Can I get Free Insolvency Advice for my Limited Company?
Do you need free insolvency advice?
When you’re experiencing financial difficulties, it may be difficult to know where to turn. Many directors turn to Google to seek a way out of their situation, but the advice on the web is sometimes conflicting and complicated in a time where you need simplicity and straight answers.
You may wish to speak with your accountant or financial adviser, but of course that comes with costs. If you do so, ensure they understand the subject completely and have the relevant professional accreditation.
Here at Company Debt, our remit is to provide clear, accurate information for stressed directors. We are also here to offer free insolvency advice on your situation, always without charge for the first consultation.
Where to Find Free Insolvency Advice for Your Business?
We offer a free, entirely confidential discussion by phone, live chat or email to any director experiencing financial difficulties and potential insolvency.
In addition, there are a number of reputable charities and professional organisations that offer support lines.
These include Business Debtline (visit their site here) who have a useful helpline and web chat service. They are a charity with over 20 years experience, who help over 20,000 people a year.
Read more on them below…
Free Company Insolvency Advice from Debt Charities
Business Debtline was set up by the Money Advice Trust, which was founded in 1991 with governmental support. Employing almost 200 staff, the Trust has founded Business Debtline, as well as the National Debtline and the Wiseradviser training program.
Launched in 1992, Business Debtline was launched originally in the Birmingham area but has expanded to cover the entire UK, with a focus on micro businesses.
What About Free Advice from Licensed Insolvency Practitioners?
Insolvency practitioners are generally accountants who have gone on to received further training and gain accreditation for the specialist field of insolvency – how to help businesses with creditor pressure and then either rescue them or close them down.
Speaking with a licensed insolvency practitioner means you are speaking with someone with proven, practical experience in working directly with insolvent businesses. As well as a rigorous understanding of the law, they will have the experience and insight to help you as quickly as possible, via the most effective solution.
If your company is actually insolvent, you will have no choice but to use one at some stage anyway. The law requires insolvent companies to be managed by IP’s. Their skills are in liquidating assets to repay creditors, as well as company rescue mechanisms such as administration.
What is Insolvency?
If you can no longer pay your bills it may be you’ve reached the state if insolvency. If your debts add up to an amount greater than your corporate assets, you have a legal requirement to cease trading and begin to address the concerns of creditors.
Use our free insolvency test tool to get a clear answer in just a few clics.
You would do so by making contact with an insolvency practitioner such as ourselves for a chat about your situation.
If you can no longer pay your bills when they fall due, or if your liabilities exceed your assets, you are insolvent.
When a company owes money to creditors but cannot pay them it reaches insolvency and is formally shut down, and its assets liquidated by an insolvency practitioner to make good on the debt. Creditors are paid in order of priority from the monies realised.
It is not possible to liquidate a company yourself, the process known as liquidation comes with a legal requirement to use an insolvency practitioner. This impartial figure will seek to realise the assets for creditors, as well as investigate the directors behaviour in the period preceding liquidation.
An insolvency practitioner is tasked with either rescuing or shutting down struggling companies. In both cases, their remit is to get the best returns possible for company creditors.