How Can an Insolvency Practitioner Help?
- An Insolvency Practitioner is here to understand the position that you, your business or your company finds itself in and provide advice and guidance on how you are best to proceed. We, ultimately, would like to relieve some of the pressure you have been facing
- We will listen, learn and question the position to make sure that we have full understanding to best advise you going forward
- F A Simms will then lay out the possible alternative options that have been identified from our initial discussions
- These initial meetings will vary in length depending on the circumstances and can be by phone, skype or in person; whichever best suits you
- We are completely flexible and will meet at a location convenient to you.
- The result of such a call or meeting will be a clear set of options for your circumstances and an understanding of the pros and cons for each option
When is it Best to Contact an Insolvency Practitioner?
- When you are no longer able to pay your Creditors as and when they fall due
- When you are under increasing pressure to pay outstanding debts; this includes pressure from HMRC
- If you are considering putting personal or family money in to a Company that is showing signs of slowing down
- If you are no longer able to fund the Company without the persistent use of personal guarantees
Tailored Advice For Insolvency Worries
We are here to advise on the best approach to managing insolvency worries. Time is often a key factor in reaching a preferred solution.
Our initial advice is given at no charge and will leave you with a full understanding of the options available to you and your Company.
We will also be happy to provide an estimate of the cost of any work that you may wish us to undertake on your behalf.
Can We Help You?
2018 is our 40th year in business and our team of 20 experienced and qualified professionals are here to help.
We are chosen as the Insolvency and Rescue partner of a number of organisations including professional and membership accountancy bodies.
Please contact us if you would like some help.
Don’t forget any advice we give is from qualified and experienced Insolvency Practitioners; who are all very approachable, commercial and proven.
Insolvency Practitioners – An Overview
- An Insolvency Practitioner’s Licence is granted to an individual who has demonstrated sufficient relevant experience and who has passed the professional exams (some older practitioners may have been granted licences without exams, which was known as grandfathering). Insolvency Licenses are only issued to individuals and therefore Insolvency Practitioners can only be individuals
- In Insolvency Practitioner must apply each year for a licence (the right to work as an Insolvency Practitioner)
- Licences for Insolvency Practitioners can only be issued by a limited number of organisations, known as professional bodies
- An Insolvency Practitioner, once issued an annual licence, will be regulated by their chosen Professional body for both compliance with legal requirements and the way they conduct themselves
- The Insolvency Practitioners at F A Simms are all licensed and regulated by the Insolvency Practitioners Association (IPA)
- Our former chairman was a president of the IPA
- Though we chose to be licensed by the IPA our Insolvency Practitioners include Fellows of both the Institute of Chartered Accountants in England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA). F A Simms is also a firm member of the IPA.
- The licensing and regulations of Insolvency Practitioners is more open than it has been; where for example the ICAEW will licence practitioners who are not qualified as chartered accountants
- A Licensed Insolvency Practitioner is authorised act in formal insolvencies; for example as a Company Liquidator or as a Administrator.
- The knowledge of the rights and wrongs of the insolvency law makes an Insolvency Practitioner very well placed to assist in a Business Rescue where a business is looking to recover from a position where the business could be seen to be technically insolvent.
- Technical Insolvency means, in brief, that a business is not paying third parties on time and could not pay those third parties even if it which to.
- It is increasingly common practice for Insolvency Practitioners to be employed by entrepreneurial minded individuals with a view to demonstrating the appropriate licensing requirements to undertake formal insolvency work but for the Insolvency Practitioners not to be involved in the advice given by such businesses. This presents a risk that the correct advise is not received
- F A Simms is owned and run by its Insolvency Practitioners; advice will only come from our Licensed Insolvency Practitioners