Debt help clinic
Insolvency Practitioners providing expert turnaround & insolvency advice
turpin barker armstrong are a firm of licensed insolvency practitioners based in Sutton and West Byfleet, offering clear debt advice and professional insolvency services to both businesses and individuals throughout London, Surrey, the South East and the whole of the UK.
We offer bespoke solutions to our clients’ financial problems in a professional, confidential and 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). If these are not possible our services include Administration, Liquidation and acting as LPA Receivers.
We can also help the entrepreneur retire from his business 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 off the company.
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 all the insolvency service we offer advice in.
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. To get some free insolvency advice, to discuss how we might be able to help you or your business don't delay and get in touch today.
We are happy to answer any questions no matter how small and find that seeking early advice can often be beneficial.
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
Referral fee ban for debt packagers
Although they are regulated to provide debt advice, these debt packager firms still rely on the referral fees they get paid when passing on their clients to IPs or debt management agencies. A fee for an IVA referral for example, can make these debt packagers a substantial amount of money. Because of this, there is a conflict of interest between the debt packagers giving the correct advice that is in the best interest of their clients to making a referral that can make themselves more money.
The FCA is concerned with the conduct of some of these firms and has stated they have seen examples of debt packagers appearing to have “manipulated customers’ details” so that they meet the conditions for an IVA or other unsuitable debt solutions. This unfair advice is given using “persuasive language” without providing the customer a full explanation of the debt solution and risks of the IVA process or other insolvency process.
The new rules being proposed would mean a ban for the debt packagers to accept the referral fees for passing on their clients to other debt solutions providers; hence removing the element of pushing a customer down a specific more lucrative route.
Sheldon Mills, Executive Director of Consumers and Competition at the FCA, said:
“Debt advice needs to be good quality and meet the needs of consumers. Too often people who contact debt packagers for help are being given advice that could cause them harm. This is unacceptable, especially as people seeking debt advice are often in vulnerable circumstances.
“Our proposals will address the inherent conflict of interest present in the debt packager business models. This will help protect consumers who need support managing their debts.”
The FCA is committed to ensuring consumers are provided with an expert debt advice service which helps them manage their debts and ensures they have access to a suitable debt solution when needed. The FCA are working with regulators of IVA’s and other debt solution providers and have suggested that the new rules could come into force by April 2022.
Monthly UK insolvency statistics – October 2021
During the pandemic overall numbers of company and individual insolvencies were low however CVL numbers 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.
England and Wales, September 2020 to October 2021, Not seasonally adjusted
There were 1,405 registered company insolvencies in October 2021 in England & Wales
- 63% higher than the number registered in the same month in the previous year (864 in October 2020)
- 5% lower than the number registered two years previously (1,480 in September 2019).
These figures are made up as follows:
Creditors Voluntary Liquidations = 1,248 (85% higher than in October 2020 and 19% higher than in 2019)
Compulsory liquidations = 46 (31% lower than October 2020 and 81% lower than 2019)
Administrations = 95 (8% lower than 2020 and 40% lower than 2019)
Company Voluntary Arrangements = 16 (24% lower than 2020 and 56% lower than 2019)
Moratorium = 15 between June 2020 & October 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)
Quick Liquidation Facts
- Fixed charge creditors from fixed charge assets
- Expenses of the liquidation
- Liquidators fee
- Preferential creditors
- Prescribed part
- Floating charge creditors
- Unsecured creditors
- Interest to unsecured and preferential creditors
Before a voluntary liquidation, an IP may help directors meet legal duties such as calling meetings of shareholders and seeking a decision from creditors.
If a business is solvent, it may be wound-up in a members’ voluntary liquidation (MVL). For this to happen it must be possible to pay all creditors in full, with statutory interest, if applicable. An IP must still be appointed liquidator who will then help take the director through the process of an MVL.
The difference between Liquidation and Insolvency
Take the Insolvency Test
Winding up Petitions and how they work
Fire Walk for Hospice
Today we have sponsored Ian Parker from Henchards to do a Firewalk to raise funds for the Woking and Sam Beare Hospice.
Partner Andrew Bailey has sponsored Ian £25 to complete the treacherous walk across 15ft of burning hot coals!
We wish everyone participating in the event good luck