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Reviewed by
Chris Andersen
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Reviewed by Chris Andersen

Chris is a licensed Insolvency Practitioner, regulated by the IPA since 2014. He is experienced in contentious insolvency with excellent analytical skills and strong knowledge of both general and technical insolvency matters.

Meet Our Experts
28th November 2022

We are here to help and support your business through this difficult time. We are experts in time to pay arrangements, debt solutions and business rescue. Speak with one of our advisors any time.

COVID Busines Support

If you’re one of the many UK limited companies fearing that Coronavirus could push you into insolvency, we’re here to help.

This article will outline some of the basic options available to struggling businesses in times like these, including the range of governmental support on offer.

Contents
  1. General Advice
  2. Negotiating HMRC Time to Pay Arrangements
  3. Creditor Pressure
  4. Finance
  5. Personal Liability of Directors
  6. Personal Guarantee Issues
  7. Voluntary Liquidation

General Advice

With decades of experience helping directors facing debt, we’re here to answer your questions about your particular situation, and make some suggestions about whether finance, or another business recovery method is appropriate.

We’re here to offer support through every step of the process, ensuring you don’t feel like you’re going through this alone.

Negotiating HMRC Time to Pay Arrangements

HMRC are likely to be incredibly helpful and open when it comes to negotiating time to pay what you owe them during this period. While TTP arrangements are usually offering only under specific circumstances the sheer pressure on the British economy at the moment means they will do everything they can to accommodate instalment payments.

We are some of the most highly experienced HMRC meditators in the UK so if this is something you feel you could use support on please make contact with our friendly team.

Creditor Pressure

If your business if receiving CCJ’s or even a Winding up Petition, we can advise you on your options. Our mission is to help stressed directors navigate difficult circumstances as smoothly as possible, and we’ll use all our experience to help make that happen.

Finance

While the government has announced its own ‘Coronavirus Business Interruption Loan Scheme’, offering up to £5 million loans, with no interest due for the first six months, you may not find yourself eligible for this.

Whatever your funding requirements, our specialist business finance team can recommend the optimum funding channel for your specific needs. With every lender in the UK at our disposal, we pride ourselves on getting competitive terms for our clients.

Personal Liability of Directors

A common question for directors insolvency is whether they themselves may be held personally liable for corporate debts. If you are concerned about whether insolvency could impact your personal finances, read our full piece here or make contact for specific questions.

Personal Guarantee Issues

If you’re signed a personal guarantee which you fear may be called in by a creditor, you will understandably be concerned about the implications this could have on your finances.

Read our full article here or speak with us for further advice.

Read our piece on
Can I Liquidate a Company with a Bounce Back Loan?

Voluntary Liquidation

Choosing to put your company into voluntary liquidation will serve to end creditor pressure immediately. We can help you close your company down as painlessly as possible, deal with all creditors on your behalf, and advise on a possibly pre-pack deal if the directors wish to purchase company assets for another venture.