If you are researching liquidation and what it costs then you MUST watch this video to the end!

Whatever you do - don't panic about having an overdrawn loan account in a liquidation scenario, but be armed with the facts.

In this video, you will find out what an overdrawn director loan is, how you can work out if you have one and most importantly what you should do about one

In this video, we’ll look at what a pre-pack liquidation is, the process itself, and whether it could potentially be the right course of action for your business

WHAT HAPPENS IF I CAN'T PAY HMRC?

If your business has arrears with VAT , Corporation Tax or PAYE and you don't know where to turn then watch this video. We will explain exactly what you need to do if your business can't pay HMRC!

If your company has received a winding-up petition or has been threatened with one it's very serious and you need to take advice ASAP- keep on watching for more info!

The simple answer is YES.

There is a myth that if you liquidate a business then you are not allowed to open up another.

When a business is placed into liquidation, its common that  the assets of the company, the branding, and sometimes the name is bought by a newco backed by the same directors. It's known as a  pre-pack liquidation

On today's episode of the 1st Business Rescue, we are joined by Mark Hague of Farleys solicitors. Mark spends his time assisting insolvency practitioners to prosecute directors and also defends directors against prosecution. This is not one to miss!

Closing a business isn’t as easy as ceasing to exist though, and there are two different routes available. One is striking a company off, and the second is liquidation.

Understanding the differences between the two can make the process a lot easier to manage and also stop you getting in trouble, especially if you have taken a Bounce Back Loan. So, in this video, we’ll walk you through the main points.

If you are a business owner thinking about liquidation you are probably worried and have lots of questions running through your head.

In today's podcast, we speak to "David" who placed his company into voluntary liquidation around 12 months ago.

The short answer is no, you cannot strike a company off that still owes a bounce-back loan. Furthermore, if you try to strike a company off with a bounce-back loan it could get you into serious trouble with the insolvency service. Attempting to strike your company off with a bounce-back loan could lead to you being disqualified from being a director and being made personally liable for some or all of the company’s debts.

Provided you follow all the rules , there shouldn’t be an issue with you setting up a new limited company, if you have closed down an insolvent one. Its very important that you take professional advice when doing this to avoid making any mistakes that could land you in hot water.