We are a firm of Licensed Insolvency Practitioners. Are you looking for a specialist in Business Insolvency Advice and Turnaround Solutions?
As Licensed Insolvency Practitioners, we offer practical, no-nonsense business insolvency advice to owners and directors who are in financial difficulties and facing insolvency. Our comprehensive range of services covers all aspects of closing companies and company turnaround, as well as insolvency expertise in a range of niche sectors. Our business insolvency advice also extends to key insolvency issues such as Personal Guarantees, Directors’ Loan Accounts and Directors’ Duties.
Looking to close your company?
Company Liquidation (or ‘winding up’) is the most common type of corporate insolvency procedure. Liquidation is the formal winding up of a company’s affairs entailing the realisation of the assets of the company and the distribution of the proceeds in a prescribed order of priority. A liquidation procedure is used if there is no part of an insolvent business that can be salvaged or is worth saving.
With few exceptions, liquidation is the end of the road for a company and following liquidation it will be removed from the companies’ register. Company liquidation may occur following a receivership or Administration.
Company turnaround
As Insolvency professionals, our first aim is to help struggling businesses survive their financial difficulties, get ‘back on track’ and avoid insolvency. Struggling businesses might be in what we call the underperformance phase, or, perhaps in the distress phase – see our insolvency and restructuring guide for more details.
If action is not taken at this point, distress – this perhaps being caused by too much borrowing or overall business debt – can quickly lead to crisis, whereupon the most likely outcome is insolvency and, if recovery procedures, such as Administration or a Company Voluntary Arrangement are not appropriate, then liquidation is the likely outcome.
Insolvency
When our Licensed Insolvency Practitioners are appointed as the Liquidator of an insolvent company, two of the most common issues that arise are the existence of overdrawn Directors’ Loan Accounts and the existence of Directors’ Personal Guarantees for unpaid/outstanding loans and finance. We are also obliged to report on whether any company directors have been in breach of their duties as directors.
Niche Sectors
Since our foundation in 1997, we have been appointed to act across a wide range of industrial and business sectors. However, the niche sectors opposite have very specific characteristics that require specialised knowledge and experience to handle effectively.
Why do companies go into Insolvency? When to call us in
At its simplest, Insolvency is a state in which a business cannot pay its debts. Before a business becomes insolvent, it encounters financial distress, this including the inability to pay its bills or meet its other financial obligations. Many businesses and individuals face financial difficulties at some stage. These include:
- Cash flow problems leading to unpaid bills
- Creditor pressure – debt management or debt-restructuring often being required
- HMRC arrears
- Difficulty raising finance
These difficulties can be interrelated and unless addressed at an early stage can lead to much greater problems and, ultimately insolvency. This is where we as Licensed Insolvency Practitioners can help.
Acting quickly and seeking advice could help solve financial difficulties and turn a business around, back onto the path of profitable trading. It can also save a lot of strain and stress. However, in many cases, businesses facing financial difficulties might already be insolvent, in which case the need to seek help and advice becomes even more urgent. Our team will guide you through the process.
Is my company insolvent?
If you are concerned that you or your business might already be insolvent, it is important to try answering these 3 questions:
- Is your company unable to pay its debts as and when they fall due?
- Do your company’s liabilities exceed its assets?
- Has a creditor obtained a County Court Judgement against you, do you have a statutory demand outstanding, or has a winding up petition been threatened?
If the answer to any of these questions is yes, either currently or very likely to be in the near future, the chances are that you are already insolvent or very soon will be, and need expert business insolvency advice..
If this is the case, then you need to take swift action and take professional advice. You might talk to your accountant first, solicitor or other financial adviser (discussing the matter with shareholders as required). However, as Licensed Insolvency Practitioners and business turnaround specialists, we are best placed to help you with business insolvency advice and solutions.
Our aim is to help you or your business identify the cause of the insolvency and implement a plan that will help turn things around. If the only solution is an orderly wind down then we will help implement that decision, aiming to save where possible the business.
Totally Confidential Advice on Restructuring and Insolvency
We have been advising businesses for many years and know if you decide to retain our services, that we can help you. We will listen to your problems and work closely with you. We will use our skills, experience and expertise to tailor a plan that is right for you and your business, advising you and appointing and working with all necessary outside bodies.
