Pre Pack insolvency is like most pre packaged things – very tempting! Take a bar of chocolate for example. Some people manage to break off a small square, eat it and then put the bar away.
The addiction to chocolate is only just beginning to be acknowledged.
So too is the addiction to debt. That can be quickly solved through the use of pre pack insolvency measures.
In a matter of a day or two your financially strapped company could dump its debts and slide its assets into a brand new shiny company, maybe even with the same trading name. That’s pre pack insolvency.
There are a few important points to bear in mind with Pre Pack insolvency.
The assets must be sold at a true valuation and fraudulent activity can overturn what may look like a done deal.
Your new company and directors may be at risk.
Your company may be asked to pay an HMRC bond equal to their loss in your old company as they see this to be their potential exposure level and directors may be banned from being directors when the old company is investigated.
There are other ways to turn companies around that may be better.
Call TaxGone on 01302 815846 to discuss your options.
TaxGone - Company Voluntary Arrangement - CVA Specialists
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