Debt help clinic
Insolvency Practitioners providing expert turnaround & insolvency advice
We are a firm of licensed insolvency practitioners providing clear insolvency advice to both businesses and individuals. We have offices based in both Sutton and West Byfleet but have clients throughout the whole of the UK.
Our bespoke insolvency service along with our insolvency advice, gives our clients solutions to help overcome many financial problems. Not only are we always professional but we understand financial difficulties can be overwhelming therefore all meetings are confidential and handled in a sensitive manner.
As insolvency advisors we always look to the positives, trying to save businesses through turnaround & restructuring, Company Voluntary Arrangements (CVA) and Individual Voluntary Arrangements (IVA). Sometimes a rescue is just not possible therefore we have closing a company down services which include Company Administration, Liquidation and acting as LPA Receivers.
Perhaps you are an entrepreneur looking to retire? We can assist by way of a Members Voluntary Liquidation (MVL). This service may also be used when the business has completed its life cycle, or maybe you just need help striking the company off either way we can provide the assistance you need.
A company is considered to be insolvent under UK law if it is unable to pay its debts as they fall due or if liabilities exceed assets. Why not take our business insolvency test to see what options may be available to you, or download our services brochure to see the insolvency services we offer.
We recognise and acknowledge that vaccination is a matter of personal choice, which we respect, however, in view of the current uncertainty regarding the Omicron Covid variant we respectfully request that any potential visitors to our offices, who have chosen to remain unvaccinated, refrain from doing so and request meetings via Microsoft Teams, Zoom or conference call. We trust you will understand and respect our approach.
Free Insolvency Advice
Whatever situation you or your company may be in, we are confident that one of our insolvency practitioners would have dealt with it before. Get in touch to discuss how we might be able to help you and see how a difference some insolvency advice could make.
We are happy to answer any questions no matter how small and find that seeking early advice can often be beneficial and result in a turnaround situation.
All our insolvency practitioners are regulated and licensed to provide corporate insolvency and personal insolvency services by the Institute of Chartered Accountants in England and Wales (ICAEW).
Contact us here or call us on 020 8661 7878
Dealing with your limited company's debts
If your company has received a formal demand for payment, you should seek advice from a solicitor or Insolvency practitioner as soon as possible.
We know it can be worrying times therefore we have put together this short video on the repercussions of liquidation and how a Winding up petition works.
Winding Up by the Court by Turpin Barker Armstrong
If you would like to talk about liquidation or a Winding Up Petition call us today. All your options will be explained and all meetings are confidential and require no commitment to any proposals we suggest.
Call 020 8661 7878 or email email@example.com
Monthly UK insolvency statistics – December 2021
During the pandemic overall numbers of company and individual insolvencies were lower than previous years however since mid 2021 CVL numbers have been creeping up and are now at their highest and resemble what it was like pre-pandemic. The numbers for other insolvency procedures still remain lower however this is likely to be partly driven by government measures that were put in place to support businesses and individuals during the pandemic which are now coming to an end or have already ended.
The graph below shows the data from December 2019 to December 2021 for company insolvencies in England and Wales.
There were 1,486 registered company insolvencies in December 2021 in England & Wales
- 20% higher than the number registered in the same month in the previous year (1,237 in December 2020)
- 33% higher than the number registered two years previously (1,120 in December 2019)
These figures are made up as follows:
Creditors Voluntary Liquidations = 1,365 (37% higher than in December 2020 and 73% higher than in 2019)
Compulsory liquidations = 42 (2% lower than December 2020 and 75% lower than 2019)
Administrations = 72 (52% lower than 2020 and 49% lower than 2019)
Company Voluntary Arrangements = 7 (84% lower than 2020 and 67% lower than 2019)
Moratorium = 15 between June 2020 & December 2021
Detailed figures and information of monthly company insolvency data for England & Wales can be found at the Insolvency Service here
Could a Moratorium give you the necessary breathing space to save your business? Find out here.
Want to know more about each Insolvency Procedure listed above? click each link below for our insolvency advice pages:
Company Voluntary Liquidation (CVL)
Compulsory Liquidations or winding up by the court
Company Voluntary Arrangement (CVA)
Tougher measures on those who dissolve to avoid debt!
Business Secretary Kwasi Kwarteng said:
“We want the UK to be the best place in the world to do business and we have provided unprecedented support to businesses to help them through the pandemic. These new powers will curb those rogue directors who seek to avoid paying back their debts, including government loans provided to support businesses and save jobs. Government is committed to tackle those who seek to leave the British taxpayer out of pocket by abusing the covid financial support that has been so vital to businesses”
The Insolvency service investigative powers will be extended to directors of companies that are already dissolved and if misconduct is found the director will face serious consequences including prosecution. The new act also allows the Business Secretary to apply to the court for an order to require former directors who have been disqualified to pay compensation to creditors who have suffered due to their fraudulent behaviour.
Stephen Pegge, Managing Director of UK Finance, said:
“The ability to dissolve a company when necessary is a right reserved in legitimate circumstances where there are no outstanding creditors, however, it can be open to abuse. The banking and finance industry therefore supports this legislation which will provide much needed powers to the Insolvency Service to help hold rogue directors to account by providing additional deterrents and easier enforcement of the rules.”
For reference and more information see - https://www.gov.uk/government/news/crackdown-on-directors-who-dissolve-companies-to-evade-debts
What should a director do upon becoming aware that a company is insolvent?
A director should seek advice from a qualified insolvency practitioner as soon as he or she becomes aware that the company is, or may soon be, insolvent. As licensed insolvency practitioners we are able to provide remedies and procedures only available to members of our profession. If you want to save your business we will almost certainly have a solution to suit your needs.
Act now and get in touch today, we are often told we wish we came to you sooner!
Have a look at our Restructuring a company page to see some of the different options that may be available to you.
Call 020 8661 7878 or email firstname.lastname@example.org