Mental Health and Insolvency
Published: 09/07/2018 By Andrew BaileyAt turpin barker armstrong, our referrals come from our diverse network of accountants, solicitors, other professional advisers and through word of mouth recommendations from those we have helped over the years.
Over the last twelve months we have seen our work increase again with certain sectors being under increased distress such as in care services, restaurants and the legal sector. What continues to come to our attention is the mental health issues that cause or are as a result of debt problems.
When we deal with a client, whether that be a director, debtor or creditor, we will initially focus on the financial concerns as we are obliged to do. However, many conversations and meetings inevitably move towards the client’s immediate mental health issues which in many cases will be extremely worrying. We are not qualified to advise on these issues but on a human level we will try to help and offer what support we can.
Over the years, an insolvency practitioner can become somewhat sceptical due to the nature of the work. The characters we encounter range, as they do in everyday life, from the genuine through to the most unpleasant. It is important to remember that there are unfortunate people out there that, for whatever reason, have found themselves in difficulties and assisting them in finding their way is part of the job.
There will always be some that take advantage of insolvency legislation to serve their own benefit to the detriment of others. However, for many, seeking advice from an insolvency practitioner is the first step to dealing with their financial troubles. Once a client understands their options and that the future is positive then more often than not we are advised that just coming to the meeting and speaking about it has lifted a weight from their shoulders.
An insolvency procedure such as bankruptcy or a liquidation is not the end result that many would be aiming for because it has repercussions for the applicant but also for many third parties who are involved and who will also suffer the consequences.
However, these procedures are available for a reason. For many, they enable a new start and for those involved it allows them to emerge from a hugely difficult time in their life. In these circumstances, many people do not know where to turn. What I often hear is that they enter into a downward spiral where the stress continues to build and they can see no way out. These difficulties then impact upon their personal life, relationships with friends and family as well as their physical and mental health.
This article has been generated due to several recent assignments involving directors who have all expressed particularly worrying levels of deteriorating mental health. Mental health issues can impact upon anybody and it does not show discretion or take into consideration your wealth, education or background.
Seeking advice on your financial difficulties is an important step and Insolvency Practitioners, like ourselves, can offer advice on the options and solutions available. Aside from firms like ourselves there are various resources available for those suffering from financial difficulties.
These would include, but not be limited to, any of the following:
Citizens Advice https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/
Debt Advice Foundation http://www.debtadvicefoundation.org/
Debt Support Trust http://www.debtsupporttrust.org.uk/
National Debtline https://www.nationaldebtline.org/
Business Debtline https://www.businessdebtline.org/
If you are suffering from financial difficulties and do not know where to turn then do seek advice because there are people than can assist.
If you need help with your mental health then there are various resources available and useful information can be found at https://www.moneyandmentalhealth.org/get-help/