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Why pay for business advice?

At the Insolvency Practice we help over 100 Directors a month, so no matter what you are facing we will be able to assist you. In these difficult times it is important to get some free advice if you business is struggling… unprecedented levels of support have been provided by the Government and if you decide to close your company we can explain all the options available.

You probably have more options than you think… new rules were introduced 6th April 2017 and since then closing your company has become much easier and far less expensive.

Over 10,000 companies have tried our
free online assessment

Recovery Plans

In many situations, a Business Recovery Plan is a very realistic course of action to take.

A recovery plan tailored to your unique circumstances examines every aspect of your business and will identify key areas of improvement for you. A company may implement its own internal recovery plan or call in external assistance from a Licensed Insolvency Practitioner. Using a ‘fresh pair of eyes’ can really help and also offers transparency to creditors and everyone involved.
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CVA’s

CVA’s have been largely overlooked and most directors are not even aware they exist.

Individual Voluntary Arrangements (IVAs) have become increasingly common and are popular with sole traders looking to avoid bankruptcy. A Company Voluntary Arrangement (CVA) works in exactly the same way for limited companies. It allows us to negotiate with your creditors to repay what is affordable to the Company...which may only be only a small percentage of what is owed. a CVA will also protect the company from debt collectors and further legal action.
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Liquidation

Directors can now claim redundancy from the government

Often referred to as business bankruptcy, liquidation allows Directors to walk away from the company's unsecured debts and start again. A Creditors Voluntary Liquidation (CVL) is agreed by the shareholders when it is clear the company has no future. This is by far the most common choice for insolvent companies and is relatively inexpensive.
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Administration

Administration can buy your company time and enable an emergency strategy to be formulated.

If a company is under pressure from creditors and struggling with cashflow, administration should be considered. It stops any further action and gives the administrator the opportunity to address the core problems and prevent the business going bust. An administrator can be appointed by the company directors, a court following petition or a secured creditor.
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Case Study 1 – Security Services Company


Contracts had not been costed properly and the accounting system was non existent. The company was leaking money and when we scratched the surface it was clear that large debts had built up.


Case Study 2 – Builder


The downturn in the housing market saw a major change in fortunes for this company. Contracts disappeared and existing projects were scaled back. Having taken on employees and bought additional equipment during the housing boom this left the business in an impossible situation.


Case Study 3 – Florist


Like most businesses this limited company saw a fall in sales as the recession took hold. Flowers were seen as a luxury item and with money tight customers dried up. The bigger wedding and corporate buyers also began to spend less.