But is there a way that they can come back? And why would a director want to resurrect a closed company anyway?
Administrative restoration is the official term for bringing a dissolved company back into existence and we’ll explain further how they can be returned to life and why directors might want to do this.
Why you should pay to liquidate your company
One reason why a dissolved company could be restored is if the directors believe it may have a profitable future trading again. Maybe the market conditions have changed or they are in a better position to make a success of the venture now than they were previously.
The only limit to restoring a business in this way is it cannot have been dissolved for more than six years.
The six year time limit also applies when directors look to restore a business in order to release and realise an asset.
If a business is struck off or dissolved while still holding assets then they could become the property of the crown after a certain amount of time has elapsed. Also, they could be classed as ownerless or “bona vacantia”.
In either scenario, if this is why a company is being restored then Companies House could temporarily place the business back on the register in order to facilitate the asset transfer or sale.
Unlike the administrative restoration time limit of six years, there is no such restriction when it comes to pursuing claims against a dissolved business. The company might have to be restored in order for an injury or other legal claim to be lodged against it and subsequently defended.
The final reason to restore a struck off company is to rectify mistakes made during the initial process.
A company can only be struck off if it has no debts or arrears.
Under the imminent Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill - HMRC and the Insolvency Service will be granted retrospective investigation powers against directors.
This will allow them to look at the circumstances and actions of directors of dissolved companies and if any errors were made, such as striking off a business with an outstanding bounce back loan or VAT arrears for example, they could be followed with sanctions.
These would not only be fines or a disqualification period which could stretch to 15 years but under the new laws, directors could be made personally liable to repay company incurred debts.
Businesses that have been struck off by Companies House for failure to submit annual accounts or confirmation statements can also be reinstated but like all administrative restorations, they have to meet a certain criteria such as trading when they were struck off and that Companies House enforced the decision, not the directors.
If they do then they can apply to Companies House and complete an administrative restoration form.
If the business was not forcibly removed or doesn’t meet the criteria then they can seek company restoration by a court restoration order instead.
Once the application is filed and if all the essential forms such as business accounts and financial statements are up to date then the procedure will usually be completed in about four months.
Chris Horner, insolvency director with BusinessRescueExpert.co.uk said: “Restoring a company just to liquidate it might sound like a hassle but it could be the best thing a director could do to protect themselves if they have any concerns.
“The new legislation is almost exclusively aimed at directors who have tried to avoid repaying bounce back loans and other debts through dissolving their businesses.
“But directors who inadvertently struck off their company while it still had debts could very well get caught up in the same sweep.
“Directors who liquidate their companies voluntarily through a creditors voluntary liquidation (CVL) or other process don’t have anything to worry about - HMRC and the Insolvency Service are not targeting them.
“To avoid any doubt and worry, it would make sense for a director to restore their company, liquidate it and then continue with their career after all the loose ends have finally been tied up.
“They would then avoid disqualification and being made liable for a compensation order up to the value of the company debts plus fines and costs on top.”
Liquidation brings many benefits to a business owner or director.
As well as having more say in the process of appointing a liquidator, they can also legally close down even if they owe bounce back loans or other debts.
It brings finality to the situation through a definitive ending allowing the owners or directors to move onto their next venture without any more stress.
If a business has been dissolved improperly or if it had debts when it was struck off then this is a loose end that could become a bigger problem - especially if the Insolvency Service takes an interest in the business and how it was being run before closure.
Getting advice from an insolvency professional is always a good idea if you’re thinking about closing a business but if you need to consider an administrative restoration then it’s essential.
We offer a free initial consultation for any business owner or director to discuss the issues facing their company and together we can work out an efficient and effective solution which can usually be begun to be implemented almost immediately.
The sooner you get in touch, the sooner we can help.
The bounce back loan scheme was a success for many of the businesses who took them out.
They helped them to keep trading or to support themselves and their employees whilst locked down and unable to function normally.
The final official borrowing figures released by the government earlier this year showed that over 1.5 million bounce back loans had been granted for a total of £47 billion - all guaranteed by the government.
Over 44,000 north east businesses took part in the scheme, borrowing an average of £26,751 each or £1.2 billion collectively - an amount equivalent to the cost of building fifty brand new stadiums the size of Sunderland’s Stadium of Light.
27.5% of north east businesses, over one in four, applied for bounce back loan financing, which was the highest demand in the country. The average amount loaned however was the lowest amount - some £7,000 less on average than a London-based business which saves an average borrowing figure of £33,480 per loan - the highest average amount in the country.
Earlier this year, BusinessRescueExpert.co.uk conducted an investigation into the risk of defaults around bounce back loan borrowing done by businesses.
In the North East they found that even under the official best-case scenario, approx. 15% of loans would remain uncollected. That would be 6,729 in our region - with a total of £180 million remaining unpaid.
Business Secretary Kwasi Kwarteng wrote that: “HMRC would adopt a cautious approach to enforcement of debt owed to government that will have accrued” and that HMRC would soon update its enforcement methods so that any outstanding debt could be brought into managed arrangements for businesses affected by the pandemic and subsequent lockdowns.
Specifically he said that using insolvency to enforce payment would remain a last resort and that he recognised that “the path back to full trading will be difficult for many companies, particularly those with accrued debt and low cash reserves.”
If BEIS are playing the good cop in this scenario then the Insolvency Service are playing the bad cop - promoting their recent successful attempts to wind up several limited companies that had been involved in fraudulent activity including dishonestly obtaining bounce back loans.
Dave Elliott, Chief Investigator at the Insolvency Service said: “The bounce back loan scheme was made available to help support businesses during the pandemic.
“It’s outrageous that some directors have been trying to abuse this support, and the action we have taken shows we take this issue extremely seriously.”
Despite the tough talk, just how seriously are the authorities cracking down on bad bounce back loan behaviour by directors and business owners?
One growing trend we’ve noticed recently in the north east and elsewhere is where companies with outstanding bounce back loan arrears are attempting to dissolve their businesses, or have them struck off.
Company dissolution is a perfectly legal method of closing a company but comes with a set of strict conditions.
Dissolution is not an available tool if the company owes any money, including outstanding tax or a bounce back loan.
New legislation, specifically aimed at unscrupulous directors, is due to become law later this year (but will apply retrospectively) and will be a big problem for those who’ve tried to close their company this way and avoid their legal responsibilities.
The Ratings (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill 2021 will allow the Insolvency Service to specifically target and pursue directors who close their companies by dissolving their businesses when they have outstanding debts.
One of the main new measures will see the Insolvency Service given retrospective powers to investigate directors of struck off companies and how they acted in the circumstances leading up to the dissolution.
Being retrospective, directors of north east businesses dissolved not only in 2021 but within the past couple of years can expect to be contacted in the near future if they had bounce back loans or tax debt..
Directors of businesses with outstanding bounce back loan debts trying to dissolve their business from now on can reasonably expect to receive an “Objection to Company Strike Off Notice”.
This prevents the company from being struck off and will also be an invitation for any of their other creditors to register their objections to the striking off as well.
Disqualification and fines
No system is 100% perfect so occasionally a business with outstanding debts slips through the net and is struck off.
What are the likely consequences facing directors who have managed to get their businesses struck off with bounce back loan arrears?
In the first instance the Insolvency Service will be looking to disqualify any directors of companies who have allowed their business to be struck off when it has debt.
The disqualifications will be for up to 15 years depending on the circumstances. The directors will also be personally liable for fines and any costs incurred.
State of play
So now you’ve got a better idea of what could happen - we thought we’d go one step further and find out what’s actually going on with dissolution objections right now.
Businessrescueexpert.co.uk lodged an FOI inquiry with BEIS earlier this month to ask if they are actively filing objections with Companies House against businesses with outstanding bounce back loans that are looking to be struck off.
We also asked on what legal basis these objections were being lodged under.
BEIS confirmed that it is filing objections where “a strike off notice has been issued against a company which has an outstanding bounce back loan”.
Liquidation - a proper alternative to striking off
Now we have official confirmation that dissolutions are being officially objected to - with the consequences we’ve outlined - what can worried north east directors do?
Bounce back loan repayments are falling due, and the last support measures and protections against creditor actions are being removed within weeks.
All of this adds increased pressure to cash flows that are already squeezed to the limit as they try to manage all the outgoings with reduced income - if they’re able to trade without restriction once again.
If a business is genuinely unable to meet all of its obligations and liabilities including bounce back loan arrears then there is still one legal insolvency process they can follow that would allow them to close their company, settle their debts and move on to the next chapter of their career efficiently and effectively.
Company liquidation, or specifically a creditors voluntary liquidation (CVL), is the best route for a business with outstanding debts including unpaid bounce back loans, to follow.
Once they’ve engaged a licensed insolvency practitioner, they will immediately take over all dealings with creditors and work through the rest of a businesses debts to compile a full picture of who is owed and how much.
Chris Horner, insolvency director with Businessrescueexpert.co.uk, said: “Our FOI inquiry has proven that HMRC are treating improperly dissolved and dissolving companies as their highest priority, which should effectively close off this avenue for directors looking to close down their businesses.
“We can expect to see more compensation orders being used to make directors personally liable for the debts of their struck off businesses if the Insolvency Service believe they’ve been done incorrectly or to evade oversight.
“Another common misunderstanding about bounce back loans is that because they are underpinned by government guarantee, they won’t be chased by lenders. They will.
“The lender will try to secure repayment for at least 12 months as standard as a condition of reimbursement because they will have to show the government they tried to recover the funds they lent.
“They probably won’t start insolvency proceedings just for bounce back loan debt but when restrictions are lifted at the end of September they could use debt collectors and bailiffs to enforce repayment.
“If a business chooses to liquidate instead then the bounce back loan will be treated as any other unsecured debt and if the directors have fulfilled their duties to the best of their abilities, then the lender will ultimately be repaid by the government.
“The most important thing any business in the north east or anywhere else that’s having difficulties repaying any debts, including bounce back loans, can do right now is to get professional insolvency advice.
“The rules literally change at the end of September so if they use this time constructively to protect themselves and their business financially and legally, they could already have moved onto their next venture by the time this happens.”
People and their situations change, relationships begin or end and new opportunities may present themselves which might have more potential financially, professionally or personally than the current enterprise.
Or while you started a company a couple of years ago with great intentions on how it would work as a charitable foundation, in the meantime you and your partner have become the most famous couple in the world and had to make some lifestyle decisions around this status.
All of the above is why the Duke and Duchess of Sussex, or Harry and Meghan if you insist on being informal, are dissolving one of their UK businesses.
According to Companies House, MWX Trading Ltd has appointed a liquidator who will oversee a process called a Members Voluntary Liquidation or MVL.
This will leave the couple with more time to pursue their new media ventures including the Duke’s new mental health series for Apple TV called “The Me You Can’t See” which he will co-present with Oprah Winfrey.
As part of the process of liquidating the foundation, both the Duke and Duchess resigned as directors.
They launched their first charitable venture, the Sussex Royal foundation, in July 2019 after deciding to pursue their own philanthropic duties away from a joint foundation they shared with Prince William and Kate Middleton, the Duchess of Cambridge.
The charity was originally titled Sussex Royal - The Foundation - but this was later amended to become the MWX foundation, giving rise to speculation that as his formal royal titles and privileges were being withdrawn, so was the right to name any ventures as “royal”.
Chris Horner, Insolvency Director with Business Rescue Expert, said: “By choosing to close their MWX foundation through a member’s voluntary liquidation, or MVL, Harry and Meghan are choosing the most sensible and stress-free option.
“The business hasn’t filed any accounts yet but it’s safe to assume it didn’t have any critical money worries or would be unable to settle its debts within a timely period.
“This is a key point to understand - a business can only use an MVL if it is profitable or can pay off creditors with the proceeds of the dissolution.
“There are still several other appropriate methods for a business to close down, even if they have outstanding debts including bounce back loans.
“The MVL process has several legal steps that must be followed in order to be accepted but can be completed in as little as ten days if everything is in order.
“Our friend Ed can explain more. It’s no “Suits” but it’s still a great performance.”
If you’ve fallen in love with Hollywood or actual royalty, it might be hard to balance your new jetset lifestyle with the demands of running your own business.
Even though the initial publicity might be a bonus, it’s hard to keep checking inventory and staff rotas when you’re walking the red carpet.
Sometimes dissolving or closing down your business is the simplest and safest way to free up your future calendar.
Even if you haven’t met a handsome prince or princess, you might want to change your career direction. After all, that’s just what the Sussex’s have decided to do.
We offer a free, initial consultation to any business owner or director who wants to talk about their future - and how we can best help you turn ideas and plans into an effective, reality-based strategy.
Get in touch today to book your appointment. That’s more important to us than “by appointment”.
As 2021 progresses and the number of company insolvencies begins to rise once again, the Statement of Affairs (SOA) will take on added importance.
So it’s important to know what it is, what’s in it and why it could be so important for your business.
What is a Statement of Affairs used for?
A statement of affairs is precisely that - a summary or snapshot of the financial affairs of a business at the moment it’s created.
It’s essential in any insolvency procedure because it lets any insolvency practitioner, creditors, shareholders or prospective buyers get a fuller picture of what assets a company owns set against their liabilities.
If this sounds similar to a balance sheet, it is but figures in an SOA can be approximate or estimated.
Assets can be but not limited to stock, vehicles, equipment, machinery, fixtures and fittings, intellectual property and copyright etc. Liabilities can be loans, personal guarantees or debts with a fixed or floating charge attached to them.
A copy of the SOA will be lodged with Companies House where it can be publicly available to interested parties.
Professional insolvency practitioners like Business Rescue Expert will use an SOA in a variety of ways:-
Who creates the Statement of Affairs?
It varies depending on which type of insolvency procedure is being followed.
In an administration, the company directors will be tasked with creating the document based on their intimate knowledge of the business. An SOA is also a legal document so failure to produce one could incur either a £5000 fine or a daily accruing penalty until one is produced.
For liquidations, the insolvency practitioner dealing with the case will prepare the SOA and will submit it to Companies House. Directors will also be expected to contribute information to the best of their knowledge.
Each company director is expected to sign a statement of truth validating the information contained within the SOA as accurate. Previously it had to be notarised but this is no longer the case although If it’s later found to be inaccurate or misleading then the consequences could be fines or even director disqualification for up to 15 years.
What’s in a Statement of Affairs?
The SOA will necessarily vary depending on the company and the purpose its being prepared for but will usually contain the following:
A Statement of Affairs is clearly a useful tool for insolvency practitioners but also for businesses too.
A regularly updated and accurate SOA can be a good early warning system for a business for any bubbling issues such as bad debts, unpaid arrears or can even signal if a business is heading toward insolvency before the official figures prove it.
We’ll arrange a free initial consultation where we can go through the issues facing your business and work out an efficient and effective solution - often before problems reach a critical stage.
Some issues can be addressed relatively simply while others that require professional insolvency services such as CVAs and administrations can necessarily take a little longer.
One new thing we’re going to do in 2021 is to use some of these inquiries as examples and answer them publicly as well as we can.
Not only will it help demystify the sometimes opaque world of business and insolvency advice but it could also give you some food for thought if your business is going through something similar.
This week’s question: “Can the sole director of a company resign? And if so, what happens to any debt?”
Being a director has extra responsibilities above regular staff and shareholders.
They have legal responsibilities and duties they have to carry out and while they can leave a business, there’s still some steps they have to follow - they can’t just walk out of the door with their bags packed. These fiduciary duties are defined under the Companies Act and there is a risk of significant personal liabilities if these duties are not complied with.
In a limited company they should put their resignation in writing and send copies to any other directors or shareholders. They don’t have to divulge any reason but they are required to state the date the resignation takes effect.
They also need to inform Companies House through a TM01 form so they can update their records accurately.
While this will be the end of their official association with the company, their conduct may be investigated if the company subsequently enters an insolvency procedure within three years of their departure and any evidence of malpractice is discovered.
This could potentially lead to disqualification from being a director for a period of years if convicted. Similarly, they’ll still be held jointly and severally liable for any personal guarantees given while a director if the company can’t repay them as well as any further losses as a result of resigning from the company in lieu of dealing with the company's affairs.
In short we strongly advise against trying to walk away from a company, if you are the sole director, given these risks.
We asked Business Rescue Expert’s Insolvency Director Chris Horner, a licensed insolvency practitioner, what the criteria was for sole director resignation.
He said: “If they’re also the sole shareholder of the business then they are deemed to remain in control of the company. They are effectively still a director even if they formally resign.
“The debt will also remain with the company and won’t disappear. If the debt is of a nature that it will continue to increase, this is an even bigger risk for the director.
“What happens next depends on their intentions. Legally a company requires at least one director to continue to operate so they would either have to find a replacement, willing to act as director; look to sell the business to someone who can resurrect the business or look at closing the company.
“If the concern is the company cannot realistically meet its obligations and pay its debts, the latter would be the appropriate route and a Creditors Voluntary Liquidation (CVL), would probably be the most efficient way of closure. If the concern on going down this route is the cost, there are a number of options to effectively fund the liquidation”
We hope this gives you a little more clarity surrounding the position of directors and what they can do if they want to extricate themselves from a company but we would always recommend getting professional advice before making any hasty decisions and acting on them.
There may be some advantages or benefits available that you don’t know about or could access if you chose other methods of proceeding.
We can quickly get to understand your situation more clearly and be able to advise appropriate, effective and efficient actions you can take - quickly.
Copyright BBC
If the Chancellor implemented any or all of these recommendations in the next Budget on March 3rd then this advantage of an MVL would be lost.
The tax year ends at the end of March so the clock is already ticking if this is something you’re considering for your business. Once this benefit is withdrawn, you won’t have a TARDIS to go back and submit your claim - once it’s gone, it’s gone.
We might not get the chance to accompany the Doctor on their adventures through time and space like John Bishop has, but we might get other life-changing opportunities and challenges arriving this year that mean our businesses have to change or even close to allow us to pursue them.
Not every business that closes is in financial difficulty or requires rescue and restructure, but every closure does have to be handled professionally to make sure there are no expensive loose ends that, like Daleks, could return to wreak havoc.
Get in touch with us to arrange a free virtual consultation if you’re planning a new venture or adventure and your business is stopping you.
We can advise you on what you need to do to end things properly and free yourself so you can face the future (or the past) with confidence.
The system was suspended in March when the Covid-19 pandemic lockdown was announced, so staff will be working through the backlog of received requests to strike off . They will also review any received objections to strikings off which could further delay those applications.
The lockdown curtailed activity for thousands of businesses and it might have brought matters to a head for several of them.
Some owners might have moved their retirement plans forward reasoning that the pandemic might have changed everything including their priorities in life. Others might have disagreements with other directors that can’t be overcome, so instead of muddling through or risking a draining battle for control over the company, have instead decided that a clean break to pursue their own vision is the way forward.
Other businesses might realise that while they are solvent for now, there is no realistic prospect of post-Covid-19 growth so this will be their best opportunity to close the business and disperse assets accordingly.
Companies House are also experienced and realistic to know that not every company would be looking to be struck off for genuine or honest reasons.
Some might have been trying to evade creditors and looked to turn a confusing and fast-moving situation to their advantage by trying to sneak through a striking-off that could be challenged.
Still others might have taken advantage of the government-guaranteed Bounce Back Loans scheme and literally thought they could take the money and run, knowing that they wouldn’t be the ones responsible for paying it back.
By suspending all applications, Companies House will have the opportunity to examine requests and make sure there are no outstanding issues or questions with them.
From 10th September, if no objections to a dissolution are received and two months have passed from an intention to strike off notice being published in The London Gazette then the process will continue. However if an objection is made you may need to consider liquidation as an alternative and how to fund it.
Any company filing to be struck off from July 10th won’t be affected by the changes but will have to wait for any backlog to clear.
If the application is acceptable then it will be registered, a notice will be published in the Gazette and if no objections are received then the company will be struck off in approximately two months time.
Along with High Court Enforcement Officers being allowed to visit commercial premises again and businesses starting to reopen, certain aspects of business reality are returning.
But if your future doesn’t include your current business then closing it down or striking it off if it’s solvent and no longer trading or feasible is one of the most straightforward tasks we can help with.
Get in touch with us today and speak to one of our team of expert advisors. We’ll be able to guide you through every stage of the process and discuss any other ideas you have about what you want to do next.
Nobody will forget 2020 in a hurry but you still might be able to remember it for some more positive reasons than the coronavirus.
Directors still need to perform their legal and fiduciary duties, taxes still need to be paid and if you’re a limited company then you are still required to file your accounts with Companies House.
The traditional penalty for missing this important date in the corporate calendar is the threat of a winding-up petition from HM Revenue & Customs but additional measures announced last week will give business some breathing space.
Companies House will temporarily pause the strike off process to prevent companies being dissolved. This will give businesses affected by the coronavirus pandemic and lockdown additional time to update and file their records and accounts.
They also said that companies issued with a late filing penalty due to Covid-19 will have appeals treated “sympathetically”.
The delay won’t be granted automatically - companies will still have to apply for a three month extension to file accounts although any giving Covid-19 related issues will automatically and immediately granted an extension.
Companies House Chief Executive Louise Smyth said: “We recognise that these are uncertain times for businesses and that’s why we’re doing all we can to help.
“By easing the burden, we can help businesses through this period and enable them to thrive in the future. I would encourage companies who believe they would benefit from this new flexibility to make an application in good time.”
Companies required by law to hold Annual General Meetings (AGMs) should wait for imminent legislation that will allow them to do so safely and consistent with current guidelines on restrictions of movement and gatherings.
These changes do not apply to businesses which are being dissolved as part of an insolvency procedure such as administration or liquidation.
Companies making an application for voluntary dissolution still have to file a DS01 form which will be registered at Companies House and a notice published in the Gazette but any further action to strike off the company will be suspended.
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It sometimes takes a generational event to make you stop and consider your place in the world.
No matter what has been happening in your business or personal lives, the sun has kept rising and setting, the clock has kept ticking and life has kept going.
If you’re considering your company’s present and future in the current circumstances then you might be forgiven for thinking negatively.
You might not be considering all the angles though - why not speak to someone with no bias who can give you the full, unfurnished picture and let you know what can be done, quickly and efficiently?
Contact us and one of our team of expert advisors will arrange a free initial virtual consultation where we can discuss your situation and what your immediate options are.
Once we have the full picture then we can work with you to come up with a plan to secure your business and get it in the perfect shape to come out strongly when it’s opening time once again.
Company liquidation, administration and closing down a limited company are all serious and interesting topics and are critical components of a functioning economy and business ecosystem but they don’t usually get a sprinkling of stardust.
That changes as today, for the first time, we can legitimately write about the business affairs of Ms Adele Adkins; or as you know her better, just Adele.
A brief recap - she’s sold over 100 million records in her career and has achieved the distinction that few artists do with ubiquitous and popular songs like Someone Like You, Hello, Skyfall, Chasing Pavements and Rolling in the Deep becoming the soundtrack to people’s lives.
She embarked on a massive, 121 date world tour in 2016 and 2017 called “25” to over 1.5 million fans in Europe, North America, Australia and New Zealand.
All of the arrangements were organised by Remedy Touring LLP, her own touring company, which she put into a members voluntary liquidation sparking speculation that she was done with touring and would concentrate on recording and releasing new music instead.
She ended the tour by telling the audience that “I don’t know if i will ever tour again. The only reason I’ve toured is for you.”
The company was formed in 2015 and the most recently filed accounts from February 2018 showed that the turnover from the 25 live tour was approx. £142 million. In 2018 the company had reserves of £14 million and reported a profit of £11.5 million.
The latest liquidators summary statement of receipts and payments shows that the company still has just over £150,000 in its accounts.
Ms Adkins is listed as secretary and director of her other companies Melted Stone Publishing and Melted Stone Limited which oversee her music publishing interests but under a different name - Adele Laurie Blue Adkins.
There’s nothing untoward about this in itself but we’ve previously written about a Companies House consultation on tightening up its database and reporting procedures to cut down on the number of honest duplicates and the more problematic issue of chameleon directors.
It’s not only world music superstars that decide to change direction - personally or commercially.
A company might be profitable or otherwise well run but the directors or owners want to do something different with their lives. A voluntary liquidation can be the most efficient and stress-free way of closing one chapter and beginning another.
Get in touch with one of our expert advisors who will set up a free, initial consultation entirely at your convenience.
They will work with you to understand where your business is at, what you want to achieve and produce a plan to get you there as painlessly as possible.
Personal and professional privacy is an issue that only tends to crop up when we read articles about large scale security breaches or hacks.
It’s an issue that company directors, owners and others with significant control should think about more often because their names, addresses and other information is available, for free, for anybody to look at, anytime.
No, you’re probably not being spied on by the KGB (we hope!) - we’re actually talking about the Companies House register.
There’s some minimum data that legally has to be displayed including the names, nationalities, formal occupations and the month and year of birth of any director of the company - past and present.
The register is a circle of accountability - where you can check that companies you do business with or are looking to build a relationship with are who they say they are. They can also perform the same checks on you.
Like the old Russian proverb says: “Trust, but verify”.
If you’re unfamiliar with the database it’s a useful tool for researching companies and getting a clearer picture of their history and current trajectory.
You can find their company type, standard industrial classification (their sector) and registered office address. You can see if their current status and if they are active or dissolved, the date of their last or next accounts with their details, any previous company names and current and former officer details.
You can also follow companies for free so you can be automatically updated when there’s any changes published. You should automatically follow your own company to make sure that the information displayed is accurate and to alert you of anything untoward.
For a fee, you can search for information on disqualified directors including their details, how long and why they’ve been disqualified.
Why not grab a coffee and check over you and your business’s details today to make sure your information is accurate and up-to-date?
After all, you never know who’s watching you, comrade...
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Yes, we work in administration and insolvency but we really enjoy helping to rescue companies from downturns and dips, help them get back on their feet and go on to be more secure and successful than ever.
The clue’s in our name.
Get in touch with one of our expert advisors today. They will set up a free initial consultation where we can get a handle on what worries you most about your business and work to make sure that this either never comes to pass or if it has, to help you refocus, recover and rebound.
