Oliver Elliot

Oliver Elliot Want to liquidate a company? Company Closure And Liquidation Experts. We Know Insolvency Inside Out. Posts Are Not Legal Advice. They are not to be relied upon.

You should take independent advice on the facts of your case.

19/07/2026

Failure to file company accounts is a criminal offence.

It isn't simply an administrative oversight or a deadline you can keep nudging into tomorrow. Directors have a legal duty to ensure accounts are filed on time.

Missing filing deadlines can lead to financial penalties, prosecution in some cases, and can even become a factor when a director's conduct is reviewed if the company later enters insolvency.

Running a company comes with responsibilities as well as rewards.

18/07/2026

Who's responsible for the company's accounts?

Many directors may well assume it's their accountant.

It isn't.

An accountant can prepare the accounts. A bookkeeper can keep the records. But the legal responsibility for ensuring the company maintains adequate accounting records and files compliant accounts rests with the directors.

Too many people may mistake delegation for absolution.

If you're a company director, understanding your legal responsibilities isn't optional. It's part of the job.

18/07/2026

‘I don’t understand the overdrawn director’s loan account, but the accounts were professionally prepared.’

A professional accountant preparing the accounts does not remove a director’s responsibility to understand what they are signing.

The figures may have been prepared by someone else, but the legal responsibility for the company’s affairs still sits with the director.

Understanding what you owe the company matters, especially when that debt could create personal tax consequences or become an issue in a liquidation.

17/07/2026

"Can the end justify the means?" Not when you're a company director.

The UK Supreme Court has made it clear: believing you're acting in the company's best interests is not a licence to ignore the rules or sidestep your fellow directors.

Good intentions are no substitute for proper authority. Corporate governance exists for a reason. Funny how the law insists that process matters. Humans keep trying to negotiate with reality as though it accepts amended terms.

16/07/2026

Can a director act alone simply because they believe it's in the company's best interests?

The answer is usually no.

A director's duty to promote the success of the company does not override the company's constitution or the need for proper authority. Acting with the noblest intentions can still land a director in difficulty if they ignore the company's articles, board procedures, or shareholder rights. Humans have an endearing habit of confusing "I think I'm right" with "therefore I'm authorised."

Good governance exists for a reason. It protects both the company and its directors.

15/07/2026

⚽️ Kicking the ball into the long grass doesn't tend to solve insolvency issues.

When financial pressures start to build, it can be tempting to wait for the next contract, the next payment, or the next good month.

But in many cases, delay reduces options, increases creditor pressure, and makes recovery more difficult.

The earlier advice is sought, the more solutions are typically available.

✅ Act early
✅ Understand your position
✅ Explore all available options

Because when it comes to insolvency matters, time is rarely on your side.

13/07/2026

“I took money from my company. Is that a problem?”

Not necessarily.

Company directors often take money from their business, but the important point is how that payment is recorded.

If it was taken as salary, dividends, or a properly documented director’s loan, it may be perfectly legitimate. However, if the amount has not been repaid or recorded correctly, it could create an overdrawn director’s loan account.

This is especially important if the company is experiencing financial difficulties, as an overdrawn loan account may need to be addressed as part of the insolvency process.

The key questions are:
• Was the payment recorded correctly?
• Has the amount been repaid?
• Was there sufficient profit for dividends?

If you’re unsure, professional advice can help clarify the position before it risks becoming a bigger issue.

12/07/2026

“Can insolvency write off HMRC debts?” It is a question we hear all the time, and the answer is more nuanced than many people think.

Insolvency can help deal with company debts in the right circumstances, but it is not some way to erase every HMRC liability. The outcome depends on the type of debt, the company’s financial position, and whether any personal liability may arise.

Understanding the facts before taking action is essential, especially when HMRC debts are involved.

11/07/2026

Why liquidate if strike off is cheaper?

Because the cheapest route is not always the correct route.

A company strike off is generally more suitable for businesses with no debts and no unresolved issues.

If a company owes HMRC, suppliers, lenders, or other creditors, a strike off can be challenged, blocked, or even reversed.

A Creditors’ Voluntary Liquidation (CVL) provides a formal process for dealing with an insolvent company, allowing creditor claims to be addressed and the company to be closed in an orderly way.

The question is not simply: “What costs less?”

It is: “What is the right legal process for this company?”

11/07/2026

Does liquidation mean debts get written off? 🤔

No. In a liquidation, the company’s debts may be dealt with as part of the process. However, this does not automatically mean every debt disappears, especially where there are personal guarantees, overdrawn director’s loan accounts, or other potential personal liabilities.

Understanding the distinction between company debts and personal liabilities is essential before deciding on the next steps.

If your company is struggling with debt, taking professional advice early can help you understand your options and make an informed decision.

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