Informal or formal insolvency route, what are my options?

Published: 24/07/2023 By Hannah Duncan

With the number of insolvencies continuing to rise it's imperative to ensure you are fully aware of the financial health of your business. If you notice you may be in financial destress there are a number of informal options to consider before going down the official insolvency route. Our Informal Arrangements page goes through some of these options such as arrangements with creditors or debt consolidation. We strongly suggest seeking advice and guidance as soon as the first signs of financial troubles start to emerge, we tend to find the quicker action is taken the more options will be available.
 
Failing that, an option could be for a Company Voluntary Arrangement (CVA) , this is where an official agreement is made with the creditors to repay them over a specific timeframe. A CVA allows the business to continue to trade and gives the directors breathing room and time to address any issues that may have led to the financial strains, with a goal to getting the business back on track. This can be a cost effect way to restructuring a once successful business.
 
At turpin barker armstrong there is rarely a situation we haven't come across; therefore please pick up the phone and give one of our trained professionals a call, we are always happy to talk through your personal circumstance and offer advice tailored to your company's situation. We have many clients come away saying they wish they had spoken to us sooner. 
 
Call 020 8661 7878 or email insolvency@turpinba.co.uk for a free initial consultation with no obligation to sign or commit.