Insolvency . Rescue

Nationwide Insolvency Practitioners

Here at F A Simms & Partners we are a Licensed Insolvency & Business Rescue firm, with our head office based in Leicestershire.

Information Hub

Answers to any questions you may have

Want great FREE advice? Get in touch!

Call us

Call us free on 01455 555650

Email us

Email us on enquiries@fasimms.com

About our company

F A Simms & Partners provide personalised and tailor-made advice

Established over forty years ago we have helped thousands of Businesses. We are Licensed Practitioners and we pride ourselves on our personal approach to our clients and their unique situation. We don’t believe in a ‘one size fits all’ approach and will work hard to obtain a full understanding of your situation so that we can tailor our advice to you and your Company. Our initial advice is completely free and there are absolutely no hidden costs.

We are the chosen partner of many accountancy bodies for Insolvency and Business Rescue matters and we travel across the Country to provide presentations on the workings of our industry.

About our company

F A Simms & Partners provide personalised and tailor-made advice

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Established for over forty years.

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Fully Licensed and Qualified Team

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We have helped thousands of Businesses

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Extremely Competitive Prices

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Free Advice

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Chosen and Recommended Partner of Many Accountancy Bodies

OUR SERVICES

Creditors’ Voluntary Liquidation

A formal process to close an Insolvent Company

Members’ Voluntary Liquidation

A tax efficient formal process to close a Solvent Company

Company Administration

A Business Rescue process for an Insolvent Company

Company Voluntary Arrangement

A formal arrangement to pay your Company’s creditors back over a longer period of time

HMRC Debt

Help with Managing your debts to H M Revenue & Customs

Individual Voluntary Arrangement

A formal arrangement to pay your personal debts over a longer period of time

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.

What is Insolvency?

When a company is falling behind with payments due to suppliers, HMRC, Financiers or staff-with no clear opportunity to get back on track then the company is likely to be insolvent. Evidence of this might be a tightening of cash flow, chasing letters from creditors, court enforcement or bailiff action.

What is the difference between Liquidation and Administration?

As Insolvency Practitioners, we’re often asked what the difference is between Liquidation and Administration.

They are both formal company insolvency procedures in the UK. The main difference is that a liquidation process is used to close a company down, whereas Administration is a business rescue tool that may help it to survive.

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

To undertake a formal insolvency process such as a Creditors’ Voluntary Liquidation or Members’ Voluntary Liquidation, you will need to use a Licensed Insolvency Practitioner.

A Licensed Insolvency Practitioner is the only person who can deal with a voluntary liquidation of your company.

You would be wise to speak directly to the Insolvency Practitioner who will act as liquidator of your company. If you don’t how else will you know what to expect once you’ve appointed them as liquidator. After all they will be responsible for your director’s conduct report in a CVL and will be in control of your assets in an MVL.

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

When a company is falling behind with payments due to suppliers, HMRC, financiers or staff – with no clear opportunity to get back on track – then the company is likely to be insolvent. Evidence of this might be a tightening of cash flow, chasing letters from creditors, court enforcement or bailiff action.

There are two tests that can be applied to assess an organisation’s financial viability: the cash flow test and the balance sheet test.

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