The BCR Insolvency Blog

Chris Knott

Chris is full of excellent advice on all thing insolvency. Check out the best advice he has to offer!

Recent Posts

What Does A Business 'Going Into Administration' Actually Mean?

Posted by Chris Knott on 28-Nov-2018 11:54:00

Going into administration, or when a company “calls in the administrators”, is a legal process whereby the company hands over control to an insolvency practitioner, who acts as an administrator. Creditors may not take legal action against the company during the period of administration, and cannot apply to have it wound up, without the consent of the court or the administrator.

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Topics: Administration

Advantages & Disadvantages Of Putting Your Company Into Administration

Posted by Chris Knott on 20-Nov-2018 11:32:00

A company may consider administration as an alternative to liquidation if it believes things can be turned around. Therefore, it is an option for potentially viable businesses, which can deliver the best possible outcome for all stakeholders if it is successful. A successful administration can result in a solid business that is trading profitably and can engender confidence that its affairs are under control and that its prospects for continuing success are based on solid foundations.

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Topics: Administration

I Can’t Meet My Business Debt Liabilities: What Can I Do?

Posted by Chris Knott on 14-Nov-2018 10:49:54


Even the best managed companies sometimes hit a rocky patch where mounting debts can no longer be paid through cashflow or normal financing. This is commonplace and no cause for embarrassment. Many would say that it is simply a part of doing business.

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Topics: Liquidation

What Happens When A Company Goes Into Liquidation?

Posted by Chris Knott on 30-Apr-2018 16:54:37

Liquidation means terminating a company and selling off any assets it owns to pay some or all of the debts it owes. It is also known as winding up. A liquidation is carried out by an appointed licensed insolvency practitioner, acting in capacity of liquidator. A liquidation can be requested voluntarily by the directors or made compulsory by a court order, at the request of one or more creditors. Usually, it happens as a result of accrued debts that a company is unable to pay but it can also happen if the owner/directors simply want a solvent company to be dissolved and struck off the register of companies.

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Topics: Liquidation

What Is A Winding Up Petition?

Posted by Chris Knott on 11-Apr-2018 14:46:43

A Winding Up Petition is usually filed in court by a disgruntled creditor who feels that liquidating your company represents his best chance of receiving payment, or at least some payment, from your company. It is the second of the typical 3-step sequence to a hostile liquidation of your company. It is an extremely serious matter and needs to be dealt with immediately. Time is of the essence here.

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Topics: Winding Up Petition

How To Stop A Winding Up Petition

Posted by Chris Knott on 29-Mar-2018 09:33:02

A Winding Up Petition is an extremely serious matter and is often taken as a final option by a creditor who has been unable to obtain payment from your company. There is little time remaining before the court hears the petition and the claimant’s grounds for bringing the action. If the company does not respond with a strong case for obtaining a stay or an injunction, then the court will issue a winding up order on the same day of the petition hearing. At that point, the company is in the hands of the Official Receiver and no longer owned by its owners or managed by its directors. However, there may be grounds for preventing the court from issuing a Winding Up Order when the petition comes before it for a hearing.

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Topics: Winding Up Petition

Can A Winding Up Petition Be Withdrawn?

Posted by Chris Knott on 14-Mar-2018 14:11:29

The short answer is Yes but it is important to understand the limitations of this action. It may help to better understand what exactly a Winding Up Petition is and how the situation developed to the stage where the company was served with one.

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Topics: Winding Up Petition

What To Do When You Can't Pay HMRC Debt

Posted by Chris Knott on 22-Feb-2018 12:28:49

There are many reasons why business owners can’t pay HMRC debts as and when they fall due. They could, for instance, have been going through a lean period for some time and therefore haven’t been able to aside any funds in anticipation of their tax liabilities.

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Topics: Debt Recovery, HMRC

Can HMRC Write-off Debt?

Posted by Chris Knott on 14-Feb-2018 12:44:10

If your company is struggling to pay off debts to HMRC then the bad news is the debt won’t be written off or renegotiated.

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Topics: Insolvency Practitioner

Why Accountants Should Refer Struggling Businesses To Licensed Insolvency Practitioners Right Away

Posted by Chris Knott on 02-Nov-2017 10:20:00

Every day, accountants undertake a range of services for their clients, including budgeting, auditing, cost analysis and the preparation of financial statements. However, sometimes issues are identified with a business that go beyond the realms of day-to-day activity. 

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Topics: Insolvency Practitioner

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