Company Insolvency
Company Insolvency: don't make it any worse
Here are some of the DON’TS
- DON’T invest any personal funds until you speak to us, or take other independent advice
Many Directors subsequently regret injecting their personal funds during the latter stages of their business.
- DON’T continue to trade normally if your company is insolvent or you even think it might be
You can be held personally liable for some or all of your company’s debts if you trade whilst insolvent.
- DON’T think compulsory liquidation from a disgruntled creditor or HMRC is an easy way out
Compulsory liquidation is generally best avoided; you will come under greater scrutiny and be investigated more thoroughly.
- DON’T speak to an insolvency practitioner if you don’t know the balance on your Directors Loan Account or what to do about it
At the point of insolvency you become personally liable for an overdrawn Directors Loan Account. We’ll show you how to minimise this liability.
- DON’T make payments that show preference to one creditor over another
You can be held liable for all payments deemed ‘preferential’ and be required by the insolvency practitioner to pay them back.
- DON’T procrastinate, or think things will improve or that you can trade your way out of it; you need to take action and find out where you stand
Time is often of the essence and it tends to make things worse the longer it is left. Take action today, find out where you stand, and minimise any personal liability you may face.
Company insolvency or liquidation can be a minefield for Directors, however there is a smarter way to handle it
It all starts with a conversation
Our consultations are free and totally confidential (video or phone call).
We allow up to 45 minutes for the first one, which you’ll find relaxed, informative but very much to the point.
It’s the quickest and most effective way to get your specific questions answered and concerns addressed.
Find out exactly where you stand and what your options are.
Book your appointment here, you’ll be glad you did.
We are Accountants and Business Advisors with a totally new approach to Company Insolvency
IT PROVIDES BETTER PROTECTION FOR DIRECTORS, HELPS TO MINIMISE YOUR PERSONAL LIABILITY AND GUIDES YOU THROUGH THE FULL INSOLVENCY PROCESS
Here's how we can help you not to make things worse
You get a professional in your corner, on your side from day one, who will see you through the entire insolvency process and out the other end.
We assess your current situation and help you determine whether your company is insolvent or not
If your company is viable we will refer you one of our restructuring specialists and quote you separately for these services. If not we will discuss the insolvency process with you and how it works.
Our consultations are free, and you may require more than one, however the charge to you for this initial part of the process is £NIL.
We identify the risk factors which are likely to impact you and put a plan of action in place
This will address factors likely to affect you both legally and financially and includes negotiations with the insolvency practitioner to minimse your liability with an overdrawn Directors Loan Account
If you decide to proceed with liquidating the company, we need an instruction from the Directors, however charges at this stage are £NIL.
We introduce you to one of the known insolvency practitioners we deal with on a regular basis.
We complete the initial fact find and financial assessment, and help you complete the Statutory Statement of Affairs. The insolvency practitioner is required for the formal insolvency process.
The insolvency practitioner will quote you a competitive rate for the insolvency and pays us from the insolvency fee, so you don’t have to.
We guide you through the full insolvency process as safely and quickly as possible.
We’re keen to see you through this process intact, so we can offer our business restart services, which include Pre-pack administration, asset buy back options, commercial funding and other key services.
If you’re looking to start up again, our services will help you hit the ground running and we’re happy to discuss prices to suit your circumstances.
Insolvency changes the normal rules of operation
YOUR RESPONSIBILITIES AS A DIRECTOR CHANGE, AND YOU MUST BE AWARE OF THESE. CLICK THE LINK BELOW FOR MORE INFORMATION ON INSOLVENCY, INCLUDING OUR SMARTER INSOLVENCY SERVICE.
inaction makes the problem worse. Don't fall into the trap
Running your business with cash flow problems is difficult enough and demands your time, but you must stop and take advice
We know how hard it is and that it can be difficult to face up to, but it needs action.
Financial distress and serious cash flow problems tend to get worse and if that’s the case, you need to resolve the issue.
Find out if your company can recovered and restructured or if liquidation is required.
It all starts with a conversation. Our consultations are free and totally confidential. Take advantage of the opportunity to have the financial status of your business assessed and find out what your options are.
Or if you just need your questions answered, this is the best way to do it.
Book your free consultation here, you’ll be glad you did.