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A Quick Guide to Types of Liquidation & Insolvency Appointments

 

Creditors Voluntary Liquidation
 

New Personal Insolvency Regime

 

The Government is set to introduce the Personal Insolvency Bill by end April 2012 to deal with the areas of ‘general insolvency, mortgage debt, and negative equity’.

Creditors Voluntary Liquidations

 
There are two definitions of insolvency – one is where the liabilities exceed the assets and the other being where the company is unable to pay its debts as they fall due.
 
If a company is insolvent and unlikely to return to profitability, the directors should seek professional advice and consider appointing a liquidator.

Sole Trader V Limited Company

 
At McCarthy & Co., one of the most often asked questions we receive from our start-up clients is whether to set up as a sole trader (or partnership) compared to a limited company. This is one of key decisions to get right for you and your business, and here we outline some of the aspects of each option.
 

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