Here at help with debt we are often faced with calls from directors who need help who liquidate their businesses

Here at Help with debt we are often faced with calls from directors who need help who liquidate their businesses. Some directors are quite clued up with the process, either having been through the procedure once before or having read extensively about what happens on the net. Others simply haven’t a clue. All they know is that they cannot pay what they are due to various creditors and so need to close the doors on the business.

It matters not to us the level of knowledge that you come to us with we will guide you through the process from start to finish. It obviously helps the Insolvency Practitioner, if he can be provided with all the financial information that the business has from this he will produce the statement of affairs which goes out to the creditors with the notice informing them of the meeting of creditors. It is the statement of affairs which proves to the creditors that the company is insolvent and under the Insolvency legislation should be closed. It must be remembered that the Directors of an insolvent business has a duty to stop trading and incurring any further loses and take steps to formally close the business.

This year in England and Wales there will be over 20,000 Liquidations and about 4,000 Administrations and 700 CVA’s. It is possible to see therefore that there are a large number of companies each week which close down or re-structure through insolvency.

An insolvency practitioner or expert insolvency solicitor is the ideal place to take initial advice on how to close your business, the costs involved along with the time scales and how you can re-start a business again out of the ashes of the old company.

Getting a new business from the old business is called a phoenix, or a pre-pack in some circumstances, and as long as fair value is paid for any assets or contracts is usually the ideal way to preserve jobs and continuation of business.

As with any insolvency, it is always best to start the process as soon as problems start to manifest themselves as this reduces losses to creditors and maximises the chances of a successful recover in one guise or another.

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