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Many companies carry debt, and for some, this can be an effective and reliable way of managing their cash flow position. However, when a company finds itself unable to meet the repayments on these debts, or its other outgoings, as and when they fall due, this should sound alarm bells that all may not be right with the business and directors should make it a priority to seek debt advice.
Whether you have debts to HMRC in the form of late or missed tax payments, are struggling to pay your suppliers, or if you are in danger of falling into arrears with your existing credit card, loan, or other finance agreements, you need professional debt advice as soon as you recognise the situation is becoming unsustainable.
Ignoring the problems your company is facing will not make them go away; in many cases, this will only compound the situation and see your debts escalating out of control. When debt problems start to take hold, a company can find itself moving from merely struggling, to becoming insolvent surprisingly quickly.
Concerned about the National Insurance increase?
For the 2024-25 tax year, the rate of employer National Insurance increases from 13.8% to 15% adding yet more pressure onto already squeezed cash flows. If you are worried about the impact this could have on your company’s finances, talk to the experts at UK Liquidators. As licensed insolvency practitioners we can explain your options and help you plot a way forward. Call today on 0800 063 9262.
While finding your company to be in an indebted position is far from ideal, the good news is that there are a range of both formal and informal insolvency options which can be used to help take your business from the red and back into the black.
This may involve informal negotiations with creditors to lower your monthly commitments to a more sustainable level, or a legally-binding repayment plan using a Company Voluntary Arrangement (CVA). As licensed insolvency practitioners, we are here to give you the advice you need when exploring the options available to you and your company, before recommending what we believe to be the most appropriate course of action for your business going forward.
If your company is unlikely to be able to turn its position around and repay the money it owes, we can take you through the voluntary closure process known as a Creditors’ Voluntary Liquidation (CVL), which would see creditors repaid as far as possible with the company then being brought to an orderly end in accordance with the Insolvency Act 1986.
At UK Liquidators, our team of licensed insolvency practitioners and debt help experts are here to give you the advice you need when dealing with company debts.
We can advise you as to your options for dealing with your company's debts which may involve liquidation or an alternative formal insolvency procedure. If you are a company director looking for debt advice for your business, give the team a call today for immediate help and advice.
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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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