STATUTORY REMEDIES AVAILABLE TO BUSINESSES

STATUTORY REMEDIES AVAILABLE TO BUSINESSES

STATUTORY REMEDIES AVAILABLE TO BUSINESSES IN THE EVENT OF FINANCIAL DIFFICULTIES ARISING STATUTORY REMEDIES AVAILABLE TO INDIVIDUALS OPERATING THE BUSINESS ARE BY VIRTUE OF THE PROVISIONS OF THE BANKRUPTCY ACT An individual who operates a business which finds itself in financial difficulty can make arrangements under Part 10 of the Bankruptcy Act. Put simply, the individual simply appoints a Bankruptcy […]

Warning Signs

Warning Signs

SOME OF THE WARNING SIGNS Large debtors fail to pay Debt collection processes must be commenced and it may become appropriate to appoint an administrator where the company is not actually insolvent but may become insolvent and in a situation where degradation of the cash flows is likely to bring the company to insolvency. Running […]

Board Meetings

Board Meetings

Some Important Responsibilities/Obligations of Directors: Directors are required to act honestly in the interest of the company The directors’ fiduciary duties (the first being the duty to act with good faith) and to avoid situations where, without consent of the company, the director’s personal interests must not conflict their duty to act with good faith. Any director having a contract with the company must consider if such a […]

General Meetings Of Members/Shareholders

General Meetings Of Members/Shareholders

General meetings include any meetings of members such as annual general meetings (‘AGMs’), General meetings usually cover matters outside of the scope of daily management, such as changes to the company name, status or capital structure, the constitution, approval of certain director benefits, removal and election of directors and auditors and director remuneration. What are […]

12 Point Checklist

12 Point Checklist

Some Important Responsibilities/Obligations of Directors: Does any director have a contract with the company? And does this give rise to any conflicts of interest between any director and the company? Are all registers kept and maintained up to date? General offences Particulars of registered office to be kept current Register of Directors to be kept current […]

Financial problems faced by business

Financial problems faced by business

Generally speaking, and in the first instance, only a drastic reduction in overheads or a substantial injection of capital can return a business to profitability assuming that this is achievable, otherwise some formal treatment will be required. If a return to profitability is possible, the directors of a company should immediately stop trading and appoint […]

What Is Voluntary Administration?

What Is Voluntary Administration?

A company that should consider a Voluntary Administration is one that is insolvent and needs a deal with creditors in a formal way. A Voluntary Administrator is the person appointed by the directors and must be a Registered Liquidator who can assess all the options available, and recommend the best outcome for the company and […]

Business Risk Advisory Advice

Business Risk Advisory Advice

“Be aware of unsolicited and unqualified so called Business Advisers”      Providing good business advice is a highly specialised area that requires experience, skill and judgement. Too often, the wrong advice is provided by ‘a friend of a friend’ or a so called “mate” often seeking a personal benefit. They are unqualified people, posing […]

What is Voluntary Administration?

What is Voluntary Administration?

A company that should consider a Voluntary Administration is one that is insolvent and needs a deal with creditors in a formal way. A Voluntary Administrator is the person appointed by the directors and must be a Registered Liquidator who can assess all the options available, and recommend the best outcome for the company and […]

Understanding Bankruptcy

Understanding Bankruptcy

There be alternatives. Once you have been declared bankrupt you give up control of your finances and assets to a Trustee in exchange for protection from legal action being taken against. Depending on your financial situation, there may be alternatives to bankruptcy such as formal arrangements. Bankruptcy has consequences which you should know about, as […]

Business Risk Advisory Advice

Business Risk Advisory Advice

“Be aware of unsolicited and unqualified so called Business Advisers” Providing good business advice is a highly specialised area that requires experience, skill and judgement. Too often, the wrong advice is provided by ‘a friend of a friend’ or a so called “mate” often seeking a personal benefit. They are unqualified people, posing as ’solution […]