Archives September 2022

Liquidating a company – A step-by-step guide
Company-liquidation

Liquidating a company usually occurs when a company is no longer able to repay its creditors and involves it being closed down and removed from the company house register.

The process of liquidation can be instigated in two different ways, wither voluntarily entered into by the company’s directors or court ordered as a result of creditor action in response to unpaid debts.

Either way, an insolvency advisor will be able to guide you through the entire process, providing you with all the guidance and expert advice you need to emerge as healthily as possible from this difficult time.

Liquidation is often a shock, and not something that many people have or want to enter into more than once. For this reason, most are unaware of exactly how the process works.

This guide is designed to give you a brief rundown of the liquidation process, giving you all the crucial information that you need of what to expect:

What is the goal of liquidation?

The end result of liquidation is the winding up of a company and its removal from Companies House register.

This is normally achieved through the sale of assets to pay creditors what they are owed.

How does the liquidation process begin?

If you are reading this article, there is a good chance it already has. The first step along the liquidation process is the company directors identifying that the company is no longer financially viable and may need to be wound up.

There are many different reasons why this may be the case but if a company is no longer able to meet repayments and becomes insolvent, liquidation is often the only viable option.

A company does not need to become insolvent before liquidation, although most do, and if directors see the net closing in, they may choose to enter liquidation proceedings early to limit the damage done.

If you are at this stage where you are considering liquidation as a genuine option, it is time to speak to an insolvency expert who will be able to give you a run down of all the options available to you and advise on the best route forward.

What are the different types of liquidation?

There are several different types of liquidation processes that can be undertaken. Deciding between the following 3 options is the first major step in the liquidation process.

1)      Members’ Voluntary liquidation

If a business is still solvent but the directors have decided that they no longer wish to operate it, they can file for members’ voluntary liquidation.

As there are no major debts to be repaid or court proceedings, this is the quickest liquidation process. The directors and shareholders will come to an agreement regarding the sale of the company and any profits will be split between shareholders once existing debts have been paid.

2)      Creditors’ Voluntary Liquidation

If a company’s directors become aware that the company is insolvent they can go to the creditors and agree to voluntarily liquidate.

The sale of any assets in this liquidation process will be distributed among the creditors in lieu of payment for loans that the company still owed them.

Once this process is complete the company will cease to exist.

3)      Compulsory Liquidation

Compulsory liquidation is a little different to the other forms of litigation, due to the fact that the process has been instigated against the will of the company directors.

If creditors have not been paid and have failed in their attempts to secure what they are due, they can ask the court to issue a winding up petition.

Should this be unsuccessful, a winding up order will then be issued, and the company will be removed from the hands of the directors.

The creditor will then be paid what they are due through the sale of the company’s assets.

It is the role of an appointed insolvency practitioner to oversee this process.

How long does it take?

The length of the Liquidating a Company can vary widely from a few weeks to 6-12 months depending on the nature of the situation.

Litigation cases will take a lot longer if there are legal disputes involved or assets that need to be sold, in comparison to voluntary liquidation.

The larger the company, the more complex the process will tend to be with multiple lawyers and creditors involved in attempting to find a solution.

Court dates can also take time to become available and the more cooperation and negotiation that takes place between directors, creditors, and other relevant parties the quicker a process this will be.

Having the right insolvency team to help you out is also key to resolving the liquidation process as quickly as possible and here at Oracle Law we have all the expertise and experience that you could possibly need.

For more information on our Insolvency and Corporate Recovery Service, and how to wind up your business as smoothly as possible, get in touch with us now on 0141 404 1091.

Learn Everything You Need to Know About Purchasing a Used BMW in Cornwall

Whether you’re buying from a dealer or a private party, purchasing a used vehicle may be a stressful experience. So, if you’re looking to buy a used car, here’s some guidance from us.

There is always a measure of danger involved with purchasing a BMW dealership used cars in Cornwall, whether from a private seller, a dealership, or the internet. You may save a lot of money and head off any unpleasant surprises if you take the time to do your homework, discover your rights as a buyer, and know what to look for. If you follow this advice and apply our used car checklist, you may feel confident about purchasing your dream car and drive it away with confidence and a smile on your face.

Generally speaking, the “sweet spot” for secondhand cars is between three and five years old. Because most new Cars are leased for 36 months or less through corporate fleets or financial packages, after that time they are returned to the dealer or sold at auction.

There is still a lot of life remaining in a car specially in TYR Cars (click here) that is three years old, and depending on the type and mileage, you can get it for half of what it cost brand new. As a rule of thumb, the reliability of vehicles declines after five years, so it’s probably a good idea to start shopping for a new one at that time. This information comes from warranty providers.

Although there are still many reliable vehicles that are 5 years or older, you should be aware that they may have higher operating and repair costs than newer versions.

Tips for Buying a Used Car

There are different challenges to overcome when looking to purchase a Used BMW in Cornwall as opposed to a brand new BMW, but doing so is just as important. Some fundamental things to keep in mind when you shop for and inspect that used engine… (

First, you need to get your financial house in order.

In order to avoid overspending on what is likely to be a sizable purchase, you need first establish a realistic budget. Investigate your options for paying for your car if you need to, including credit cards, a personal loan, car payments, and cash. Determine the down payment you can make and the monthly payment you can manage. If you do this, the salesperson’s question, “how much do you have to spend each month?” won’t leave you looking so bewildered. (

2. Always be aware of the current state of the Used Car industry.

Looking around online at different dealerships and classifieds is a wonderful way to get a feel for the market and your budget when shopping for a used Car. With so many options, you won’t feel rushed into buying a BMW you’re not sure is appropriate for you, and you’ll have a better idea of whether or not you’re getting a decent deal. If the asking price is too high, there will always be other instances of the mainstream model you’re interested in.

3. Carefully examine all necessary papers

If you’re not going to look over the stack of documents that come with a secondhand car, you shouldn’t give them any weight at all. If you’re in Bude or Cornwall, UK, and you want to buy a used BMW from an individual rather than a dealer, you should double-check the V5C logbook’s listed keeper’s address to make sure the car is actually for sale there, and then compare the vehicle’s VIN and chassis number to the ones listed on the logbook.

The next step is to examine the car’s service records for anomalies, check to see whether the cambelt needs to be replaced (which can be an expensive job for some vehicles), and look at the sales receipts to confirm the car’s ownership and the termination of any credit agreements. A thorough HPI investigation will also help to reveal any outstanding debts or concealed past. For example:

4. Perform a thorough pre-trip inspection of the vehicle when weather and daylight are favorable.

Cars are easier to inspect in good weather, and you should always do it in daylight. Rain on paintwork, as well as streetlamps or a torchlight, can mask a multitude of faults. Look through each and every panel, as well as the interior trim surfaces, carefully. While minor dings and scratches are to be expected in older vehicles, it is more critical to check that all of the controls and features are in good working order. Do all of the electronic windows open at the same rate, and does the air conditioning make you feel cold?

5. Do a complete trial run

It’s crucial to test the car’s performance and handling to make sure they are up to par. Is it simple to turn the key in the ignition? How does the braking and engine sound? Does it seem like the vehicle is pulling to one side when you’re guiding it? Is there any lingering smoke from the tailpipe? Make sure you’re covered by insurance before you go for a spin. “

Is everything you need present and accounted for?

Verify that the original jack, tools, and locking alloy wheel nuts are present, as well as the spare tire, under the trunk floor. To learn more about the car, consult the owner’s manual that should be in the glove compartment, and inquire about any spare keys. Not all vehicles have built-in navigation systems, thus a sat nav disc or SD card may be necessary. It would be very unfortunate if any of these were lost, and they would be very costly to replace. (

Step Seven: Closing the Deal

Make sure you and the seller each have a copy of the signed receipt detailing the details of the BMW sale once you’ve agreed on a price. Identifiable information about the car being sold, as well as the names and addresses of the seller and purchaser, should be included. (

In this case, number eight is paying for the car.

There shouldn’t be any issues if you’re purchasing from an authorized BMW dealer, but the standard cautions still apply when purchasing a vehicle from an individual. Take care if you need to borrow a lot of money to buy an Car. Use a wire transfer if at all possible. Never meet someone outside of their home to exchange cash.

Making The Most Out Of Event Invitations

When you are throwing a workplace party, corporate event, dinner party, holiday party, wedding or anniversary party, the number one item people need to keep in mind is really who you are intending to invite. The invitee list is critical simply because the sum of people attending has a direct impact on the venue and at the same time on the food selection. Regardless if you’ve enlisted the services of a professional to do your event planning for you, or you’ve taken on the project yourself, it’s important to make a list of the invitees and then opt for the most suitable strategy to ask them to attend.

Make Your Video Invites Catch The Eye

There actually is really nothing like receiving a personalized video invitation to a party or function and feeling like you are part of the upcoming event itself. When you can make your invited guest feel like that, you have found oil. creative video invitations Why? Simply because your guests will be motivated and looking forward to the event long before it commences. Likely, the invited guest will be thinking about the function and talking about the event with their family and friends. Let’s suppose a host of a celebration came a knocking on your front door to ask you personally if you would do them the honor of coming to their anniversary party. Think about how that would make you feel? For many people, it would make all of them feel very important and very significant and if they do not show up, they will be missed. That is what personalized video invitations can do and if they are done properly. Not only that, a genuine, personalized video invitation makes folks feel cozy and appreciated. It makes an everyday friend think they are a best friend and makes a good friend feel like part of the family. Simply put, it makes the guest feel really good about going to the event. The moment your invitation can do such a feat, it creates a feeling that no other invitation can because the invitation is more about the guest than the event itself. Now for company events, a personalized video invitation done right is the greatest way to make a coworker, a donor, or an organization associate feel so significant that it seems like they themselves are part of what is being honored.

Birthday Event Invitations Made Simple

In the case that your event is on a moderate scale, for example, a birthday party, you have the ability to spearhead those invitations in several ways. There are a lot of event planning websites on the internet which sell design templates for birthday party invitations. Just download one of the templates and fill in the essential details. Going the added distance by sending personalized birthday party invitations is a great idea. Children enjoy this because they automatically feel special when they see their name on the card announcing the party. When it comes to adult birthday party invitations, typically, getting the invited guests to make an appearance may be an obstacle. Having said that, by personalizing the invites, you grab the interest of the individual and it makes a big impact on how the invited guests feel about showing up. If you’ve secured a professional to take on the event planning, these people might propose an alternative for invitations or they might merely ask for the guest list and manage the invitation design and mailing themselves.

Time To Design Your 50th Birthday Bash Invitations

50th birthday celebration gatherings have turned into some of the most significant celebrations. Besides, getting to the half-century mark is a worthy accomplishment for anyone. Just as a 21st soiree used to be just an overnight get-together with some chicken wings. At the same time, it has little by little transitioned into an elegant gala being held at the finest resorts and plazas. So however you choose to honor the birthday milestone, everything kickoffs when the guests get their invite. A wonderful way to make attention-grabbing invitations is to personalize them in such a way that makes the invited guest know that they definitely will be missed if they do not attend. 50th birthday invite

Take note of the fact that not everyone wishes to celebrate their 50th because it enhances the fact that their forties are behind them for life. So be certain to steer clear of utilizing common 50th birthday soiree decors and don’t forget, most people turning fifty would much favor a nice unobtrusive celebration, with good food and good company. And speaking of good company, be imaginative with your invitations so that the invited guests show up. After all, what could be more frustrating than putting on a 50th birthday celebration and having invitees not show up.

It’s All About The Invitations

Irrespective of your event, if invitations are appropriate, it’s vital to get them out early on and ask the invitees to reciprocate regarding whether or not they can attend. This is vital for proper event planning because when you have a good idea of the size of the guests, you can successfully plan on the other aspects that will make your party the best it can be.