Company accounts for restructuring & insolvency lawyers
Produced in partnership with Sam Fenwick of Moon Beever and Bee Lean Chew of Wilder Coe Ltd
Company accounts for restructuring & insolvency lawyers

The following Restructuring & Insolvency guidance note Produced in partnership with Sam Fenwick of Moon Beever and Bee Lean Chew of Wilder Coe Ltd provides comprehensive and up to date legal information covering:

  • Company accounts for restructuring & insolvency lawyers
  • Financial reporting obligations and standards in the UK—general requirements
  • The audit report
  • Consequences of filing company accounts late in order to complete a restructuring
  • Additional financial information that a company may provide to creditors during a restructuring
  • Obligation to file accounts ceases upon company entering insolvency process
  • Assets and liabilities of particular interest to insolvency professionals

This Practice Note is intended to provide an overview of company accounts for lawyers specialising in restructuring and insolvency. The scope of this note is confined to limited liability companies with some additional references to the requirements for listed companies. The requirements for limited liability partnerships are broadly similar to those of private limited companies.

This Practice Note covers the following:

  1. Financial reporting obligations and standards in the UK—general requirements

  2. The audit report

  3. Consequences of filing company accounts late in order to complete a restructuring

  4. Additional financial information that a company may provide to creditors during a restructuring

  5. Obligation to file accounts ceases upon company entering insolvency process

  6. Assets and liabilities of particular interest to insolvency professionals

The terms ‘accounts’ and ‘financial statements’ are used interchangeably. This practice note adopts the term ‘Accounts’.

Financial reporting obligations and standards in the UK—general requirements

Basic requirements under the Companies Act 2006

All incorporated entities in the UK have obligations under the Companies Act 2006 (CA 2006) to keep accounting records, and prepare and file annual accounts with the Registrar of Companies. Once filed, these accounts are available to the general public (with a delay of around two weeks after filing) either via application to the Registrar of Companies or directly via the Companies House website.

Private limited companies are required to file their accounts at