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Has wrongful trading been suspended?

Last updated: November 25, 2021

The quick answer

Wrongful Trading was suspended on the 1st March 2020 until the 30th September 2020. This was because of the economic impact of the Coronavirus on businesses. 

In more detail

Wrongful Trading

The issue with Wrongful Trading is that the directors can be personally liable for the company debts if they keep trading and the situation gets worse (and they should have known better). 

It becomes very important to have accurate trading figures and have regular director meetings to decide if trading should continue if the business is insolvent.  If you do continue make sure that you keep a record of the reasons why you think trading will improve. 

When you are insolvent and continue trading you are risking creditors’ money not your own and you have a duty to those creditors not to make the position worse.

 If in doubt take some professional advice.

 

tip

If you need insolvency advice the earlier you talk to someone like us the better as you will have more options. We can help, contact us today.

More questions in this section

How do I remove a liquidator?

If I close or liquidate a limited company will I be personally liable for the tax debts?

Do I have to attend the creditors meeting?

What’s the difference between liquidation and administration?

Is there stamp duty on a distribution in specie in a solvent liquidation?

What Happens If I Can’t Afford to Liquidate My Company?

Do I need to repay my directors loan before liquidation?

Will my CBIL loan be written off if I close?

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Author: David Kirk - ACA FABRP
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Kirks and their team recently advised me on the Members Voluntary Liquidation (‘MVL’) process. They made it very simple for me to understand the process, they kept me up to date with progress throughout the liquidation and expertly answered any queries I had. All interactions with Kirks were highly professional and it gave me confidence that my liquidation was safe in their hands. They promised a straightforward process and certainly delivered – I highly recommend the team at Kirks to assist with your MVL.
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Just a quick email to say a heartfelt thank you for your very calm, considered, expert advice regarding my circumstances on Tuesday. Things looked bleak before you explained my options much more clearly, in simple layman’s terms.
Rob Elliott

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