How Insolvency Services Can Help Your Company

One of the most important things you can do if your company experiences cash flow problems and is unable to pay its debts, is to take advice from a specialist insolvency services company. As with any form of debt problems, spotting and tackling the problem early is vital to increasing the likelihood of bringing the situation to a satisfactory resolution.

An insolvency services group can help review your company finances with an impartial eye and in meticulous detail, and can then set your company on the appropriate route to deal with its debt problems.

What sort of help can an insolvency services account provide?

By taking advice from a dedicated insolvency services business, you can be assured of having the entire range of potential solutions made available to you.

Some firms may market their services under alternative names such as “business recovery”, “corporate recovery”, or some variation on “company debt management”, but at their heart, most of these businesses offer a broadly similar base of expertise — experienced Insolvency

Practitioners who not only hold the qualifications necessary to advise businesses on appropriate debt management options, but who are also licensed to assume control and responsibility over specific insolvency solutions for your company.

The actual solution recommended for your debt problems will depend very much on the unique circumstances for your company.

No two cases are identical, but a variety of potential solutions are available, typically including:

• Debt restructuring or refinancing — in some cases it may be possible to reach an arrangement with your creditors to restructure your business debt in a way that will bring your monthly credit commitments back within the scope of your current cash flow. Restructuring may also take the form of debt consolidation.

• A Company Voluntary Arrangement (or CVA) — this is a legal arrangement with your creditors to repay all or some of your outstanding debt according to an agreed repayment schedule. The CVA must be managed by a qualified insolvency practitioner, and can have the advantages of both allowing you to retain control of the business, and preventing any further legal action for recovery of debts for the duration of the arrangement.

• Pre-pack administration — a legal solution that can allow debts to be written off on the sale of the business and its assets to either a third party company, or even the current directors.

• Receivership — the appointment of an official receiver may require the realisation of company assets in order to repay outstanding secured debts to creditors.

• Voluntary liquidation — in some cases the most appropriate solution to allow the repayment of debts to creditors may be liquidation and dissolution of the company in its entirety.

How to find insolvency help

An internet search such as “insolvency services Chester” or “business recovery Manchester” can help identify business consultancies in your particular geographic area. Alternatively, the website of the government’s Insolvency Service (www.bis.gov.uk/insolvency) includes a searchable register of insolvency practitioners — however this does not cover all qualified practitioners, only those who have agreed to have their details logged on the site register.

The website of the Insolvency Practitioners Association (www.insolvency-practitioners.org.uk) also allows visitors to search their database of insolvency services providers. 

Client Testimonials

We both can't thank you enough for all the help you have given to us. We both feel now we can get our lives back on track and look forward to a better life. You have all been brilliant. Thank you.

Latest News

• Late Payment of Commercial Debt: Avoiding Financial Crisis
  
  

  Late Payment of Commercial Debt: How to Avoid It Recent figures show an increasing number of UK companies getting into the bad habit of late payment of commercial debt, with most of them paying debts almost a month after the agreed payment schedule in 2011. The worst identified culprits ...

  
  Posted on 16 Feb 2012
  In Uncategorised | 0 comments