Do you need Advice, or want to close your business?

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To help us provide a quote, we ask for a few estimates on your current company finances.

Don’t panic if you don’t have the numbers to hand; just give us your best estimates and our
team of financial experts will be able to help you gather the exact figures in due course.

Number of Creditors?


20


Amounts Owed?
Estimate how much you owe these 20 creditors.


£500K



£500K



£500K



£500K


People that are owed money

Creditors is another term for the people and organisations you currently owe money to.

These creditors may range from loan companies, to suppliers, to HMRC.

Knowing the number and type of creditors currently owed to allows us to assess an order of priority for dealing with all of your outstanding debts.

Bank overdraft / loans

We’re aware that companies in financial trouble may have one of several overdrafts and/or outstanding loan
agreements they are currently in debt on.

Just give us your best estimate of the sum total of the figures that are currently outstanding specifically in
these two areas.

HMRC (PAYE, VAT, Corporation TAX, CIS)

Many companies find that HMRC are one of the creditors they owe the most to, between factors such as their PAYE, Corporation Tax and VAT bills at certain times of the year.

If you can, try to add up all you outstanding HMRC payments and give us a general estimate.

Other individuals/companies

Whether you owe money to one individual or 100 companies, each of them can be classed as a creditor, so the outstanding debt needs to be taken into account.

These debts can include freelance employees with unpaid invoices, stock suppliers who haven’t been paid for items, or agencies who have outstanding bills for services rendered.

Value of company assets

Now for the good news! We always look to cover the costs of a Liquidation - and any repayments to creditors - by using company assets.

Assets could include property, stock, vehicles, equipment and outstanding invoices. We can provide a full valuation of each area, but for now, just select a rough estimate.

Partnership Voluntary Arrangements (PVA)

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A Partnership Voluntary Arrangement (PVA) is a compromise agreement between a partnership and its unsecured creditors for debts which cannot be repaid as and when they fall due which results in the creditors agreeing to a scheduled repayment programme.

What is a PVA?

A PVA is relevant when the partnership is technically insolvent but can return to solvency with the assistance of its overdue creditors. By its very nature, a PVA is a complicated process and the proposal must be detailed in information and ultimately reassure creditors that by supporting the proposal not only are they are getting a better return than if they take action against the partnership but also that this will also ensure the ongoing viability of the partnership. The proposal is bespoke in nature and each PVA can, therefore, contain whatever “offer” to creditors that is appropriate. The most common type is an ongoing monthly contribution for a period of time (usually five years) but this need not be the case. It can include the sale of non-key assets, injection of investment or a combination of all three. However, it must be supported by at least three quarters in value of the debts of creditors that choose to vote on the proposal. If the requisite majority is not reached then the PVA is rejected and the partnership must consider alternative advice. It should also be noted that whilst a PVA may result in the partnership being protected from its creditors, this is not necessarily the case for its partners as individuals who can still be personally liable. As such, the proposal must deal with the partner’s positions as well or the partners must consider whether an Individual Voluntary Arrangement (IVA) may be appropriate to run in conjunction with the PVA.

Contact The Insolvency Experts

The Insolvency Experts understand how stressful it can be to experience financial difficulties as a business and can help to ease the burden. Get in touch with our experts today for professional debt advice by calling us on 0300 303 8284 or by contacting us online.

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At the Insolvency Experts we think that our service offers excellent value for money. Depending on your circumstances, our services can even end up being effectively free of charge.


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