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When your business is struggling financially it can be a hugely stressful time. You might be unable to pay your employees, facing relentless creditor pressure and threats of legal action, or have a cash flow shortfall you cannot escape. All these are common signs of company insolvency, and if you find yourself in this position, you need a trustworthy and free source of reputable insolvency advice.
Fortunately, several sources of professional and free insolvency advice are available. The many articles and resources you find online can be a good starting point, but you also need personal advice that’s specific to your business and the situation you find yourself in. That’s why speaking to someone is invaluable.
At UK Liquidators, our team of licensed Insolvency Practitioners has supported over 25,000 company directors just like you. You can call us for a free consultation or arrange a meeting at one of our UK offices. We will assess your situation, discuss the options available and advise you on the best route forward.
At UK Liquidators, we can provide free insolvency advice to company directors. Be aware that there are some unlicensed and unqualified advisers in this field, so always do your due diligence before writing an email or picking up the phone.
If you are worried your business could be insolvent, the best sources of advice are:
This is usually a solid starting point. Few company accountants are experts in insolvency, but most will know the basics and be able to give you detailed information about the business’s financial health. They may also be able to recommend an insolvency specialist they trust or have worked with previously. The downside is that they usually charge for their time, so any advice they give you is unlikely to be free.
There are charities out there, such as Business Debt line, Money Advice Trust and The Debt Advice Foundation, that you can contact for free insolvency advice that’s tailored to your circumstances. You can speak to them by webchat, phone and email and benefit from their knowledge, experience and resources.
They will be able to guide you on everything from business rescue methods to how to deal with creditor threats and legal action. However, they cannot put formal insolvency procedures in place. That’s something only a licensed Insolvency Practitioner can do.
Even if you approach your accountant or a business debt charity first, if your company is insolvent, you should make it a priority to speak to a licensed Insolvency Practitioner. They are qualified professionals and are closely regulated, so you can trust the guidance they give you.
They are the only people who can enter your company into a formal insolvency procedure, such as a Company Voluntary Arrangement or Creditors’ Voluntary Liquidation, and they can act on your behalf when negotiating an HMRC Time to Pay arrangement. Although there will be a charge for the work involved in entering a procedure, the initial advice most reputable Insolvency Practitioners give you is free.
Your legal duties as a company director change when your business becomes insolvent. You must protect your creditors’ interests by communicating with them and taking steps to minimise the amount you owe. An Insolvency Practitioner will be able to establish the financial status of your business beyond doubt and advise you on the steps you can take to fulfil your duty to your creditors. That will help you avoid serious repercussions, such as fines, personal liability for company debts and director disqualification.
As well as advising and guiding you, a licensed Insolvency Practitioner can also implement formal insolvency procedures and act on your behalf as a liquidator, administrator, or the nominee and supervisor of a CVA.
At UK Liquidators, our licensed and experienced Insolvency Practitioners provide free insolvency and liquidation advice to businesses large and small across every sector. Whether you want guidance on closing a company with HMRC debts, would like to know when is the right time to cease trading or want to discuss your eligibility for director redundancy pay, we are perfectly placed to help.
Please get in touch for a free, same-day consultation or arrange a meeting at one of our offices throughout the UK.
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If you are considering liquidation for your company, taking expert advice at an early stage is crucial. At UK Liquidators, our team of licensed insolvency practitioners are committed to providing limited company directors with the help and advice they need to make an informed decision.
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