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
Monthly UK insolvency statistics – May 2021
Figure 1: Overall, numbers of registered company insolvencies have remained lower than pre-pandemic levels since the start of the first UK lockdown in March 2020
England and Wales, May 2019 to May 2021, Not seasonally adjusted
There were 1,011 registered company insolvencies registered in May 2021 in England & Wales.
- 7% higher than the number registered in the same month in the previous year (946 in May 2020), and
- 25% lower than the number registered two years previously (1,352 in May 2019).
These figures are made up as follows:
Company Voluntary Liquidations = 930 (18% higher than 2020 but 3% lower than 2019)
Compulsory liquidations = 31 (6% lower than 2020 and 89% lower than 2019)
Administrations = 43 (61% lower than 2020 and 55% lower than 2019)
Company Voluntary Arrangements = 6 (50% lower than 2020 and 81% lower than 2019)
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.
Insolvency Procedures explained?
Company Voluntary Liquidation (CVL)
Compulsory Liquidations or winding up by the court
Company Voluntary Arrangement (CVA)
Does free really mean free?
I sometimes wonder if the offer of a "free, no obligation first meeting or call" has the reverse effect? Do people think there is a catch and that I will force them to engage me!?
Fortunately it does not put everyone off and I don't think I have ever had as many initial calls with business owners as I have recently seeking insolvency advice. I can say that a vast majority never engage me and the key outcome for them from the conversation is that they have someone else to listen to the issues. They are no longer by themselves stewing on the issues, searching the internet for solutions or having sleepless nights. Some of the solutions are actually quite straightforward but they are difficult to see by yourself. Quite often it is a case of discussing whether they have spoken to their creditors, including landlords, to explain the position and discuss how they can find a fair resolution.
A common theme at the end of most of my calls is that we have a laugh because they often say "Thank you for your time. I don't mean this in a horrible way but I hope we never speak again!"
In most cases we never need to.
As Andrew says when we offer a meeting free of charge, that is exactly what it is, there is no catch. Therefore if you are struggling financially give one of our qualified insolvency practitioners a call on 020 8661 7878 or email firstname.lastname@example.org and we will call you back at a time convenient to you.
The Decline and Recovery Curve - Step 5 - Crisis Management
The value of an Insolvency Practitioner (IP) is that, having faced this decision many times before they are able to identify whether there is a realistic chance of survival, of the business recovering and succeeding overtime. This is one of the key roles of an experienced IP, working with the business owners and managers to try and identify the optimal route out of a crisis. But IP’s can help to manage the crisis in the short term, even if that means taking formal proceedings.
Changing company's culture or altering the product offering to strip out loss-making product lines can take time, but there are sometimes a number of simpler, quicker and important measures to help prevent the total collapse of a business, even if it needs to go through a formal process to emerge stronger.
Getting cost controls properly in place, insisting all purchases (however small) are signed off centrally by the managing director or finance director, chasing harder to collect outstanding debts, or agreeing new payment terms with creditors can have a quick impact and help ease an immediate crisis.
The most likely immediate priority in managing liquidity crisis is reducing costs while maximising income. This requires difficult decisions that get to the fundamentals of the way a business organises itself and operates. This is another way in which the independent outside voice of the IP or other advisor can make a difference.
Crisis management always involves tough decisions and often the need to use the range of insolvency measures open to the IP. These decisions are never taken lightly, but are often in the best interest of creditors, employees and the business owners.
At the point a company is technically insolvent, or there are doubts about its insolvency, the directors duties change, with them having to act in the interest of creditors rather than shareholders.
Take the first step today in dealing with your financial challenges, get access to our Licensed IP's who are ready to guide you through all the available options.
Call us on 020 8661 7878 , email email@example.com or request a call back on our form here
Why you should seek early insolvency advice
In this video Andrew talks us through exactly why you should seek insolvency advice at the absolute earliest possible time.
At Turpin Barker Armstrong we are here and ready to help so why not take your first step to dealing with your financial challenges today. With free, direct access to our Licensed Insolvency Practitioners on 020 8661 7878 or request a free call back here.