There’s a common misconception that as a limited company director, you’re not entitled to statutory payments if your business closes, as an employee would be. As a limited company director, you are technically employed by your limited company, and therefore, treated accordingly when it comes to statutory payments, such as..
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As a limited company in financial distress, company liquidation may be the only remaining avenue if there’s no chance your business will survive. An ailing business with no prospects puts creditor interests at risk, so it’s crucial to act with haste. If your business is past the point of recovery..
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The run-up to liquidating a limited company can be taxing, from financial uncertainty, creditor pressure and threats of legal action, navigating a business in distress is a challenge not for the fainthearted. As the director of a limited company, it’s your responsibility to act in the best interests of creditors...
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The Redundancy Payment Service (RPS) is seeking to streamline its working process for pre-appointment notifications, which will benefit all parties – the RPS, Insolvency Practitioners and employees. To do this, RPS will be strictly enforcing the current guidance for case set-up. Requests for case set-up should not be made more..
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This is what the Redundancy Payments Service told us at the end of last week. “RPS will consider each claim carefully before any decision to reject is made. Whilst we always take into account the fact that the liquidator and the CMC acting for the director will have considered..
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Supreme Court Decision handed down The judgment in Harpur Trust v Brazel has been delivered by the Supreme Court with the Supreme Court dismissing Harpur Trust’s appeal. This will have significant implications for employers with staff working part of the year on permanent contracts who have their holiday entitlement pro-rated..
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The Corporate Insolvency and Governance Act 2020 introduced various measures to help protect companies, which were impacted by the lockdown restrictions during the Covid-19 pandemic. The majority of these measures expired between June and September 2021, except for restrictions on winding up companies, which extended until 31 March 2022. The..
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With effect from 6 April 2022 the statutory maximum amount per week is capped at £571. If you were made redundant before 6 April 2022, these amounts will be lower. A copy of a guidance in explaining your redundancy payments can be found at the following website https://www.gov.uk/government/publications/redundancy-payments-from-the-insolvency-service/explaining-your-redundancy-payment
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RPS Policy regarding offset of overdrawn Directors Loan Account balances The basis for the RPS approach is contained in Rules 14.24 (Administration) and 14.25 (Liquidation) of the Insolvency Rules 2016. This rule requires the RPS to set off payments due from the directors/employees to the company against sums that..
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The Chancellor made his annual Spring Statement speech yesterday where he set out the Government’s tax plan to support the UK economy, businesses and families in both the short and the medium term. Key measures the Chancellor announced as part of the plan include: an increase to the National Insurance..
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