Insolvency and Bankruptcy For Companies and Businesses
Company Insolvency, Business Insolvency And Company Bankruptcy, Business Bankruptcy
Overview; we will:
- explain what Company Insolvency and Company Bankruptcy are
- explain what Business Insolvency and Business Bankruptcy are
- explain that being pro-active and staying in control is the best option
- explain some key factors that may influence your decision making
- outline the options available
- offer you an options review with our licensed insolvency practitioners
Here’s an explanation of some key terms:
- The terms company insolvency and company bankruptcy are often referred to as being the same thing
- What is being referrred to is that the company is unable to pay what is due when it’s due
- To be a bit geeky the technically correct use of the term bankruptcy is a form of insolvency for individuals. This wll be more important when we come to explore options later on.
- So what we’re correctly talking about is company insolvency and business insolvency
- The terms business and company are also referred to as being the same thing
- What’s important is whether your concern is for a limited company or in a business that operates without the use of a company
- Trading without a company is often referred to as a sole trader or old style partnership (if there’s more than person running the business)
- In summary what we’ll be talking about is insolvency for a limited company (company insolvency) and insolvency for a business not using limited company (business insolvency)
Taking Advice Will Manage Your Personal Risk
- Action taken by company directors and business owners during a rescue or close down process will be subject to scrutiny
- Following a clear path will prevent steps being taken that could later come back on the individuals responsible
- Being informed of all the options and having common mistakes explained will help to protect your personal finances
- Receiving independent advice from licensed and experienced professionals will be a key part of a successful action plan
A Few Things For You To Keep In Mind
- The UK’s insolvency and rescue law is well established and is structured to encourage people to set up and run businesses
- If there’s a way to keep a business running then that will always be our first goal
- because the closure of a business often removes the sole income stream for those who work in it
- the skills of those in the business can often not be easily transferrred to another sector
- in many cases the problems within a business have been resolved and it’s old debt that is causing the problems
- The option to continue a business can include moving the business to a new company (we will explain the correct steps for this)
- If the business does need to close then we are mindful of the impact on both those within the business and those who work with the business
- The later advice is taken the greater the risk that those owed money take steps to control the situation and restrict rescue options
To best help you please choose one of the following options to select the most relevant information
We’ve very conscious that there’s huge amount of information to take on board.
If it’s easier please get in touch then we can explain how the options will apply to your unique circumstances.
Part of our job is to overaly the options to your unique position to make the decision making process as easy as possible.
Each choice will take you to details of the options available.
- My interest is with regards to a limited company or limited liablilty partnership
- My interest is with regards to a business operating outside of limited company
Want to have a discussion; please get in touch.