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Insolvency FAQ

Insolvency is quite a complex subject, often terms that seem to mean the same thing, such as “insolvency”, “liquidation” and “administration”, can cause confusion. We have put together some information, based on frequently asked questions.

 

General Questions

Q. What is Insolvency?

Q. What is the difference between Liquidation and Administration?

Q. Can I use someone who isn’t licensed to undertake a formal Insolvency Process?

Q. What is the difference between Cash Flow and Balance Sheet Insolvent?

Q. How much does Liquidation cost?

Q. What will happen to the assets of the company in Liquidation?

 

Support for Company Directors

Q. How can I turn my struggling company around?

 

Closing Down a Business

Q. How do I close down a limited company?

Q. How do I Close a Business that has Financial Problems?

 

Re-starting a Business

Q. How do I start afresh following a business insolvency?

Q. Can I re-start my business without the debt?

 

Implications and Personal Risk

Q. How can I minimise personal risk in a Creditors Voluntary Liquidation?

Q. What are the Implications of Liquidating my insolvent company?

Q. What if I have a personal guarantee or an overdrawn Directors loan account?

 

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