PROTECTING ASSETS.....HOW PROTECTED ARE YOUR COMPANIES?

Worryingly the majority of the companies that we visit do not have the correct protection in place for their assets. They may have taken advice from their accountant or simply believe that a Directors Loan offers all the protection they need. What they don’t realize is that if the company closes (or is forced to close) the Directors Loan would not receive any preference over any other creditor.

Tenable Solutions Limited offers a proactive approach to protecting company assets; this can be done at any stage of business and guards against any action that may be taken. As companies tighten their belts to ride the financial storm, they are thinking of effective ways to collect their debts. This means that more companies are being issued with County Court Judgements (CCJs); these may be justified or may be part of a dispute. Even if the action taken is a dispute assets can be placed in jeopardy – protecting them correctly ensures that they cannot be taken.

Imagine the quandary if a bailiff walked into your premises today (if you premises are solely commercial they can enter without permission) – what could they take? In 99.5% of the cases they can take anything. There is a grey area in bailiff law which covers tools of the trade; it is a little known fact that when bailiffs refer to tools of the trade it only refers to one set. Therefore if for example the debtor runs a large hairdressers employing several hairdressers the bailiff only need leave one pair of scissors, one hairdryer, one set of combs etc. This was an amendment to the 1981 Supreme Court Act in 1996. It states:-

“Section 138(3a)(a)(i) such tools, books, vehicles and other items of equipment as are necessary to that person for use personally by him in his employment, business or vocation”

Imagine how that could ruin the livelihood of a business; it could be costly and time consuming to purchase new “tools” in a short space of time.

Some companies we have visited have illegally protected assets, they have done this with information they have retrieved from the internet. Luckily, we have now ensured that they are protected within the law. Illegally protecting assets could be construed as misconduct and is viewed dimly by the courts and action could be taken on the Directors personally.

Tenable Solutions Limited specialize in legally protecting assets, this can be done quickly and conveniently and without disrupting trading.

It doesn’t matter whether the company has just set-up, been trading seventy years has £30million or £10,000 turnover. What matters is they have assets that need protecting, this could be physical assets or money personally lent to the company.

If you would like to learn more about protecting assets and how it could be of a benefit to your company, contact us for an informal chat.

EMAIL or call 0800 4 96 95 94