protecting its assets from the actions of their creditors. The purpose of administration is to achieve one of the following objectives.

• Rescuing the company as a going concern
• Achieving a better result for the company's creditors
• Realising property in order to make a distribution to one or more secured or preferential creditors

Administration begins with the appointment of one or more Insolvency Practitioners. This can be done out of court by:

• The holder of a Qualifying Floating Charge - usually a bank;
• The directors; and
• The company, by resolution of the shareholders

Administration can also be initiated by the court, often on the court application of the company directors or their unsecured creditors. The Administrator will take control under the order but may allow the directors to retain some management operations. Within ten weeks of appointment, the Administrator will circulate proposals for the company and holds a creditors' meeting to seek approval of the plan. The proposals may include a Company Voluntary Arrangement. The whole process should be completed within twelve months, unless an extension is agreed.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What is a Company Voluntary Arrangement (CVA)

This is when the directors of a company, or its Administrator, make proposals to the company's creditors for a release from its existing debts, coupled with a plan by which creditors will receive some, or all, of the amounts due to them over a specified period of time. A CVA allows any underperforming business the opportunity to trade out of its financial problems. However, for the CVA to take effect, the proposals must be approved by more than 75% of those creditors who vote on them. If approved, the proposals will be deemed to be binding on all creditors.

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our CVA Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What is an Administrative Receivership?

The main responsibility of an Administrative Receiver is to recover assets for the benefit of the lender to whom he is responsible, for example a bank. The Administrative Receiver will not be responsible for making payments to ordinary unsecured creditors.

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What is liquidation?

This is the end of a company. The company’s assets are sold by the Liquidator, and turned into cash to pay the company's creditors.

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What is a Creditors Voluntary Liquidation (CVL)?

In a Creditors Voluntary Liquidation (CVL) the shareholders themselves decide to close the business down and appoint a Liquidator to sell the assets and distribute the proceeds accordingly.

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What is a Compulsory Liquidation?

A company may go into compulsory liquidation if a petition is presented to the court for an order to wind-up the company. This means that the company will be placed into liquidation but unlike voluntary liquidation, compulsory liquidation involves investigation by the Official Receiver and is usually more time-consuming and expensive. The majority of petitions are presented by creditors. HM Revenue &. Customs frequently takes such action when liabilities for VAT and PAYE are unpaid. To avoid compulsory liquidation for tax arrears we can negotiate a time to pay plan that is more realistic and affordable monthly installments.

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What is a Members Voluntary Liquidation (MVL)?

This is a route taken when the proprietors of a company wish to unlock their capital and retire, or when a subsidiary within a group is no longer useful to the company. The shareholders resolve to appoint a Liquidator and all liabilities of the company (including the expenses of liquidation) should be settled within 12 months. The assets remaining after paying all liabilities are then distributed to the shareholders. MVL is also the normal route in a company re-organisation so as to benefit from tax exemptions, income, capital gains and corporation tax (Section 110, Insolvency Act 1986).

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What is the role of Express Tax Solutions?

• To advise and establish a strategy
• To act upon that advice professionally
• To look after your interests
• To act impartially at all times
• To follow the ethical guidelines as set out by the Office of Fair Trading
• To appoint a liquidator

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What happens to the employees of an insolvent company, and do they get redundancy pay?

Jobs may be saved if the business, or part of it, is sold as a going-concern. If there are job losses, then employees may claim for redundancy, holiday pay, pay in lieu of notice and unpaid wages, where applicable. They can receive up to 8 weeks unpaid wages, but the Government will only pay up to a limit set annually by law. Claims are paid by the redundancy payments section of the Insolvency Service which in turn becomes a creditor of the company.

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What happens to the directors?

In liquidation, the directors' role is limited to certain statutory duties. In administration, they could continue in a management role. Directors are likely to lose their jobs unless there is a chance of saving the company, for example, in a Company Voluntary Arrangement. There are also other options available such as pre-pack administration where directors will be able to clear their debt and set up a phoenix company which is exactly the same as the original company but without the debt. We will help through the insolvency of the original company and into the new business.

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What is fraudulent trading?

This is when a director continues to trade whilst he knowingly and intentionally causes losses to the creditors.

If fraudulent trading is proven, it is likely that the directors will face prison sentences and be called upon to contribute personally to the assets of the company.

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What is wrongful trading?

Wrongful trading occurs when a director causes a company to continue to trade when that company is insolvent. The current legislation deems that directors should be aware of the company's insolvency and should take steps to protect the interests of the company's creditors.

If it is proven that the company was wrongfully trading, then the directors may be called upon to contribute personally to the assets of the company.

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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What happens to the assets of individuals and Ltd companies in when insolvent?

The Insolvency Practitioner must obtain the best price for the assets of the company that are in his control and will often appoint specialist auctioneers and valuers for this purpose. He will also examine sales and asset disposals prior to his appointment, looking for transactions which are detrimental to the creditors generally. The court gives extensive powers to recover assets and to make directors personally liable for irregular transactions.

How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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How much does our service cost?

Initial telephone advice is confidential and costs you nothing. Each case is very individual and requires a bespoke service for each client - therefore, there are no fixed prices. However, please do look at our Liquidation Case Studies page for examples of work we've undertaken for clients, the results gained and what our fees were.

Please do contact us in confidence with any questions.
Telephone: 0121 222 2422 or Email: info@expresstaxsolutions.com

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