How to Avoid Insolvency
If you’re a director of a Company facing insolvency you will be aware that the road ahead is fraught with danger.
There are many obstacles in your way.
Every transaction your business has done in the recent past will be scrutinised.
Who have you made payments to? Have you bought personal items on the Company’s account? Have you borrowed money from the Company?
All these things will be scrutinised.
The Insolvency Practitioner who seemed friendly before you appointed him will now be working on behalf of your creditors.
If you have any large creditors like HMRC he’ll work closely with them to maximise any recovery.
The Insolvency Practitioner might not be as friendly going forward.
The insolvency of your Company will be advertised in the local press. Your friends and neighbours will find out.
On top of all that the Insolvency Service, the government department that deals with insolvent Companies, might decide to disqualify you as a director or even prosecute you for alleged wrongdoing.
There is a way to avoid all this……
We can take care of everything. We will step into your shoes and deal with angry creditors, HMRC, employment tribunals, legal proceedings, landlords and whatever other problems are there.
If you have personal guarantees, our experienced team can help negotiate those too. This leaves you free to get on with your life and focus on the things that are important to you. You might even want to start a similar business completely debt free.
How can this be done?
We will buy your Company and our directors will replace you. That frees you from the legal burden of running the Company.
We will change the name of the Company so that it’s no longer associated with you. We can’t break the law but we are there to protect you.
We will at all times act in YOUR interests.
An insolvency practitioner is obliged to act on behalf of your creditors. Those interest will often conflict.
We Know What We’re Doing
We have been where you are now. Multiple times. Our team have dealt with hundreds of insolvencies over the years.
We know all the pitfalls and how to avoid them. We have ex insolvency practitioners on our team so we know how that industry works from the inside. We have tested legal documents that allow you to walk away completely unscathed.
Potential Insolvency Practitioners will Mislead you…….
In almost every case we’ve seen, proposed Insolvency Practitioners don’t alert clients to the dangers of insolvency.
The IP will not alert them to the conflicts of interest that will arise. You might find your once friendly insolvency practitioner trying to seize your house and personal assets or being a witness against you if the government decide to prosecute you.
Unless you can get written undertakings from your potential Insolvency Practitioner we’d strongly recommend that you don’t use them.
We say this after seeing countless cases of lives being ruined by Insolvency Practitioners pursuing Directors and going after their assets