Updated: 1st November 2020
Just hearing the word ‘insolvency’ strikes fear into the heart of every director but it does not mean that a company is about to go bust.
There are various degrees of insolvency, some of which are permanent; however most times our insolvency specialists can find a solution to turn your company around. Before working yourself into a frenzy, take a few moments to read this guide to get a better understanding of insolvency and what your options may be.
We are here to help you and it all begins by showing you that there is hope for your struggling company.
Many directors will answer ‘No’ for question 1 and ‘Yes’ for question 2. We are not saying that your company is necessarily insolvent but these questions define insolvency as per the Insolvency Act 1986.
Common sense plays a major part and that is why it is best to speak to us first. Real Business Rescue has the experience to determine what steps are needed to put the company back on track. By seeking advice early, it will save you from doing something that may land you in trouble further down the line!
The Insolvency Law highlights certain matters that, if the director is found guilty of committing, could result in disqualification and/or a financial penalty. These include paying certain creditors in preference to others, non-payment of HMRC liabilities, and trading whilst insolvent.
Our expert team could stop you from falling into such problems.
The first thing you should understand about Real Business Rescue is that we are committed to saving your company in the best possible way. It is our job to rescue businesses in distress and as licensed insolvency practitioners we take this responsibility very seriously.
There may be times when a company has no alternative but to cease trading…however we don’t like to hear that. If your company can be saved, we will find a way. You can be assured of that!
Since a major cause of insolvency is being unable to pay your debts as they fall due, we start by looking for a way to help you manage those debts.
This may take some time to accomplish, so normally we try to find a way to stop your creditors from taking legal action against you.
The following are some options we consider, to keep your creditors at bay;
To learn more about the process and procedure for each of those insolvency solutions, see our other guides that explain them in full.
As we mentioned earlier, you should contact us here at Real Business Rescue at the first sign of distress. Not only is it your duty as a director to take action, it could save you further trouble down the line. No-one wants to be accused of wrongful trading, so it really is in your best interest to contact us immediately.
At Real Business Rescue, we never look at insolvency as the end of the road for a company. We are here to help directors find the best and most cost-effective way to save your struggling business. Insolvency isn’t necessarily a prelude to winding up your company and if there is a way to save it, we can help you do just that. Our specialists are on hand seven days a week to answer any questions you may have.
Don’t wait until creditor pressure becomes too much to handle. Take a proactive approach and call us today for a free consultation on 0800 644 6080.
Our extensive office network comprises 86 offices across the UK with a partner-led service offering immediate director advice and support.