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.
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 advice and 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
What are the new Pre-Pack sale regulations
For further information check out our dedicated web page here
Call for a free no obligation chat on 020 8661 7878
Process of a Members Voluntary Liquidation (MVL)
|Day 1||On receipt of signed engagement letter, questionnaire and accounts||-|
|Finalise CT return for accounting period(s) to date of liquidation||Appropriate documentation prepared and circulated to directors for review.|
Confirmation that all pre-appointment tax returns are submitted or drafted in readiness for submission on date of liquidation.
|Day 7||Date of liquidation||This proposed date is changeable.|
|Swearing||Directors swear the declaration of solvency, with a solicitor in attendance.|
|General meeting of members||Held at short notice and requires all members to attend|
Votes are held on resolutions including
|Post liquidation bank account is opened||We would expect to have the new account number within 24-48 hours.|
|Day 10||1st interim distribution to shareholders when appropriate||We will require indemnities to be signed by Shareholders if we are to pay an early distribution (eg before it is established there are no creditors).|
Typically, this distribution will represent around 95% of the total expected net surplus.
|Request for creditors to claim||We will place statutory adverts in the London Gazette providing circa one month notice to claim.|
|thereafter||HMRC grants clearance to conclude the liquidation||Once all HMRC departments confirm they are not owed anything by the company. Clearance will be quicker if we can ensure that all pre-appointment tax returns are submitted including VAT de-registration, closure of PAYE scheme and all returns submitted plus tax paid (for VAT, CT and PAYE/NIC).|
|thereafter||Final distribution to members||The balance of funds held after the payment of all costs and any creditors’ claims.|
|thereafter||Final report issued to members||Formal report summarising the liquidation and detailing the Liquidator’s final receipts and payments account.|
|8 weeks later||Liquidator takes release||Copy of final report is filed at Companies House.|
|3 months later||Dissolution||Company is dissolved at Companies House.|
If you would like to know more about how we can help you with an MVL call us to discuss – our initial consultations are free with no obligations to proceed.
Visit our contact page here
Understand the difference between insolvency, bankruptcy, liquidation and receivership
Often these terms are used incorrectly in the press and by various people therefore it can be confusing as to exactly what each one actually means.
If you would like more information on any of the terms mentioned in the video or any other insolvency related matter please use the menu above to go to one of our specific insolvency pages or feel free to give one of our trained insolvency administrators a call on 020 8661 7878.
Business Support - Restart Grants
At the start of April the government announced they are providing Restart Grants in England of up to £6,000 per premises for non-essential retail businesses, and up to £18,000 per premises for hospitality, accommodation, leisure, personal care and gym businesses.
Small Business Minister Paul Scully who recently featured on our live Webinar has said the following:
"Government grants have been critical in relieving cash flow pressures and enabling businesses to plan ahead, and I am urging councils to deliver these vital funds to where they are needed as soon as possible.
We have made extraordinary efforts to stand by small business owners. Now we need to press on and continue getting money to them in good time to ensure that our communities are ready to build back better following the pandemic."
Councils are being pressed to ensure funds are paid out as quickly as possible to relieve ongoing pressure on businesses.
See here for more information about the Restart Grants in Woking and in Sutton