We are fully licensed Insolvency Practitioners. We provide a nationwide service for small business directors. After being formally instructed as liquidators of a limited company, our primary role is to protect creditors. In many cases we can also offer advice to company directors who are worried about potential personal liability.
If your company is in financial distress, you might be exploring whether to bring in an insolvency practitioner.
As with all professional services, not all Insolvency Practitioners are the same. It’s always important to check the level of experience of any IP you decide to instruct and their experience with businesses of your type and size.
Professional services are never cheap and price should not be your primary consideration, but costs are a relevant factor and some insolvency practitioners tend to specialise in big company insolvency whereas others work with smaller companies. Personal relationships, trust and empathy are always vital as well.
Our specialist Insolvency Practitioners
Our Insolvency Practitioners are all highly experienced and fully licensed. We are generally instructed and specialise in working with smaller businesses and company directors. Please do contact us to find out about us and decide whether we are the right choice for you.
What Powers do Insolvency Practitioners Have?
Although the role differs slightly depending on the particular type of procedure, an insolvency practitioner’s first goal is to protect the interests of creditors. The basic duties are to realise company assets for the benefit of creditors and supervise the winding down of the company.
The role typically involve a number of tasks, including dealing with creditors or, in the case of a business rescue procedure such as administration, offering advice as to how the company may avoid liquidation.
An IP formally appointed as company liquidator has a legal duty to examine the activities of the company directors to check for the possibility of wrongful or fraudulent activity.
A licensed insolvency practitioner must be appointed on the following types of business insolvency:
Are Insolvency Practitioners Regulated?
Yes, but the way IP’s are regulated is quite complex and regulation, in terms of ethics, is via a variety of different bodies. In legal terms, Insolvency Practitioners must act in accordance with the Insolvency Act 1986 and case law.
Insolvency Practitioners have quite wide ranging powers and challenging the actions of an Insolvency Practitioner is not easy, is expensive and risky.
How Much Do Insolvency Practitioners Cost?
IP’s are paid either as a fixed fee, on an hourly rate, or as a percentage of the money raised to pay creditors what they are owed.
A typical cost for the liquidation of a small business would be between £4000-7000 + VAT.