The current economic climate left a lot of business owners anxious and confused about what could happen if they cannot pay the debts of their companies. Our goal is to guide these directors towards the best procedures in such a way that their businesses will have a second chance.
All of our Insolvency Practitioners partners are licensed to act in the UK by their governing bodies (ICAEW, IPA, ACCA, etc.)
Our Insolvency Practitioners have a pragmatic view on the economic environment, and they understand what the best solution for both the directors and creditors is.
Having an efficient practice means the costs of an insolvency procedure can be lowered to a minimum, such that the clients benefit from industry-leading prices.
Our team of
Insolvency Practitioners (IPs)
We work with Professionals in the whole UK
Insolvency Help has Licensed Insolvency Practitioners to offer all of the different services for a struggling ltd. We know it’s vital to choose the pathway that best fits the needs of your limited company.
We’re licensed by the IPA to give advice and provide services for all formal insolvency matters, including business liquidation, administrations, company voluntary arrangement (CVA), CVLs, MVLs, individual voluntary arrangements (IVA) and bankruptcy.
communication is key
making a start
Whether you need an official receiver or just good financial advice, we’re here to help. Insolvency Help is not a subject of public sector, but we are here making sure you choose the right action for your ltd. It is the most important part of our insolvency practice.
All our work strictly adheres to the Insolvency Act 1986 to ensure impartiality and the most professional service in a multilingual team, here to help entrepreneurs from UK, RO, POL, HUN.
If your company is facing difficulty and you need financial advice then we’re here to help, every step of the way.
getting to know each other
understanding your options
determining your goals
We Will Help You Every Step Of The Way
From the first consultation to the close of the liquidation, our team will be alongside the directors, providing updates and explaining all the developments.
what do you need?
We work with all industries and all Sizes
Our team can help businesses across multiple industries and multiple company sizes. From one man bands to 100+ employees firms, we are equipped with handling any type of insolvency procedure.
Creditor’s Voluntary liquidation is a legal process that “winds up” an insolvent company by selling assets and property to repay debts. By the end of the voluntary liquidation process, the company will stop trading and will cease to exist.
Company administration is a formal procedure in which an insolvency practitioner is appointed to act as the administrator of an insolvent company with the goal of bringing about a recovery and chance of rescuing the business.
our team of experts are here for you
important things you should know
Questions And Answers
There are three tests you can run to see if your company is solvent or insolvent.
Cash Flow Test – A company should be able to pay it’s debt as they fall due. If this is not possible your company may be insolvent.
Balance Sheet Test – If your companies liabilities (Creditors, Loans, Debts) exceed your company assets this means your company is likely to be insolvent.
Legal actions against your company – A major warning sign that your company is insolvent is receiving any letters threatening with legal actions against your company, from creditors. Such legal documents may be: Winding Up Petitions an CCJ – County Court Judgement.
A company can be easily placed into liquidation. The first step is to have a discussion with a Licensed Insolvency Practitioner and determine a course of action. If Liquidation is the best route, the process can be started immediately. The steps for placing a company in liquidation are the following:
Prepare the statement of affairs (SOA) – a document presenting the clear situation of your company, the level of debt, all the creditors, the assets level of the company and the history of your company.
Board meeting – Directors of the Company meet and decide to place the company in liquidation
Members Meeting – The Shareholders also decide that the company should be placed into liquidation
Creditors meeting – the creditors meet and agree that the company should be placed in liquidation
For more details regarding company liquidation click here.
Directors’ duties cease at the date of liquidation, although the director’s full ongoing co-operation and assistance is required by the Liquidator. The company’s directors must:
• Give the Liquidator information about the company’s affairs
• Provide details of its assets and liabilities
• Preserve and hand over the company’s assets to the Liquidator; and
• Preserve and hand over the company’s books, records, bank statements, insurance policies and other papers relating to its assets and liabilities.
Having a limited liability company means that the directors have little risk (or limited liability) if the company fails, as long as they have acted properly and acted in time.
There are few instances where the Directors are liable such as wrongful trading.
Each insolvency case is different and the only way to know for sure is to speak directly with a Licensed Insolvency Practitioner.
In a creditors voluntary liquidation the cost to place the company into liquidation may be paid from assets if sufficient.
Liquidators fees post appointment can only be drawn from asset recoveries.
The benefit of a limited company provides the director with protection against company debts.
However please contact one of our insolvency practitioners if you have signed a Personal Guarantee over a debt of the company.
Yes, it is possible for a director to set up a new company although there may be some restrictions put in place by HM Revenue & Customs
The liquidator, administrative receiver, administrator or Official Receiver has a duty to send the Secretary of State for Business, Enterprise and Regulatory Reform, a report on the conduct of all directors who were in office in the last 3 years of the company’s trading. The Secretary of State has to decide whether it is in the public interest to seek a disqualification order against a director.
Examples of the most commonly reported conduct are:
Continuing the company’s trading when the company was insolvent;
Failing to keep proper accounting records;
Failing to prepare and file accounts or make returns to Companies House; and
Failing to send in returns or pay to the Crown any tax that is due.
Get in touch with us Today for a free consultation!
Feel free to either reach us directly via phone or email or submit a consultation form, detailing your situation and one of our team members will get back to you as promptly as possible.