Independent Business Finance Brokers
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Free Advice 01903 660091
Compulsory Liquidation / Business Loans
Compulsory Liquidation
What Is
Compulsory Liquidation?
Compulsory liquidation is designed to wind up a business to pay creditors that are owed. This compulsory liquidation will be instructed by a court order. If the debt is more than £750 the creditor can present a winding up petition to the court to reclaim the monies owed. In most cases a compulsory liquidation process is instigated by the creditor, but it can be instigated by an administrator or the company directors themselves. In some cases, a compulsory liquidation process has been presented by the FCA, financial conduct authority. Once the winding up petition has been agreed by the courts, the liquidation process will begin. In most cases an insolvency practitioner will be appointed to support the creditor/creditors and the process of liquidation. The liquidator will release assets and review creditors’ claims.
Why Do I Need
Tax Problems?
Tax Problems will listen to you and provide free support regarding compulsory liquidation. Before appointing an insolvency practitioner consult with us first to find out all of your options. This is a completely free service. If you need help appointing a suitable insolvency practitioner we can provide a list of professionals.
Business Loans
Why Do I Need
a Business Loan?
Business loans can be taken out for many reasons. One reason that some businesses don't think about is using a business loan for financial arrears. The busiest times that we have seen is January and April when businesses are running low on finance to pay the HMRC tax bills. You know - Quarterly VAT, corporation tax and PAYE. This secret is having a plan in place to settle tax bills. We have seen an increase in businesses winding up and liquidations due to businesses not having a plan in place.
This
Secret Plan
Many businesses up and down the country wait until reminder letters are sent from the HMRC, but this is not best practice as we have found that one main reason lenders may refuse to lend, is because of outstanding tax bills. That is why making sure that you have enough reserves to cover these bills when they come through is critical. There are lots of ways to achieve those reserves; Invoice finance, business loans and refinancing assets. At tax problems we specialise in business loans.
- Unsecured Business loans up to £500,000 over 5 years
- Secured Business Loans up to £1,000,000 over 10 years
- Regulated Business Loans up to £25,000 over 3 years
We consider all business applications on a case-by-case basis. Enabling us to overcome difficult credit profiles as well as providing the best rates to established businesses.
Free advice on: 01903 660091 / 0800 622 6096
Asset finance is a type of lending that enables you to access business assets such as equipment, machinery and vehicles without having to buy them upfront. It can also allow you to release cash from the value in assets you already own or use your existing assets as security against a business loan from an asset finance lender.
Business asset finance is typically attractive to businesses who want to put their growth plans into action but don’t necessarily have the ready cash, or business owners who would rather spread large costs over a longer period.
Short-term asset finance also enables businesses to remain competitive by making it easier for them to access the latest technology. Asset finance is a broad category that relates to valuable items in your business.
Here is one of our case studies of asset-based invoice finance –
Case Study - Feb - 2019
Invoice factoring for Essex based building company
This company had been awarded a large value contract with a London borough council to install new kitchens and bathrooms into their residential council properties. With limited funds in the bank to cover the cost of labour and materials, Grow Funding arranged a suitable Invoice factoring facility to allow the business to release cash tied up in their outstanding invoices. This means going forward at the point of them giving the invoice to the council they can factor the invoice to provide them with cash in the bank to cover their cash flow needs. An initial facility size of £165,000 was set up with view to this growing over time.
The Advantages:
• Credit insurance to protect you against bad debtors
• The funds are secured and valued against your assets
• Funds can be used for any business needs
• There is the possibility of being flexible in comparison to loans and overdrafts
Grow Funding ltd - 70 Goring Road - Goring by sea- Worthing - West Sussex - BN12 4AB
01903 660091
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