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
Pay your tax or ask for help!
As Government financial support schemes gradually come to an end, HMRC have published a policy paper titled Collecting tax debts as we emerge from coronavirus (COVID-19).
As the UK emerges from the pandemic and economic activity resumes, HMRC are re-starting debt collection work but say the message is simple: “if you can pay your taxes then you should do so – but if you’re struggling, we want to work with you to agree a plan based on your financial position”.
Our advice would be if you have any HMRC debt the key is to be open and honest with them. We recommend that you take advice but be careful of scams. The current circumstances provide an opportunity for people to be taken advantage of so it important to speak to people you trust and get support from the right sources.
Contact us now for advice
We are always happy to provide a free no obligation initial consultation providing you with the best options available to your specific circumstance.
Call us on 020 8661 7878 or email firstname.lastname@example.org
Fraudulent company directors caught!
Since February 2021, the Insolvency Services has successfully petitioned to the Courts to wind up five limited companies for fraudulent COVID-19 business support loans. Details of which can be found here
Dave Elliott, Chief Investigator at the Insolvency Service, said:
‘’The Bounce Back Loan scheme was made available to help support businesses during the pandemic. It is outrageous that some directors have been trying to abuse this support, and the action we have taken shows we take this issue extremely seriously.
I urge anyone who suspects a company has been involved in this kind of abuse, or has information about directors fraudulently obtaining Covid business support, to alert us immediately.’’
Extra powers will soon be given to The Insolvency Service to allow them to investigate Bounce Back Loan fraud in cases where companies have been dissolved. Our senior partner Martin Armstrong blogged about this on the 17th May. To read his article click here.
Monthly UK insolvency statistics – June 2021
Figure 1: Overall, since the start of the first UK lockdown the number of registered company insolvencies have remained lower than pre-pandemic levels, due to the lower number of compulsory liquidations however CVL's are now reaching similar levels to pre-pandemic times.
England and Wales, June 2019 to June 2021, Not seasonally adjusted
There were 1,207 registered company insolvencies registered in June 2021 in England & Wales.
- 63% higher than the number registered in the same month in the previous year (741 in June 2020), and
- 18% lower than the number registered two years previously (1,466 in June 2019).
These figures are made up as follows:
Creditors Voluntary Liquidations = 1,116 (similar to pre-pandemic levels twice the amount in June 2020 and 11% higher than June 2019)
Compulsory liquidations = 38 (46% lower than 2020 and 86% lower than 2019)
Administrations = 39 (61% lower than 2020 and 74% lower than 2019)
Company Voluntary Arrangements = 14 (same as June 2020 but 60% 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)
A stark insight into the life of a hospitality business
- Rent arrears despite discounts from landlords
- Accrued HMRC debt
- Government Covid loan with little likelihood of repayment
- No credit from suppliers
- Accrued debt with utility companies and debt collection underway
- Severe shortage of staff in the sector
- Ineffective business interruption cover
- Business propped up by money from owners
- Personal guarantees for the owners on certain debts
- Turnover remains low with absence of local office workers
Business owners are totally exhausted and tell us they are seriously worried what the future holds.
This is not a nice place to be for these business owners, but they have made the first difficult step in contacting us. With the combined insolvency knowledge and expertise at turpin barker armstrong we will work with them to find a solution.
All solutions are tailored to you and your business. See our services on Company Restructuring
As always we offer any initial conversation or meeting completely free of charge, we will simply explain all the different options to you and then its up to you to decide which route you want to take.
Call us on 020 8661 7878 or email email@example.com