Glossary of Terms
A company is insolvent when its liabilities exceed its asset and/or it can’t settle its liabilities when they fall due.
A formal legal procedure for closing an insolvent company through the courts; may be initiated by a company’s creditors or the directors may apply to the courts to liquidate the company.
Company dissolution or ‘striking off’ the company
You can apply to companies house to
Not always as straightforward as you might think! Anyone working for the limited company under a written, verbal, or implied contract of employment or contract of service.
Implied contract of employment
The relationship between an employee and a company where no formal, written contract of employment exists. The working conditions of the employee will often reflect an implied contract of employment i.e. where the company has a duty to provide work for an employee, and in return for their service, the employee is entitled to remuneration and other benefits consistent with a contract of employment.
Annual statement of salary earned and taxes paid during the tax year provided to employees by the limited company.
Date of liquidation
Day on which the shareholders and creditors’ meetings fo the company tax place, where the company is formally placed into liquidation.
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