Frequently Asked Questions
I don't want to commit to anything yet. Can I just get some free advice?
Of course! Just reach out to us, we’re here to help! Our friendly team of specialists will offer free, confidential advice on a no-obligation basis, helping you explore your options. Not every solution is right for every business, and we understand that. The most important thing is that you’re seeking a solution to your financial situation before it gets too late. Don’t hestitate to get in touch with us today.
I'm not sure if I'm insolvent or not. How can I tell?
Most businesses don’t know exactly when their company becomes insolvent. You may be there already or you may be on the verge of it. We’ll have a look at all your assets and liabilities, and determine whether or not your business is insolvent, and what options you have available to you. All you need to do is take that first step and get in touch.
Is it legal to close my business and start a new one with the same assets?
Yes, it is – provided the assets are purchased at a fair value from the insolvent entity. However, there are other strict protocols to follow and it can be a complex process to navigate by yourself. Keeping your business compliant with relevant legislation and avoiding being left open to scrutiny is no easy task. Fortunately, we’re trained in exactly this. Send us a message and we’ll go through exactly what we can do for you.
I'm the accountant, not the business director. Can you help me?
Yes, we can! Our team has a wealth of experience helping accountants tackle the choppy waters of insolvency and restructuring. We’ll help you identify any viable options for your clients’ business, ideally get you on path to the ideal financial outcome, while ensuring your clients stay legally compliant. Reach out to us and we’ll talk through your options.
I've received a statutory demand. What should I do?
If you’ve received a statutory demand, then your business is at risk. You don’t want to lose everything you’ve worked for, but you also can’t afford to pay the debt, so you need to look at what options you have available to you. That’s what our specialists are trained to do. Never ignore a statutory demand as it can result in your company being wound up. Our advice is to get in touch with us today.
Can my accountant do all this for me? Why do I need an intermediary agent?
You could ask your accountant to do this for you, or you could try to handle this by yourself, but in our experience, businesses and accountants alike are almost always relieved to have our help in navigating the unfamiliar territory of insolvency. There are serious risks and severe consequences if the correct procedure isn’t followed, and these rules are in place in order to prevent company directors simply trying to escape debt. Our job is to steer you in the right direction so that you and your company get independent assistance and aren’t left open to scrutiny in the process. To find out how we can do this, get in touch with us today.