directors

HMRC’s changing approach to insolvency risk Whilst insolvency has always carried risks for those in control of a company there remained a broad assumption that any unpaid tax liabilities would generally remain with the failed business.  That position has changed. HMRC now has many more powers to pursue directors of insolvent companies who face personal […]

For many directors, the assumption is simple:  if a company fails their personal liability ends with the business.  In reality, that line is becoming increasingly blurred.  We are seeing a clear rise in cases where directors face personal financial liability following company insolvency, nearly always linked to decisions made during the period of financial distress. For

Family-run firms form the backbone of the UK economy, accounting for around 93% of all private sector businesses. These enterprises represent more than commercial ventures, as they reinvest profits back into their communities. At McTear Williams & Wood, we’ve spent more than two decades supporting family businesses across the South East of England. With offices

When a company reaches the end of the road, liquidation may be the next step. But what does that actually involve? And why do businesses choose, or get forced, to go down this route?We explain what company liquidation means in the UK, why it happens, what the process involves and what directors should do if

Director’s Loan Accounts (DLAs) commonly feature in small and medium-sized companies, especially where the director is also a shareholder. However, problems arise when a director borrows more from the company than they are entitled to, creating what’s known as an Overdrawn Director’s Loan Account. This situation can have serious tax, legal, and financial implications. In