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

Your data is secure
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.

What is an Insolvency Practitioner?

Latest News

What is an Insolvency Practitioner? The answer to this question is not as easy as perhaps you might think it should be. In simple terms, an Insolvency Practitioner (IP) is a person who is qualified to give advice to individuals and businesses in relation to their debts, and then help in dealing with them, sometimes by way of a formal Insolvency Process (e.g. bankruptcy, liquidation etc.)

How can an Insolvency Practitioner help?

Insolvency Practitioners are highly professional people, quite often accountants or lawyers, who have chosen to specialise in the technical area of Insolvency. They are either qualified by way of exam or, although much less commonly, by experience. They are licensed to act by an authorising body who is then responsible for the ongoing regulation and monitoring of the IP to ensure that they are acting legally and appropriately. Generally, an Insolvency Practitioner will deal with either Personal Insolvency, which is in relation to an individual person’s credit cards, loans and other debts, or Corporate Insolvency, which concerns the debts of a business or company. However, most IP’s will have the knowledge to deal with both. Most will be happy to provide initial advice on a particular situation free of charge and a list of qualified Practitioners can be found on the Insolvency Service website. A good Insolvency Practitioner will ensure that you fully understand the advice being given and the reasons why an insolvency process, such as going into administration, is being recommended. They will rarely ask for money ‘up front’, but if they do, they will ensure that you understand the reasons for this being required. If any of these are not being met, then you should walk away and find an alternative advisor.

Get in touch with The Insolvency Experts

To receive professional business debt advice from one of the Insolvency Practitioners at The Insolvency Experts today, please get in touch. Contact us online or speak to us directly by calling us on 0300 303 8284. We understand how stressful it can be to face financial difficulties and can help your business to choose the best course of action.

Categories

Accreditations

Chat with us

Our Costs

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.


Get a quote
Get free advice