What Happens When You Call Us?
This video explains what happens when a business owner or company director contacts us for advice regarding business or personal insolvency worries.
Often it is the first time that you have faced insolvency problems, so it is best to seek professional help from a licensed Insolvency Practitioner as soon as possible.
We will discuss your problems with you and offer advice. We can help you to find the right solution for your business and individual circumstances, allowing you to feel more comfortable and move forward with more confidence.
We will always treat your business insolvency problems with care and sensitivity and you will always speak to a licensed Insolvency Practitioner.
Key Questions asked by Company Directors and Trading Individuals about Insolvency Services
Richard Simms, Insolvency Practitioner answers key FAQs asked by company directors;
What are the insolvency options available in the UK at the moment?
Key warning signs for directors to look out for:
Richard outlines the distinct insolvency routes for individuals and limited company and limited liability partnerships. The personal, unincorporated business side, covering bankruptcy and Individual Voluntary Arrangement (IVA). Limited liability company route; insolvent liquidation, which can be compulsory or voluntary (CVL) – most used tool in UK for insolvent companies. Business Rescue Tools are also covered – administration and Company Voluntary Arrangement (CVA).
It is important for directors to spot financial problems as early as possible using the key warning signs. Richard presents the various indicators of problems. These include directors putting money back into the business, pressure from creditors and wider scale industry or specific products in decline.
Is it possible to liquidate a company to avoid debts?
Richard Simms answers the question for company directors;
He discusses understanding the nature of limited company; how the Companies Act and the Insolvency Act allow the company to be closed down in an insolvent position. Insolvency can be defined as the position where a company cannot pay its debts on time when they fall due.
It is possible for a company to be closed down in an insolvent state and debts stay within the company i.e. directors and shareholders of that company will not be liable for the debts of that company, but there are some specific circumstances, where this is not the case though.
Bookkeepers – Insolvency & Business Rescue Advice for Clients – Webinar
If you are a bookkeeper who has clients that are struggling with insolvency issues, ICB have teamed up with FA Simms & Partners in this educational Webinar.
You will learn how to support your clients when they turn to you with business debt and insolvency worries. You will also learn about the various Business Rescue options that are available.
Use this Webinar as an introductory tutorial to helping your clients to improve their position. Backed up with the expert insolvency and business rescue advice line for ICB Members providing further advice and support.