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 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
Monthly UK insolvency statistics – August 2021
During the pandemic overall numbers of company and individual insolvencies have remained low however CVL numbers have now returned to pre-pandemic levels. The numbers for other insolvency procedures still remain lower. This is likely to be partly driven by government measures that were put in place to support businesses and individuals during the pandemic.
England and Wales, August 2019 to August 2021, Not seasonally adjusted
There were 1,348 registered company insolvencies registered in August 2021 in England & Wales.
- 71% higher than the number registered in the same month in the previous year (788 in August 2020)
- similar to the number registered two years previously (1,366 in August 2019).
These figures are made up as follows:
Creditors Voluntary Liquidations = 1,256 (more than double in August 2020 and 30% higher than August 2019)
Compulsory liquidations = 35 (55% lower than 2020 and 82% lower than 2019)
Administrations = 55 (50% lower than 2020 and 69% lower than 2019)
Company Voluntary Arrangements = 2 (87% lower than 2020 and 93% 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 - click each link below:
Company Voluntary Liquidation (CVL)
Compulsory Liquidations or winding up by the court
Company Voluntary Arrangement (CVA)
It’s the end of temporary insolvency measures
Companies that have been facing money worries due to the pandemic have been protected from creditor action since June 2020, even though this protection is due to be phased out the new measures will provide help to smaller companies to allow them time to get back on their feet financially.
Read HMRC’s press release here for further details including what the new legislation will be.
As always if you are struggling financially, please get in touch as soon as possible, our insolvency experts can provide an array of solutions including business turnaround , call today for a free meeting on 020 8661 7878 or email firstname.lastname@example.org
Increase in CVA enquiries due to rent arrears
In the first instance I would always recommend direct discussions to see if it can be resolved but these clients appear to have exhausted this option.
We are still awaiting further details about the new scheme for next year to deal with pandemic related property rent arrears but in the meantime there are plenty of mechanisms available to try and find a way to resolve the position fairly.
We inevitably end up talking about a Company Voluntary Arrangement CVA but it will be interesting to see if other options or a combination of Moratoriums and Restructuring Plans could see more use in the coming months.
As always we will keep you updated with the latest insolvency news but in the mean time please feel free to call us to go through anything insolvency related, the call is always free with no obligation to sign up to anything.
Eat that frog and get advice!
I am a big fan of the book “Eat that Frog” which provides great ideas on making sure you deal with those things in life that you don’t want to do. Getting advice from someone about a problem is often one of those things that can easily be put off and there is always a reason to not do so. I often have meetings with directors where procrastination has caused serious difficulties and caused them unnecessary problems.
I remember meeting with a director of a building company who upon me entering the room immediately told me all about his problems including the sleepless nights, the strain it has caused on his personal life and how it impacts on his children. You could see the stress on his face and he explained to me that he had known where we are for a while and during the course of the previous six weeks he had driven past our office many times and thought that he needs to come in and get advice.
I will always listen to my clients for as long as it takes for them to fully understand the advice and to talk to them as I would expect to be dealt with. Many people fear getting advice and I think there is a responsibility to make sure that seeking professional advice is not intimidating and they are not being judged whatever the circumstances.
At the end of our meeting the client told me that he wished he had come to get advice far earlier. The end result for this particular client was very positive and I did not need to be engaged. Before he sought advice he had felt like his world was caving in and everything was falling apart.
He also advised that he felt that he would be able to sleep for the first time in a long time.
Eat that frog and get advice!