Insolvency Practitioner
Our licensed insolvency practitioners have the skills and experience to assist small business owners with restructuring, turnaround and liquidation, as well as helping individuals with personal insolvency.
When your company does not have enough cash to meet its financial obligations, pressure from creditors can mount up quickly. This leaves you, and the many small business owners facing this situation every year, feeling trapped. The same is true for many individuals facing personal insolvency.
However, it’s not all be doom and gloom. You can take control of the situation by seeking help from a licensed insolvency practitioner as early as possible. Doing this sooner – rather than later – can help prevent any further business and personal loss while increasing the likelihood that your company, and your finances, will survive and thrive.
The importance of insolvency practice
It’s not uncommon for small business owners or individuals to feel tense at the mere mention of the word ‘insolvency’ as it’s often associated with businesses that face closure or people who face bankruptcy. However, seeking out an insolvency practitioner isn’t necessarily about winding-up a business or admitting failure; it’s mostly about trying to exhaust every possible way to save a business and/or prevent bankruptcy.
Just as we seek remedies and cures for physical illnesses, an insolvency practitioner is an important part of diagnosing and treating what is wrong with your business or your finances. And, just as with any medical condition, the sooner you seek out this help, the better. There’s no need to commit to any particular decision. Instead, view it as a chance to hear alternate ideas or a second opinion regarding your business and personal finances. This also applies if you are a creditor seeking advice regarding a debtor. To get started, simply call our licensed insolvency practitioners on 020 7636 9094 or Contact Us via our online form to get a FREE consultation.
Solutions for directors of an insolvent company
For small business owners, the fear of winding-up their business is prevailing and stark in the face of increasing challenges faced by the consequences of events and decisions outside their control on local, national and international scales. With the UK in the midst of a deep recession, thousands of small business owners face the possibility of losing their livelihood.
Even at the best of times, half a million small businesses are in significant financial distress due to changing business landscapes, evolving consumer behaviour, threats from competitors, weak economic conditions, and government policy changes. Despite this, not all businesses will transition into full-blown insolvency.
In 2019, over 17,000 companies became insolvent. It’s a lot. But when we compare the figures, we can see that’s less than 5% of businesses that are in financial difficulty at any one time. So being in financial difficulty does not necessarily mean that your business is doomed. Not every business ends up in administration or liquidated. This is why it’s key to identify the moment that your business is in distress so you can take immediate actions to reverse the situation.
When you speak to qualified insolvency practitioners, such as our team here at Berley, you’ll be able to discuss your circumstances and understand what steps you need to take. Our team will conduct a solvency review of your company and then discuss what options are available to you. Your future, and the future of your company, are of utmost importance to us and we’ll discuss possible ways to rescue your business or protect your investments.
As soon as you are aware of the options in front of you, this will allow you to make informed decisions which may include:
- Refinancing,
- Restructuring,
- Obtaining additional equity funding,
- Changing your company’s activities,
- Reaching an agreement with your creditors,
- Selling off the company,
- Placing the company into administration,
- Liquidation (if all options are exhausted)
To find out how we can help your business today, call 020 7636 9094 for a FREE consultation or visit our Corporate Insolvency Service page for more information.
Solutions for individuals facing insolvency
When letters of demand from creditors and debt collectors start to pile up, time is of the essence when looking for an effective debt relief solution. While there can be that feeling of wanting to run away from the word ‘bankruptcy’, it’s important to realise that running away never solves anything. It’s always better to be proactive, upfront and honest about your true financial situation so that your money problems can be solved as soon as possible. While you may not be able to see them, there are often alternative solutions to your debt problems.
If you move to solve this situation as soon as possible, you may not even need to declare bankruptcy as there are other options – including Individual Voluntary Agreements (IVAs). Also, keep in mind that you’re not alone. In 2019, over 120,000 people in England and Wales faced insolvency and this figure has been rising since 2015. Many of these people avoid bankruptcy because they act sooner rather than later.
We’re here to help talk you through this process with empathy and compassion so that we can find a solution to the issue. To understand your options and to discuss debt management plans, call our qualified insolvency practitioners on 020 7636 9094 for your FREE consultation. For more information, visit our Personal Insolvency page.
Solutions for creditors wanting to recover their money
If a company or individual owes you money as a result of goods or services that you have provided, or as a result of money that you have loaned, then you are a creditor. When that company or individual becomes insolvent, they are required to send you a letter to inform you of their situation. When this happens, you have some paperwork to do. You need to lodge proof of debt, attend all meetings and negotiate for a better outcome.
This is why it’s important to talk to experienced insolvency practitioners, such as the team at Berley, to guide you through this process. Simply call 020 7636 9094 for a FREE consultation and visit the Insolvency Creditor Services page to find out more about this process.
When do you need an insolvency practitioner?
There are a number of reasons as to why you would need an insolvency practitioner. Some of the more common reasons include when:
- Your company is struggling to meet its financial obligations,
- You want to make formal repayment agreements with your creditors,
- You want to protect your company from pressure and legal actions from creditors,
- You and your shareholders decide liquidation is the best option,
- You are struggling with personal debts,
- You are owed money by insolvent companies or individuals
Why your choice of insolvency practitioner matters
There are less than 2,000 licensed insolvency practitioners in the UK today and not all of them are currently practising in this domain. This makes it quite an exclusive field that often comes with high-quality of service. However, it’s important to find the right practitioner as mistakes can still be made – which may be a consequence of there being so many insolvency cases and so little practitioners. They may not correctly identify the value of certain assets, they may not achieve the settlement that you were after or they may not meet the proper deadlines.
As experienced accountants, we understand how important accuracy and due diligence are when dealing with insolvency cases. Additionally, we’re in this to support you with empathy and compassion. We will always look out for your best interests and we never want you to doubt that. This is how we deliver the best possible outcomes for our clients.
Berley’s insolvency practitioners are here to help
Insolvency isn’t the end of the world, even though it can seem like it at the time. Our aim at Berley is to help you find the right path for your future – whether that’s on a business level and/or on a personal level. We aren’t here to judge your circumstances or weigh all of your past mistakes. We offer a professional, ethical and highly discreet service that puts your needs first.
It’s why we offer a FREE initial consultation that allows us to discuss your situation in confidence without the need for you to make any hard commitments or choices. We will discuss your available choices in a manner that is easy to understand, as well as the implications of these choices, so that you can carefully consider your next steps. Once we’ve agreed on a plan of action, we will support you throughout the process so that you can get your life back to normal as soon as possible.
Squash that stress by getting in touch with our licensed and experienced insolvency practitioners today by calling us on 020 7636 9094, by emailing info@berley.co.uk or completing our Online Enquiry form.
