Most of us recognise that it is very important to keep on top of the finances when we own a business. This applies to all types of business including companies. If a company should get into a situation where it is unable to pay its bills, the situation is referred to as company insolvency.

It is important to realise that limited company insolvency does not happen overnight. Normally a series of events and situations will lead to an insolvency becoming a reality. This means that if you are in control of your business and you are watching for any signs that it might be in trouble, you can often take preventative measures to ensure your business does not end up becoming company insolvent.

What does Company Insolvency Mean? To find out watch the video below or scroll to read…

At the end of this short video you will understand: What is a Company Insolvency? What is Insolvent Trading or Wrongful Trading? What are the Legal Implications of a Wrongful Trading? What should you do if you are in this position? What Next?

What should you look out for?

Many situations that occur in the run up to a company insolvent situation are huge red flags to those in charge. The issue is in whether you recognise them and accept them for what they are.

For example you might find you are always juggling money to ensure you have enough to pay your bills. Similarly you may find your overdraft is always being squeezed and you cannot get an extension on it from your bank. If you let bills become overdue on a regular basis, you should take this as another red flag for getting company insolvency advice. It’s common enough to miss one occasionally – perhaps because it gets lost in the shuffle or even lost in the post – but if it is happening all the time you should sit down and take note of the situation you are in.

Is it possible to ward off company insolvency administration?

The good news is that it is, but you must learn to recognise the earliest signs that there may be a problem. Recognising your situation and dealing with it at a very early stage can be enough to get your company back on track again. If you consistently have more money going out than you have coming in, it’s obvious that this is a problem that will only get worse the longer it goes on. A company insolvency service can advise you on the best steps to take.

Taking responsibility for your company could mean taking a long hard look at your financial situation. Tackling it now and making changes to your business in order to ward off business insolvency could save it – and it might even lead you back into healthy profits once again. In any event it is very important to take action as soon as you can.

For Company Insolvency Advice Call on 0800 24 0800 alternatively you can download the quick Insolvency Survival Guide For Businesses written by the author and business mastermind coach Moe Nawaz from his experience as an Insolvency Auditor during 20 years of helping people just like you to map out a better future.

By Moe Nawaz - UK's Most Trusted Insolvency Auditor & Mastermind Coach for Business Growth. 

Company Directors Liquidation Advice

Business Liquidation & Insolvency Advice Line For Company Directors

Anybody who has past or present experience of running a company knows that it is both a challenging and demanding task. Several aspects of the business always seem to need constant attention and management, so it understandable under certain circumstances that businesses become insolvent. As the director of a company, the implications of insolvency and bankruptcy are very significant, and under certain circumstances, the company directors can be made individually accountable for the company’s debts. For example, if a company continued to trade despite being insolvent, the director may become liable for its debts. 

Can't Pay HMRC Tax or VAT Bill?

A company may be wound up because it has failed to pay certain creditors inc HMRC – Tax or VAT, so one or several of the creditors may file for a winding up petition. Many creditors feel disgruntled due to the money owed to them, and do their best to encourage an investigation into the director’s conduct, to see if the insolvency could have been prevented if the director had acted in different ways. This is a huge amount of pressure for a company director to be under.

If a business has been wound up, whoever liquidates the company (closes the business and sells its assets) will, in most cases, investigate the director of the company. They can also investigate anyone who assumed an unofficial role of directorship in the three years before the company was wound up. 

Insolvency Directors Investigation 

The investigation will determine whether or not the director acted appropriately in the given circumstances, and also whether they made decisions that were favourable to their creditors and their business, not just for personal gain. Under the 1986 Insolvency Act, companies are not allowed to trade when they know that they are insolvent, and this will be checked in the investigation. This illegal practice is known as “wrongful trading”, and if a company is found to have traded wrongfully, the implications for the director are very serious.

The Insolvency Service will then look into the investigation that the liquidator has carried out, and if the liquidator has found any misconduct on behalf of the director, in their report they will recommend that action is taken against the director.

There are usually two types of action that can be taken against the director. Firstly, they may receive a Director’s Disqualification for a fixed period of time. Secondly, they may become personally liable for debts acquired at the now insolvent company which they held a directorship at. You can see what a serious situation this is for a company director to be in, the future consequences are severe and drastic, and can have a negative effect on a person’s income and their credit rating. 

Each business has completely different circumstances surrounding the winding up of the company. If you are a director of a company that fears the future implications of insolvency for your business, speak to a professional Insolvency Auditor who is experienced in dealing with insolvent businesses. The insolvency auditor will help you to assess your current situation and the consequences of the decisions you make for your business.

For FREE and Confidentual Advice Tel: 0800 24 0800

Business Insolvency Services

A company that advertised itself as a ‘one stop shop’ for dealing with bankruptcy has been ordered into liquidation today following an investigation by The Insolvency Service.

UK Bankruptcy Limited (UKB), which was based in Dorset, but incorporated in Edinburgh, attracted clients through advertising and referrals from another official looking website called ‘IVA Council’. The investigation found the company derived the majority of its income from fees charged to clients who used UKB to make themselves bankrupt. The fees, often running into thousands of pounds, bore no correlation to the work undertaken or the extent of the clients’ level of debt. The advice given was often very basic and could easily have been obtained for free.

In some cases the fees charged to clients’ credit cards rolled into the ensuing bankruptcy whilst the amount of fees appeared to equate to the amount of credit still available on their cards. This action meant that, in effect, the clients’ creditors were funding the company’s fees with no prospect of repayment. The investigation also found evidence that some clients allowed the company to maximise the amount of fees charged to their cards, in return for which they were given “cash back”.

Between about October 2007 and June 2008 the core business of UKB was generated by leads provided by an organisation called the IVA Council (IVAC), an unincorporated association which purported to be a voluntary independent body that monitored the insolvency industry. In reality IVAC was a marketing tool that generated leads for UKB by suggesting to individuals that they had been “mis-sold” an Individual Voluntary Arrangement (IVA) and they would be better placed financially by petitioning for their own bankruptcy. Clients referred via the IVAC were almost invariably persuaded by the UKB to discontinue an existing IVA and enter into bankruptcy.

Commenting on the case, Stephen Speed, Chief Executive of The Insolvency Service said:

“At a time when finances are so tight for so many people it is regrettable that a business like UK Bankruptcy Limited should use dishonest practices to exploit the demand for debt advice for its own financial gain. I hope the action we have taken will serve as an important reminder to anyone in debt; good quality advice is freely available from charitable organisations. In addition our publication ‘In debt: dealing with your creditors’ provides an overview of the personal insolvency options.”

Notes to editors

(1) The Office of Fair Trading have issued warnings recently about firms operating in this sector with concerns over declining standards and non-compliance with their Debt Management Guidance issued in 2001. This Guidance applies to all firms providing financial management services including IVAs, personal bankruptcy and commercial credit repair. In particular the OFT have warned that firms often mislead individuals with debt problems with websites that imply they have some official status or sanction from the Government and are less than transparent about the level of their charges.

(2) UK Bankruptcy Limited was incorporated in Scotland on 1 June 1992 and its registered office is at 24 Great King Street, Edinburgh, EH3 6QN. The company carried on business from Alton Chambers, 37 Church Road, Parkstone, Poole, Dorset, BH14 8UF.

(3) The company’s debt advice business was carried on from about June 2005 to the presentation of the petition. Its association with the IVA Council lasted from October 2007 to June 2008.

(4) The investigation was carried out under section 447(3) of the Companies Act 1985 by officers from Company Investigations, part of The Insolvency Service.

(5) The petition was presented on 8 December 2008 under s124A of the Insolvency Act 1986 on public interest grounds that; the company’s business was unscrupulous, inappropriate and operated to the detriment of creditors of the company’s clients and sometimes the debtors themselves.

(6) The company’s turnover for the year ended May 2008 was approximately £2.8M and it had more than 3,000 clients.

(7) The directors and joint shareholders of the company were Sean Mason and Tobias Gooden then of Throop Road, Bournemouth, and Wimbourne Road, Wimbourne respectively.

(8) The Insolvency Service administers the insolvency regime, investigating all compulsory liquidations and individual insolvencies, through the Official Receiver to establish why they became insolvent. The Service also authorises and regulates the insolvency profession; deals with disqualification of directors in corporate failures; assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; provides banking and investment services for bankruptcy and liquidation estate funds; and advises ministers and other government departments on insolvency law and practice. Further information about the work of the Insolvency Service is available from

http://www.insolvency.gov.uk.

The parent company of Living Oasis bookshops has entered insolvency.

Suppliers were issued with an insolvency notice for The Nationwide Christian Trust (NCT), signed by its owner Ray George, on 1st August. The first meeting for creditors will take place in Essex on 17th August.

Along with running the 19 former Wesley Owen bookshops under the name Living Oasis, the NCT also ran courses and events at Mulberry House in High Ongar, Essex.

In the last four months the Living Oasis shop portfolio has fallen from 19 to two, with only Harrogate and Watford branches left trading.

George told The Bookseller last week that the Christian bookselling chain had been put up for sale. He had said: “We have lost £1.2m in the last year and we are pulling out of book retailing. It is us too much for us to continue with, we cannot face these losses.” He indicated  the NCT had borne the brunt of the financial strain.

When contacted, a spokeswoman for George said he will soon be releasing a statement about the situation.

Directors Insolvency Advice Helpline 0800 24 0800

Advice For Company Director From Turnaround Expert

Anybody who has past or present experience of running a company knows that it is both a challenging and demanding task. Several aspects of the business always seem to need constant attention and management, so it understandable under certain circumstances that businesses become insolvent. As the director of a company, the implications of insolvency and bankruptcy are very significant, and under certain circumstances, the company directors can be made individually accountable for the company’s debts. For example, if a company continued to trade despite being insolvent, the director may become liable for its debts.

Insolvency Advice For Director

A company may be wound up because it has failed to pay certain creditors, so one or several of the creditors may file for a winding up petition. Many creditors feel disgruntled due to the money owed to them, and do their best to encourage an investigation into the director’s conduct, to see if the insolvency could have been prevented if the director had acted in different ways. This is a huge amount of pressure for a company director to be under. 

If a business has been wound up, whoever liquidates the company (closes the business and sells its assets) will, in most cases, investigate the director of the company. They can also investigate anyone who assumed an unofficial role of directorship in the three years before the company was wound up.

Wrongful Trading By Directors

The investigation will determine whether or not the director acted appropriately in the given circumstances, and also whether they made decisions that were favourable to their creditors and their business, not just for personal gain. Under the 1986 Insolvency Act, companies are not allowed to trade when they know that they are insolvent, and this will be checked in the investigation. This illegal practice is known as “wrongful trading”, and if a company is found to have traded wrongfully, the implications for the director are very serious. 

The Insolvency Service will then look into the investigation that the liquidator has carried out, and if the liquidator has found any misconduct on behalf of the director, in their report they will recommend that action is taken against the director. 

Directors Disqualification

There are usually two types of action that can be taken against the director. Firstly, they may receive a Director’s Disqualification for a fixed period of time. Secondly, they may become personally liable for debts acquired at the now insolvent company which they held a directorship at. You can see what a serious situation this is for a company director to be in, the future consequences are severe and drastic, and can have a negative effect on a person’s income and their credit rating.

Each business has completely different circumstances surrounding the winding up of the company. If you are a director of a company that fears the future implications of insolvency for your business, speak to a professional Insolvency Auditor who is experienced in dealing with insolvent businesses. The insolvency auditor will help you to assess your current situation and the consequences of the decisions you make for your business.

 Company Directors Helpline FREE 0800 24 0800 

PERSONAL GUARANTEES P.G's

Businesses in the UK regularly get loans if they need some extra capital, maybe to expand the business. Some businesses have a large overdraft facility which they may use from time to time. However, many of these loans and business account overdrafts need a “guarantor”, a person who will pay the money owed on a bank loan or the money on an overdraft that was never paid off. If you have given a personal guarantee to the bank and they are calling the guarantee in, don’t pay the full amount negotiate with them to get the amount down by up to 40% or phone our helpline and we will help you with this.

Under certain circumstances, a company director of a limited company can become personally liable for the debts of the company if they are not paid back on time, or the business becomes insolvent due to those bank debts or debts with other creditors.

If used correctly, a business loan can be great for a company and aiding its growth. However, in reality things don’t always go to plan. Other financial obligations may mean that the money is spent paying company debts rather than being invested into growing the business. 

You have mounting debts from your business account overdraft or from business loans you have taken out

A secured bank overdraft and loan means that the creditor, in this case the bank, uses your business assets as security, but may also use some of your personal assets as security; this could even be your family home. If business debts owed to the bank can’t be paid through the business, the bank may try to seize some of your personal assets to repay the money owed to them.

Mounting debts from business loans and business overdrafts can be a huge problem for the director of a company, particularly if they are part of other debts that the company owes to different creditors, including the tax man and suppliers. This could be a case where the company is becoming insolvent, so a professional who can offer expert and independent advice will be able to help you and may be able stop your company from becoming insolvent. 

Insolvency Helpline 0800 24 0800

What is a directors’ dispute?

“A partnership is a sinking ship” so the quote goes. Unfortunately for some UK businesses, this is the case. Partnerships that start out so well can easily be eroded, especially when there is money and a business involved. Nowadays, many businesses have and need more than one director, but this can sometimes lead to problems. Directors’ disputes occur when there are disagreements between some of the directors within a company. Shareholder disputes also happen within organisations, and usually occur when there is a conflict of interest between the shareholders and the directors of a company.

Why do these disputes happen? 

Anyone that is running a business has a large amount of things to deal with, and this can be quite stressful. Problems and tensions can arise between directors of the company, regardless of how streamlined and efficient the business may be. There are many reasons why a dispute between directors may happen. For example, one of the director’s may not be meeting expectations in terms of their performance; there may be a conflict of interest between two directors, disagreements about the future direction of the company, or one of the directors could have acted in a way that was not in the interests of the company. There are many more reasons why disputes between company directors occur. 

What are the consequences?

Most disputes have a bad habit of becoming worse over time, you may want to consider contacting a professional who can try and help to keep everything amicable and help the directors come to some sort of agreement with the least cost and confrontation possible.

Director’s disputes can have significant consequences for a business, if two directors at the same company don’t want to work together, this could have negative effects on turnover and the effective running of the business.

Negotiation is a much better solution that litigation, but if a dispute is bad enough, litigation may be the only option. However, litigation is usually a lengthy process, and the more time that elapses between the dispute arising and a resolution, the more the business is at risk. Seek professional advice as soon as possible, to minimise the likelihood of litigation. However, in some circumstances it may be the only option, but it is always better to analyse your choices first. An expert in this field may discuss options that you would have never otherwise thought about. 

What you should do if a directors dispute has arisen

Directors of limited companies have a legal responsibility to put the interests of the business over their own personal interests. If you are a director at a company, and you feel that one of the other directors has done something that conflicts with this idea and you can’t come to an amicable resolution or agreement, it is time to seek professional advice. A professional who is experienced in dealing with directors’ disputes and shareholders’ disputes will be able to act as an intermediary, help you to weigh up the options and take the appropriate action. 

Contact our Directors Helpline 0800 24 0800

Credit Card Debts For Businesses

Sometimes banks will refuse to lend money without a personal guarantee from a “guarantor” who will assume the debts if they can’t be paid by the business. In recent years, since beginning of the recession, banks have become particularly strict about lending money, so have taken more steps to ensure the money is paid back to them one way or another. 

Many businesses in the UK have business credit cards, most of which have a large overdraft facility just in case the business temporarily falls on hard times. However, if a business believes it is becoming insolvent, some company director’s will use the business credit card’s overdraft facility to pay some of its creditors. This leaves them with a major problem; the bank will soon want their money back.

If you are a director you may provide a guarantee on the business credit card or cards that you may have for your business. Personal guarantees for Limited Companies are now normally required from the banks. This is a great system when the company is solvent. However, if the business becomes insolvent, you as the guarantor become personally responsible for some if not all of the debts incurred on the business credit card. This can be a huge problem if you already have other creditors on your case for their money; it is another debt on an already large pile. 

You have mounting debts from your business credit card 

If you have increasing debts on your business credit card, and you’re not in a situation to pay back the money owed, speak to a professional and experienced Insolvency Auditor today. They will be able to help you look at the situation and address it in the best possible way for both yourself and your business. The faster you act the more likely it is your business can be saved.

Help With Business Credit Card Debts or other Company Debts Call Our Insolvency Helpline on 0800 24 0800 

How To Save Your Business From Debts

There are many small businesses in London facing financial crises who are seeking professional insolvency advice from London Insolvency Auditors. Although London is one of the economic capitals of the world, many businesses have felt the financial strain in the recent recession and things are not likely to get any better for a couple of years to come.

What is insolvency?

With the current economic recession, small business owners are worried about their company debts and the liabilities that the directors might be left with in the event of liquidation. With this in mind, insolvency is a growing concern for the UK business community. Insolvency occurs when a company cannot cover its debts. Where bankruptcy is a term used for individuals, insolvency is a term used for businesses. The two main types of insolvency are balance sheet insolvency and cash flow insolvency. When a company’s liabilities exceed their assets this is known as balance sheet insolvency, in other words, when the cash flowing out of a business is greater than the cash flowing into the business. Cash flow insolvency is a company’s inability to pay debts as they fall due

Causes of Insolvency

The current economic climate has proved too much for some businesses. There are a number of causes of insolvency such as loss of market, management failure in some capacity, unsustainable debt, and a businesses’ inability to pay their tax bill. Insolvency is most often caused by a businesses’ incapacity to handle company finances correctly. These are the more common reasons why businesses become insolvent, but there are many others.   

How can you solve this problem?

Whatever business you are in, if you are facing insolvency you have to make some very important decisions, first of all do you want to continue on with the business? Second, do you just want to call it a day and walk away but need to minimize your personal liabilities?. To rescue your business, you will need to not only pay back creditors you failed to pay in the past, but also change your practices so that this is not a situation your company has to endure ever again. This process is usually spread out over a period of between two and five years. The guidance of a good London insolvency auditor is critical.

Look at all of your options 

If insolvency seems inevitable, there are more options than just simply closing the business. Remember that closing your business will also incur costs. As the director, you should weigh up your other options. For example, it may be better for you to do a Company Voluntary Arrangement (CVA) or a Pre Pack Administration. A CVA usually involves decreasing the size of the debt repayments and writing off some of the company’s debt. A Pre Pack Administration is when a brand new company can buy the assets and not worry about the debts of the previous company. These may be better options for the company, but always consult an experienced and professional London Insolvency Auditor.

What you should do

It is of paramount importance that a business facing insolvency seeks the very best professional advice that is available. You need to weigh up your options at the earliest available time. If your business is being burdened with business debts and you cannot see a way out and need advice and guidance relating to insolvency problems, you can get the best advice from a great Insolvency Auditor. This could be the most important decision you make for your business, so be sure to employ the best advice that the industry has to offer.

Insolvency Helpline 0800 24 0800

INSOLVENT TRADING

What is Insolvent Trading?

Insolvent Trading occurs when a company does not stop obtaining credit although the directors know that the company has not got the sufficient funds to repay the creditors. It is unlawful in many countries, including the UK, under the 1986 UK Insolvency Act. Insolvent Trading can lead to the directors of a company becoming personally responsible for repaying the creditors. Insolvent Trading is sometimes referred to as “Wrongful Trading”. If you are not sure if you as a director of a company are liable you should speak with an insolvency auditor for advice, just to be safe.

Why would a company get themselves into this position?

Several factors can lead to a company involving themselves with these illegal practices, such as increasing debt, failure to meet the creditors’ usual trading terms, a lack of cash flow and poorly organised financial records. This is a highly unfavourable position for any company to be in, and the consequences can be severe for the company directors. Previous directors and Shadow directors are also liable for prosecution under the Section 214 of the 1986 Insolvency Act. Are you in this position with your current company? If so get professional advice from your local insolvency auditor.

What are the legal implications of Wrongful Trading?

Additional to the fines and criminal charges that company directors may face, if the liquidator has witnessed or experienced poor conduct from the director, they may also be banned from future directorships of other companies for a fixed period of time. This is due to the 1986 Company Directors Disqualification Act, and many dealings of an insolvent company in the UK will be undertaken by the Department for Business, Innovation and Skill’s (BIS) Disqualification Unit.

What should you do if you’re in this position? 

The best thing that you can do is seek professional advice from an Insolvency Auditor, and do this as early as possible to address the issues that you and your business are facing. Even if you are not yet in this position, but fear you may be in the near future, you should still seek professional advice to potentially prevent your company from becoming insolvent.

Cardiff Insolvency Helpline

Insolvency Practitioner or Insolvency Auditor

Know Any Good Insolvency Auditors?

An insolvency auditor or a solvency practitioner can be a very useful person to know and keep in contact with in the business world today. The first thing that normally springs to mind of most business owners and finance houses when a business is in financial crises is an insolvency auditor or a solvency practitioner to help the company prepare for insolvency and to make sure the directors will not be harmed by the fallout if the business were to go in to liquidation. If that being the case the insolvency auditors main task would be to minimise the directors personal  liabilities and advise on any wrongful trading lawsuits that might pop up in the future due to wrongful trading.

Insolvency Practitioners

An insolvency practitioner on the other hand who is an officer of the court, even dough you as a company director might instruct him to act on your behalf he is duty bound to look after the interest of the creditors. That is not to say he will not give you good advice. 

Tell me one thing as a business owner, if you were in a court room and you were in court in the docks would you ask the solicitor who was prosecuting you to act as your defence at the same time just to save a few quid? Or would you rather have a defence solicitor who you knew was looking after your best interests only and not anyone else? Then why is it that most of the business owners and company directors when faced with insolvency never think of an insolvency auditor to seek professional advice before hand and during the insolvency process?

Yes it makes you stop and think, I bet? Good. So if your business is in financial disaster and you need someone on your side with experience to steer you through these difficult time without causing any damage to your reputation or at least minimizing it, then look on the internet and find a good profession Insolvency Auditor to be with you till the storm passes and you can see the clear skies and feel the fresh air. I will warn you they are hard to find and worth their weight in gold.

When You Need Someone On Your Side

With the number of companies that go into liquidation every week with a view of getting a fresh start and start a new company without any liabilities or just simply calling it a day and not continuing in business at all. All do so with advice from processionals but most or at least 60% (500 company directors of liquidated companies) of the company directors questioned stated that had they knew what they know now after the liquidation they would have employed the services of an Insolvency Auditor to look after their interests and guidance before and during the insolvency proceedings of their company. In finding a good insolvency auditor that has a great deal of experience in pre-insolvency structuring in order to minimise your personal liabilities and to advise you of any other concerns and issues that might pop up at later stages in the insolvency process.  

It takes some courage on the part of the business owners and company directors to face the fact that the business is in difficulty and they also have to be realistic about listening to the advice of the profession experts. A Company Voluntary Liquidation is used when the liabilities of a business far outweigh its assets.  If on the other hand the business is viable in the long run but in the short term the business is suffering financial cash flow problems other options that are open are CVA a creditors Voluntary Agreement or even a Pre-Pack administration.

Insolvency Advice From The UK's Leading Expert

Moe Nawaz  (as seen on T.V.) is a nationally recognised insolvency auditor who has focused on providing insolvency advice to business owners and company directors for over 20 years. He regularly travels the country assisting company directors on how to handle their toughest cases with the Inland Revenue, Customs and Excise and other creditors. Moe is highly ranked among the top insolvency auditors in the country, with two books to his credit as an author “The Insolvency Survival Guide For Businesses” and his second book “Bankruptcy Guide”. With clients from Scotland through to Devon Moe enjoys travelling to meet his clients, he has what it takes to solve your tax, VAT and other creditors problems for your company no matter where you live in the United Kingdom. If you would like more information about his practice and how he can help you, please call his office on 0800 24 0800 or contact him via email.

Business Insolvency Helpline FREE & Confidential Advice 0800 24 0800 

Insolvency Auditors Are Needed More Than Ever In The Current Economical Climate

Hardship For Small Businesses

It's no surprise that an increasing number of hard working business owners and company directors are finding themselves in the middle of an economical fight for survival to keep their businesses going and are in need of expert advice from professional Insolvency Auditors. Whenever you open a news paper or switch on your television, there are businesses closing down and people being laid off, banks getting in to trouble and governments bailing them out, businesses closing shop and liquidations at an all time record high. Insolvency used to be a rare exception as a course of action, but the rules of the game have changed. Today's economy has forced a record number of citizens to have no choice but to file for protection under the insolvency laws.

Insolvency Still Increasing

The overall economical picture doesn't seem to be to cleaver, also. The most recent figures indicate that there will be higher unemployment in the coming years unless people skill up with new skills. The unemployment figures are still going up every day which is the toughest rate since the beginning of the 1980's. Small business owners which is the backbone to any economy continue to be unwilling to employ new workers because they find it difficult to establish their foothold in today’s business environment.

Major High Street Names In Liquidation

High street names like Woolworths, MFI, Empire Direct, Powerhouse and many more to mention that have been around long enough to become household names are generally shutting down stores or even closing their doors forever. Including the ones that stay open have somewhat vacant parking spaces and low profit income. Alerts and emails have been sent out to consumers to spend their credit notes before businesses go in to liquidation or shut down.

Banks and Building Societies like Northan rock, Nat West and TSB went gone tits up, needing to be bailed out at the taxpayer’s expanse. The bank's bad lending habits were to blame with little or no deposit taken from the buyers who then got a 100% or more mortgages they bestowed upon many who are now in negative equity. It’s no surprise that how the ordinary person on the street and many business owners finds them selves seeking expert advice and services of an insolvency auditor.

Small Business Insolvency

What sort of companies or businesses seeking the protection of the insolvency law file for voluntary liquidation or pre-pack insolvency? The bulk of the business are the very small businesses employing less than 15 employees then there are one or two large corporations but not many of them left who need rescuing. The majority of the companies facing liquidation are with threats from the Inland Revenue or VAT, these companies have two real option, option one is to do nothing and wait for the winding up petition to land in the post and then the winding up petition turns to a winding up order at which moment in time the courts appoint the official receiver to investigate the companies affairs. Or second option is to speak with an insolvency auditor who will help you to save your business or provide you with options that might include fresh start without any debts in  the shape of a new company and help to liquidate your old company.  

Hard Working Business Owners Face Difficulties

Most of the small businesses don’t have any framework whatsoever in place to look after existing customers and to maximise the return from each customer. In majority of the cases in my 20 years plus experience most business owners do everything to bring in new sales from the front door but do nothing to keep customers for life by keeping them happy. This is not to say the business owners are not hard working, every business owner is very hard working with long hours each day to make sure there business is a success. But that’s another story for another day with the mastermind coach rather than the hat of an insolvency auditor.

If your business is in a situation where finance is very thin on the floor and sales are slowing down but debts on the other hand are mounting up with creditors hot on your tail then you need an expert experienced Insolvency Auditor to help you through these tough time to make sure you come away in the event of business insolvency with minimal personal liabilities and no personal law suits.

Moe Nawaz is the author of Bankruptcy Guide and also The Insolvency survival Guide For Businesses (find his books on Amazon).

Insolvency Helpline 0800 24 0800 For Business Owners & Directors

Moe Nawaz: Insolvency Auditor – Author – Business Coach

Insolvency London

Offering Personal Attention and a Positive Approach to Insolvency in the London Area

London Insolvency Auditors with over 20 years experience helping business owner and company directors with business debt relief and advising the directors about any wrongful trading and the legal action if any. We offer personal attention and a positive approach to insolvency in London for company directors and business owners, ranging from liquidation, CVA, Pre-Pack lnsolvency and other options. Most business owners and company directors are not aware of what rights they have for protection from creditors under the insolvency laws. If you are being pressured by creditors inc bank, VAT or Tax man – we can help put a stop to all that as you have options. Call our FREE London Insolvency Helpline 0800 24 0800. 

What Can An Insolvency Auditor Do For You?

Our London Insolvency offices are open for meetings or we are happy to arrange a meeting on site at your place of work. An Insolvency Auditors job is to look after the interests of the company directors and business owner by minimizing their personal and business liabilities. Over life time and experience in the insolvency sector we have seen too many business owners and company directors disqualified or charged with charges which should not have made against the directors had they been advised independently by an insolvency auditor. So if you are considering insolvency in London, liquidation in London, pre-pack or an administration in London for your company, I would urge you to seek the expert and professional advice of a good insolvency auditor In London. Even if it someone other than us.

Insolvency Advice From UK's Most Trusted Insolvency Auditor

Moe Nawaz, is a leading Insolvency Auditor in Europe and the author of the two following books which can be found on amazon.co.uk. The insolvency auditors duties are to guide you and stay with you through the whole of the insolvency process from start to finish. You can rest assured that when you need someone on your side, someone you can depend on, we will be there for you. Why not pick up the phone and see for yourself. This will give you an opportunity to go through any concerns and questions that have been keep you up at night. 

To contact Moe Nawaz on the London Insolvency Helpline Tel: 0800 24 0800

Company Tax Debt Helpline

Tax debts can be very damaging for any company if not dealt with promptly and correctly. Company debt with the Inland Revenue and Customs and Excise VAT can present serious consequences not only for the company but also may present future consequences for the directors of a company. The directors in effect are tax collectors for the tax man and vat man and every quarter or every month depending on arrangements which you have in place, you are meant to forward these taxes you have collected on behalf of the tax and vat man to the authorities.

Well that’s the theoretical side of the plan but in reality when you have other creditors and workers wages to consider on a day to day running of your business, you get pressured into paying money that was set aside for the taxman or vat man then gets used up in the day to day running of your company with the best of intention of repaying later. But that’s not always the case in practice.

When you have company debt problems you have to become proactive and take professional advice from an Insolvency Auditor who can best advice you with the options open to the company if you are looking to grow your business whilst dealing with the company debts at the same time. Money owed to any government agency such as tax or vat will incur penalties, interest, and other charges relating to late payment or non payment of debts.

Solution

Tax debt or vat debt, in both cases the authorities will usually work with the company and its directors who seek help for a payment plan. As soon as you see the problem getting worse start a dialog with the Inland Revenue or Customs and Excise to work out a plan to rectify the situation. By ignoring letters and phone calls from the authorities all you are doing is setting yourself up hardship. Speak with your accountant or if the situation call for it have a friendly chat with an experienced Insolvency Auditor who will only be too happy to answer and address your concerns.

If your company is struggling financially and is unable to pay its tax and vat bill as well as other creditors then you will need to call in an Insolvency Auditor who will help you the directors to minimize your personal liabilities in the fallout or the liquidation of the company.

Insolvency Advice From The UK's Leading Expert

Moe Nawaz  (as seen on T.V.) is a nationally recognised insolvency auditor who has focused on providing insolvency advice to business owners and company directors for over 20 years. He regularly travels the country assisting company directors on how to handle their toughest cases with the Inland Revenue, Customs and Excise and other creditors. Moe is highly ranked among the top insolvency auditors in the country, with two books to his credit as an author “The Insolvency Survival Guide For Businesses” and his second book “Bankruptcy Guide”. With clients from Scotland through to Devon Moe enjoys travelling to meet his clients, he has what it takes to solve your tax, VAT and other creditors problems for your company no matter where you live in the United Kingdom. If you would like more information about his practice and how he can help you, please call his office on 0800 24 0800 or contact him via email.

Tax and VAT Debts Helpline 0800 24 0800

Milton Keynes Insolvency Helpline

Well it has been a long time in coming, but our insolvency auditors now cover Milton Keynes and the Bedfordshire area with our insolvency helpline. So if your business is suffering any financial setbacks due to the recession or the economy and you have creditors harassing you for payments. These could be VAT, PAYE tax bills, bank loans or suppliers demanding payments. At the Milton Keynes Insolvency Helpline we are ready to assist you with your questions and concerns.

Business Insolvency – Liquidation – Pre-pack administration

If you are a business owner or a company director you can use the Milton Keynes Insolvency Helpline FREE of charge for any issues related to your business and its debts. Insolvency is a very scary complex subject which most business owners don’t understand it but you have to keep in mind insolvency is also there to protect you the owners / directors of the company from creditors.

Insolvency Advice From The UK's Leading Expert

Moe Nawaz  (as seen on T.V.) is a nationally recognised insolvency auditor who has focused on providing insolvency advice to business owners and company directors for over 20 years. He regularly travels the country assisting company directors on how to handle their toughest cases with the Inland Revenue, Customs and Excise and other creditors. Moe is highly ranked among the top insolvency auditors in the country, with two books to his credit as an author “The Insolvency Survival Guide For Businesses” and his second book “Bankruptcy Guide”. With clients from Scotland through to Devon Moe enjoys travelling to meet his clients, he has what it takes to solve your tax, VAT and other creditors problems for your company no matter where you live in the United Kingdom. If you would like more information about his practice and how he can help you, please call his office on 0800 24 0800 or contact him via email.

Putting Your Company Into Liquidation

Company Liquidation Options

There are 3 common ways a company can be put in to liquidation:

       A)   A Compulsory Liquidation by the courts if the company owes money for goods or services received.  This sort of an action can be brought about by a secured creditor or an unsecured creditor of the company.

       B)   A Creditors Voluntary Liquidation is the most common form of liquidation in the United Kingdom. This is normally the case when the company has come to the end of the road or is trading insolvently due to cash flow to continue business. The main concern for the directors is wrongful trading if the company continues trading and accumulating debts when the directors know the company cannot continue in its current form with the debts.

C)   A Shareholders Voluntary Liquidation is where the company has served its purpose and has funds to pay all its creditors secured and unsecured including taxes.

So what is  a liquidation Of a Company?

First of all we need to understand what a company is, a company is a separate entity in its own right just like the shareholder or the directors are. The directors are the officers of a company who run the company. The shareholders are the people who have taken invested money in the company and have taken shares in return. A director can also be a shareholder in the same company , this is the most common small business you find around the world.

When a company is placed in to liquidation an insolvency practitioner (liquidator) steps in to the shoes of the officers of the company to finalise the affairs of the company, i.e. sell any assets of the company if any and pay any liabilities with what dividends are left if any amongst the creditors. Once all that has been completed the company is then dissolved and removed from the Companies House Register. That’s the end of the company.

Can I liquidate My Own Company?

If the company has creditors with debts outstanding then you cannot liquidate the company without having to employ the services of an insolvency practitioner. It may be wise to seek the professional  advice of an Insolvency Auditor for a free consultation to see the options you have open to you and to minimize and personal liabilities you as a director might have. The insolvency auditors looks after the interests of the directors. The insolvency practitioner is bound by law to look after the interests of the creditors.

If on the other hand if the company has no debts at all then simply fill in a simple form along with a small fee to companies house and have the company removed from the register.

Can I save my Company From Liquidation?

Even if a company has large amounts of debts it can be saved depending on the future of the company.  In a restructuring exercise if the company has a future and the debts are the only thing that is holding it back, then there is every chance the company may have a future with a restructure and reshaping the company. It is best practice to sit down with an experienced Insolvency Auditor who will advise you of all the options you as a director have to save your company.

Insolvency Advice From The UK's Leading Expert

Moe Nawaz  (as seen on T.V.) is a nationally recognised insolvency auditor who has focused on providing insolvency help to business owners and company directors for over 20 years. He regularly travels the country training accountants and solicitors and enrolled agents on how to handle their toughest cases with the Inland Revenue and Customs and Excise. Moe is highly ranked among the top insolvency auditors in the country, with two books to his credit as an author “The Insolvency Survival Guide For Businesses” and his second book “Bankruptcy Guide”. With clients from Scotland through to Devon Moe enjoys travelling to meet his clients, he has what it takes to solve your tax or VAT problems for your company no matter where you live in the United Kingdom. If you would like more information about his practice and how he can help you, please call his office on 0800 24 0800 or contact him via email.

Over 80% of businesses fail within the first 5 years

With the number of Companies and Businesses in the UK  going bust in the last 3 years, it pays to be on guard to make sure your business is not next in line for the insolvency courts.

Tough Times Call For Tough Measures

If you have a number of projects or products focus on the one’s that are making a profit and adding  to the bottom line no matter how much sales the other products might be bringing in unless it is adding to the bottom line, it is not making a contribution for the business growing.

If you have loss making projects or services in your business put them on hold, sell them off or close them. Tough times call for tough measures, if you want to remain in business you will have to make tough decisions.

Employ More Skilled People

Management skills, now is the best time to employ people you have not been able to employ in the past. The unemployment register is full of graduates and senior skilled mangers eager to work, so go look and find the best talent to help you take your business to next level.

If you find that your business, in its current form is not viable because it is burdened with debts which is holding the business back from growth or the business needs to be trimmed down to be made leaner to survive the recession. The solution to that is not a hard one, you need to sit down with an Insolvency Auditor to explore all your options so that the business will go forward no matter what the size of the debts. You can get court protection from the creditors if your business is viable and all that is holding it back is debts or fear of making employees redundant and the costs associated with that. Don’t let that hold you back seek advice from an independent Insolvency Auditor who will help you through these tough times.

Grow Your Business

The position you need to get your business to is where is not to dependent on credit and is cash rich to be able to negotiate better discount rates by pre-paying for its stock or settling the payment periods earlier and gain extra discounts. No matter what people say cash and customers are still kings no matter where they are.

In my 20 plus years working in the turnaround business sector, I have seen all sorts of businesses fail. One of the most common factor a large proportion of business owners tend to think if we had more money we will survive and we can pay for a good business plan to help us build a better and bigger business. The truth of the matter in most cases is they need to have a better plan in order to make better profits and have a good cash flow. That is all down to good management. Bad management will spend money regardless how much you give them, they will always be bad managers.

Don’t be afraid to ask for profession advice from experts, they might be expensive but they might even be prepared to work on a contingency with you and your business if they have any confidence in you and your team as well as having confidence in the solution they are proposing for your business.

Remember Winners Make It Happen – Losers Let It Happen.

Be A Winner

By Moe Nawaz Author of Insolvency Survival Guide For Businesses.

Author – Insolvency Auditor – Business Coach

Small Business Helpline

Business Debt Helpline

Business debts for businesses in the London area is increasing daily. The average business is being pressured by creditors ranging from bailiffs from the London councils through to VAT, TAX PAYE, bank loans, landlords, finance houses and other trade creditors.

So who can the business owners turn to in these tough times ahead in order to survive in business? The problem with most business owners when they started their business they all had dreams wonderful dreams about their business and the success the business was going to be but somewhere along the long road they lost sight of their dreams and the business just became a job with long hours and very little reward if any to take home.

With the world economy changed so much in the last 2 years business has become very hard and very competitive for everyone. So how do the directors / business owners in London or anywhere in the UK deal with the daily financial stress and worry that these times are bringing to our business doorsteps.

Credit of any form or shape be it from the bank or stock on credit is necessary for most businesses to survive. But what happens when credit starts to dry up and you have no or very little cash flow to run your small business?

When You Need Someone On Your Side

If you have a viable business which is being hampered by debts then there are a number of solutions which the government have put into place to safeguard businesses such as yours.

I can sit here and go on writing for ever about the option you might have open for your business to continue trading even with the business debts you might have hampering you from growing your business.

You need to sit down with an Insolvency Auditor and run through with him the problems your company is currently facing and what outcome you would like to see if you had the options to grow your business. He will then provide you with legal and ethical options and solutions for you and your business so that the creditors stop harassing you so you can get on with running your business.

If this appeal to you and you want to explore the option open to you to eliminate or reduce your debts then get some FREE and confidential advice by calling 0800 24 0800.

Professional Advice From The UK's Leading Expert

 Moe Nawaz is a nationally recognised insolvency auditor who has focused on providing insolvency help to business owners and company directors for over 20 years. He regularly travels the country training accountants and solicitors and enrolled agents on how to handle their toughest cases with the Inland Revenue and Customs and Excise. Moe is highly ranked among the top insolvency auditors in the country, with two books to his credit as an author “The Insolvency Survival Guide For Businesses” and his second book “Bankruptcy Guide”. With clients from Scotland through to Devon Moe enjoys travelling to meet his clients, he has what it takes to solve your tax or VAT problems for your company no matter where you live in the United Kingdom. If you would like more information about his practice and how he can help you, please call his office on 0800 24 0800 or contact him via email.

Business Debt Helpline

Business debts so you can re-take control of your life.

Business is getting tougher, times are getting harder and credit and finance has dried up. What do you do or who do you turn to help with your business debts. For what it’s worth you are not alone the government keeps telling us but what good is that to you, if your business day is filled with creditors phone calls, threatening letters arriving in the post and sleepless nights, you need to know how you can get rid of all those creditors so you can get on with running your business?. If that is the case read on…. Whether your business debt is delinquent or you are struggling to make minimum payments to your creditors, you may be able to get rid of your business debt under the insolvency act and begin to see light at the end of each day for you and your business. 

Business Debt & Insolvency Helpline, whose devoted and loyal team of professional experts have but one goal, and that is to help turn your business around. It doesn’t matter how much debt your business has, we are here to help remove the worry, the stress and get you and your business on the road to financial recovery with the minimum delay.

How Does It Work?

Once you phone our Business Debt Helpline on 0800 24 0800, we will ask you a few questions about your business and what outcomes you would like to see, if possible for your company. That is the starting point where we can possibly provide you with one or two options without to greater detail about your business debt and how best to address the problems with quick and easy solutions. If at that point you feel you need to arrange a free face to face consultation to explore the options open to you then we will be happy to do that.

You know something?

The advice is 100% FREE, yes that’s right FREE.

Professional Advice From The UK's Leading Expert

Moe Nawaz is a nationally recognised insolvency auditor who has focused on providing insolvency help to business owners and company directors for over 20 years. He regularly travels the country training accountants and solicitors and enrolled agents on how to handle their toughest cases with the Inland Revenue and Customs and Excise. Moe is highly ranked among the top insolvency auditors in the country, with two books to his credit as an author “The Insolvency Survival Guide For Businesses” and his second book “Bankruptcy Guide”. With clients from Scotland through to Devon Moe enjoys travelling to meet his clients, he has what it takes to solve your tax or VAT problems for your company no matter where you live in the United Kingdom. If you would like more information about his practice and how he can help you, please call his office on 0800 24 0800 or contact him via email.

Leicester Insolvency Helpline

Leicester Insolvency Helpline is now open for business, helping businesses suffering with financial crises due to the economy.  If your business is facing or possibly facing insolvency and you are in the Leicester or Leicestershire area you can call our Leicester Insolvency Helpline for free and confidential advice to see what options are open to you and your business.

When a business is suffering due to lack of sales or cash flow you as a director need to look and see if the business is solvent or insolvent as you might be breaking the law if you continue to trade if your company is insolvent. The Leicester Insolvency Helpline number is 0800 24 0800 the service is 100% to phone and have a confidential chat.

Testimonials from people just like you…

When You Need Someone On Your Side

Moe Nawaz is an Insolvency Auditor and an Author of 2 books on insolvency (Amazon.co.uk)  with over 20 years of experience helping business owners just like you to make sure your business liabilities don’t become your personal liabilities. Don’t just take my word for it, as Moe would say himself please go and Google Moe Nawaz and see how he has been helping business owners and company directors all around the UK to come out winners.

If you feel you need to get a better understanding of what insolvency is or an administration order is or a pre-pack insolvency is then CLICK on this and read more or call the Leicester Insolvency Helpline number below

Leicester Insolvency Helpline 0800 24 0800

Moe Nawaz Insolvency Auditor – Author – Business Coach

Insolvency Helpline for Directors

True Insolvency On The Up

The number of businesses filing for voluntary liquidation under the insolvency law for protection in the United Kingdom reached an all time high during 2010, according to new figures.

A leading insolvency auditor has urged businesses in the UK to make a resolution this new year to keep their financial affairs under control, following reports of record levels of personal and company insolvency including bankruptcy, Individual Voluntary Arrangements (IVAs) and Debt Relief Orders (DROs) .

The latest statistics for businesses being liquidated in the UK do not show the full and true picture according to Moe Nawaz a leading insolvency auditor and author. Moe claims that over 20% of the companies removed during 2010 from the register or dissolved should have been liquidated because the debts that these companies still had outstanding. Companies house has been removing registered companies from the register because the directors had not been filing the accounts or not returning the annual returns for the companies. This left annoyed creditors all over the UK with nowhere to turn to for the creditors.  Moe fears that this year the situation could get worse unless the law is changed or companies house reviews it policies for dissolving dormant companies from its register.

Moe Nawaz, from the Help Organisation is urging creditors who are left high and dry when  a company is removed from the register from companies house unless it has been liquidated or wound up by the courts to write to companies house stating that the company in question still has creditors and that the creditors have rights to object to the removal of the company from the register until the directors face their responsibilities.

 “With VAT  at 20 per cent now, 2011 brings with it a rise in living costs for people in the UK — and this, coupled with the threat of further job losses, will put added pressure on every business owner.”

Unfortunately, many businesses may already have reached a financial crisis point.

Moe Nawaz said: “Those whose businesses are already struggling with unmanageable debt should seek advice from an insolvency auditor as soon as they can to find out what options are available and how they can get their business back on track or liquidate the current company and start fresh.”

As businesses prepare to feel the “pinch” of 2011, Moe Nawaz the leading UK insolvency auditor has told us today that his team will be helping every business that turns to them for help free of charge.

Business owners and company directors can can access free advice on www.ukadvice.com   or by calling

Our Insolvency Helpline 0800 24 0800

Moe Nawaz – Author – Speaker – Insolvency Auditor - Business Coach 

Nottingham Insolvency Helpline

Nottingham & Derby Insolvency Team

Our staff at the Nottingham Insolvency Helpline are ready to help you with your business  when you need someone on your side. The service is 100% free to all business owners who need to know more about insolvency and how it can help them with their business if burdened with debts or other financial matters.

When You Need Someone On Your Side, That You Can Trust

Nottingham Insolvency Helpline is run by Moe Nawaz and his team. Moe is the author of “The Insolvency Survival Guide For Businesses” and co author of “Bankruptcy Guide” both these books are on amazon.co.uk

Nottingham, the Land of Robin Hood and his merry men from the years gone by.  The only thing you might see is someone from the Sheriffs or the bailiffs office if your business has been struggling with debts. But the Nottingham Insolvency Helpline is here to help the good people of Nottingham.

What Can The Nottingham Insolvency Helpline Do For Me?

 Wipe out VAT and Inland Revenue debts for your company

 Help to liquidate your company and start a new one without the liabilities

 Arrange finance or introduction to private investors up to £5m

 Explore options of Bankruptcy, Liquidation, Administration or Pre-Pack

 Minimize your directors liabilities or eliminate them

 Stop court order and bailiffs’ from further action 

 Cash refund up to 40% of your losses in your company

What Does This Cost?

Our Nottingham Insolvency Helpline is 100% FREE. Why is my advice free? Well I will be more than happy to tell you when we speak and yes it is 100% FREE.

What Next?

The next step is a complimentary 30 minute conversation with one of our consultants. This enables you to learn more about the process and what is involved. The call also allows you to learn more about us and how we can help you. You will know at the end of the free 30 minute consultation if the chemistry between you and the consultant is right for you and you want to proceed.

For more information please our Nottingham insolvency helpline for free and confidential advice 0800 24 0800 (Answering service after hours) or email us today!

Nottingham & Derby Helpline 0800 24 0800

 Moe Nawaz Insolvency Auditor & Mastermind Coach

Business Insolvency Helpline

Business Helpline

With the economy and the banking claps since 2008 we are seeing more business insolvencies than ever before. This is due to the shrinking values of company assets on the one hand but on the other hand the companies are still burdened with heavy debts with no chance if any of repayments.  To help the UK business owners and company directors we have set up a FREE Company Insolvency Helpline.

With troubled times ahead till at least 2013 regardless of what each government is telling us, I think we all know the truth about how long this turmoil is going to last, that’s why we have set up the Business Insolvency Helpline to help business owners and company directors in the UK facing financial problems during the recession.

What is a Business Insolvency? To find out watch the video below

At the end of this short video you will understand: What is a Business Insolvency? What is Insolvent Trading or Wrongful Trading? What are the Legal Implications of a Wrongful Trading? What should you do if you are in this position? What Next?

Testimonials from people just like you…

FREE Business Insolvency Helpline 0800 24 0800

Moe Nawaz is a Insolvency Auditor and a mastermind coach with over 20 years of experience and is the author of “The Insolvency Survival Guide For Businesses” and second book “The Bankruptcy Guide” both these books are available on Amazon.co.uk. (Google Moe Nawaz and find out more about him) He brings his wealth of expertise, creativity and dedication to his passion – helping business owners and company directors whose businesses are facing insolvency and need advice about best options open to them, be it a liquidation, administration, business bankruptcy, pre-pack administration or a creditors voluntary agreement.

The one thing Moe prides himself in and his clients appreciate about him is his hands on approach to being there whenever they need him, before, during and after the business insolvency process.

When You Need Someone On Your Side, That You Can Trust

When you work with Moe Nawaz you will find him to be blunt at times, as he will tell you the facts as they are not always what you want to hear.  If at the end of the day both yourself and Moe decide to work together to getting you from where you are to where you want to be with your business insolvency situation. He will be there for you, when you need him.

Moe strives to bring these essentials to each and every case he works on with his clients. He works hard to bring about each clients desired outcome and is committed to a result orientated approach.

So if you want an expert in business insolvency who will tell you what you need to know and what you want to hear. Will help you minimize your personal liabilities and will stand by your side before, during and after the business insolvency process. In that case you want the best. Call and speak with Moe Nawaz on the Business Insolvency Helpline now to arrange a FREE consultation.

Business Insolvency Helpline 0800 24 0800

Manchester Insolvency Team

Our staff at the Manchester Insolvency Helpline are ready to help you with your business  when you need someone on your side. The service is 100% free to all business owners who need to know more about insolvency and how it can help them with their business if burdened with debts or other financial matters.

When You Need Someone On Your Side, That You Can Trust

Manchester Insolvency Helpline is run by Moe Nawaz and his team. Moe is one of the top Insolvency Auditors and the author of “The Insolvency Survival Guide For Businesses” and co author of “Bankruptcy Guide” both these books are on amazon.co.uk

Manchester has its ups and downs like any other city in the world.  If you have been threatened by bailiffs office if your business has been struggling to pay your debts to the Tax or VAT man. But the Manchester Insolvency Helpline is here to help the good people of Manchester.

What Can The Manchester Insolvency Helpline Do For Me?

 Wipe out VAT and Inland Revenue debts for your company

 Help to liquidate your company and start a new one without the liabilities

Arrange finance or introduction to private investors up to £5m

 Explore options of Bankruptcy, Liquidation, Administration or Pre-Pack

 Minimize your directors liabilities or eliminate them

 Stop court order and bailiffs’ from further action

 Cash refund up to 40% of your losses in your company

What Does This Cost?

Our Manchester Insolvency Helpline is 100% FREE. Why is my advice free? Well I will be more than happy to tell you when we speak and yes it is 100% FREE.

What Next?

The next step is a complimentary 30 minute conversation with one of our consultants. This enables you to learn more about the process and what is involved. The call also allows you to learn more about us and how we can help you. You will know at the end of the free 30 minute consultation if the chemistry between you and the consultant is right for you and you want to proceed.

For more information please our Manchester insolvency helpline for free and confidential advice 0800 24 0800 (Answering service after hours) or email us today!

Manchester Insolvency Helpline 0800 24 0800

Moe Nawaz – Author – Speaker – Insolvency Auditor – Mastermind Coach

Directors Disputes

No Win No Fee!

No matter how well you might think you know your fellow company director, even with the best-intentioned directors will run into disagreements from time to time, and legal action may be required to protect your assets and your investment in the company. Director disputes or shareholder disputes can arise from a lack of trust, a failure to satisfy contractual obligations set forth between the directors, operating agreement, or other business contract, secret business dealings by a company director that are not in the interests of the company, or any number of other cases. To avoid excessive disruption in the day-to-day running of the business, such disputes usually need to be resolved as promptly as possible. Moe Nawaz author of The Insolvency Survival Guide For Businesses and also Business Bankruptcy only knows too well director disputes can kill a business quicker than any other threat. With over 20 years experience, Moe is skilled at handling various forms of director disputes, partnership disputes, shareholder disputes and is experienced in obtaining appropriate remedy quickly and amicably. 

FREE Helpline 0800 24 0800 if you suspect your company director or partner has violated any obligations owed to you or your company. We can help you with your director dispute and help investigate any claims and take the steps necessary to protect your interests and preserve your rights, even if it needs to dissolve the business and allowing you to start a new business or take over the current business. With director disputes, if necessary, we will put together a team of expert advisors, private investigators, and other experts to ensure your case is strong and supported by compelling evidence. if needed. 

Among the director disputes handled by Moe and his team of experts are the following:

Directors disputes in a limited company

Shareholder disputes

Partnership disputes

 LLC members disputes

Breach of duty or conduct

Business conspiracy

Theft of company property or trade secrets

Usurpation of business opportunity

The Courtroom is not always the answer in director disputes. Owners of closely-held corporations and other small businesses typically want to resolve conflicts as amicably as possible and return to servicing their customers. Through alternative dispute-resolution procedures like negotiation, mediation, and arbitration, it is often possible to reach resolutions that address the business partner's integrity issues and/or decision-making authority while still preserving the business you have worked so hard to build as an entrepreneur. 

When You Need Someone On Your Side, That You Can Trust

Don't allow a rogue company director or business partner to get the best of you in a director dispute. Moe Nawaz and his team are experienced and dedicated to achieving results for every client, NO-Win-No-Fee.

Don’t let a director dispute ruin your life.

Moe Nawaz – Author – Speaker – Insolvency Auditor – Business Coach

Partnership Disputes

Business Partnership Disputes resolved with expert advice and help.

When a partnership dispute arises between partners in any business, the business normally suffers, so it is very important that you bring order and closure to a contentious situation as quickly and amicably as possible. Or there will be no business left. I have seen this over and over in my 20 years working with business partners to resolve their disputes. My name is Moe Nawaz and I am the author of The Insolvency Survival Guide For Businesses and also another book The Bankruptcy Guide both of my books are available on Amazon.

Did you know that partnership disputes kill more businesses each year than competition or the economy? The only winners in most partnership disputes are accountants and solicitors, who will charge you whether you win or lose. Through my years of experience helping business owners like yourself, I have resolved partnership disputes, director disputes, and shareholder disagreements.

Preparing to buyout or sale to a partnership partner

When clients are involved in partnership disputes, my first goal is to resolve any financial and legal issues that are inhibiting the effective funding or management of the business going forward. In many cases it results with one partner being bought out and the other/s continuing with the business.

My team of experts are able to handle the management or ownership restructuring and the transfer of assets tangible or intangible. We can work with commercial business valuers to obtain a proper valuation of the business, as well as with forensic accountants if fraud is suspected.

We then negotiate and draft the terms of the partnership buyout agreement via our legal team. If the business as a whole is going to be sold, we prepare the financial and legal paperwork required for the sale of the business or dissolve the partnership and allow each partner to restart, if needed.

Family-Owned Business Partnership Disputes

Disputes and conflicts in any family owned business is very complicated because your business and personal lives are at risk. A dispute may affect al members of a family. Legal problems can break the trust between all family members. Conflict around roles and responsibilities can leave lasting damage to all members of a family.

I work with each member of the family to resolve any issues that are impacting everyone involved. We work on breaking the deadlocks and rebuilding trust between the parties, so that you can move forward and refocus on your life and business.

As a business coach and mentor I listen to the issues from every side. My personal style provides each individual the opportunity to be heard.

When You Need Someone On Your Side, That You Can Trust

Don't allow a rogue business partner to get the best of you in a director dispute. Moe Nawaz and his team are experienced and dedicated to achieving results for every client, NO-Win-No-Fee. Moe is the author of "The Insolvency Survival Guide For Business" and co author of "Bankruptcy Guide" bot these book are on amazon.co.uk

In some situations other family members may not want to discuss the problem or they may not agree that there is a problem.  In these situations an outside expert can clarify the situation and help you identify the next steps. 

Even if the situation seems hopeless, I will help you solve the problem and reduce the stress. Our discussions are completely confidential.

FREE Phone 0800 24 0800 Partnership Disputes

Moe Nawaz  Author – Speaker – Insolvency Auditor – Business Coach

LONDON INSOLVENCY

London Insolvency Offices

Our London Insolvency office and Helpline has been helping London business owner for over 20 years. With simple to complex insolvency issues with businesses we are able to start the ball rolling by a simple free phone call to our London Insolvency Helpline on 0800 24 0800 during office hours.

With over 100 partner offices up and down the United Kingdom, we are able to arrange a meeting local to your office or place of work at no cost to you. The advice is 100% FREE via the insolvency helpline for business owners and directors. We have 6 London Insolvency offices so there is one near you.

The London Insolvency Helpline 0800 24 0800 is FREE for business owners and directors of companies facing insolvency issues regarding their business in or around London.

What Our London Insolvency Office Might Be Able To Do For You?

Wipe out VAT and Inland Revenue debts for your company

Help to liquidate your company and start a new one without the liabilities

Arrange finance or introduction to private investors up to £5m

Explore options of Business Bankruptcy, Company Liquidation, Administration or Pre-Pack

Minimize your director’s liabilities or eliminate them

Stop court order and bailiffs’ from further action

Cash refund up to 40% of your losses in your company

Before seeking professional help, it is only natural you have concerns and questions, like:

“What is involved in a liquidation and fresh start”?

“What will happen to your reputation in the industry”?

“Is there a proven strategy that I can rely on”?

Testimonials from people just like you…

Insolvency Advice From The UK's Leading Expert

Moe Nawaz  (as seen on T.V.) is a nationally recognised insolvency auditor who has focused on providing insolvency advice to business owners and company directors for over 20 years. He regularly travels the country assisting company directors on how to handle their toughest cases with the Inland Revenue, Customs and Excise and other creditors. Moe is highly ranked among the top insolvency auditors in the country, with two books to his credit as an author “The Insolvency Survival Guide For Businesses” and his second book “Bankruptcy Guide”. With clients from Scotland through to Devon Moe enjoys travelling to meet his clients, he has what it takes to solve your tax, VAT and other creditors problems for your company no matter where you live in the United Kingdom. If you would like more information about his practice and how he can help you, please call his office on 0800 24 0800 or contact him via email.

When You Need Someone On Your Side

You can restructure most any business by making it smaller and controlling the cash flow, while you develop a long term strategy for recovery in its current form or as a new company which your creditors will accept with help from our London insolvency office.

A guide to accomplishing this is the Insolvency Survival Guide. The Insolvency Survival Guide For Businesses is written by the author and mastermind coach Moe Nawaz from his experience as a turnaround consultant during 20 years of helping people just like you to map out their future.

The Insolvency helpline service is particularly effective for London business owner who have the following characteristics:

A strong ethics, the will and desire to succeed

Inability to continue with your business

A need to start fresh without the liabilities

The need to reduce director personal liabilities

Our London Insolvency helpline is for those business owners who recognise the value of a personal meeting with an expert with over 20 years track record of success.

Our experts will arrange a FREE meeting at your business or meet at one of our London Insolvency help centre (Over 100 partner offices) throughout the UK to assist you with your business. You can breathe easy as we will be doing most of the heavy lifting by guiding you and attending meeting with your bankers and creditors of your company.

How Does This Work?

When you call our London insolvency helpline, we will develop a custom plan for your business and help you implement it regardless if you wish to continue in business or just a liquidation and walk away from your business.

• First, we will take an extensive look and analyse your creditors list separating your secured and unsecured creators.

• Second, we will look at and explore ways to minimize the director’s personal liabilities in the event of a liquidation.

• Third, we will prepare a series of options for your business, continuing in its current form, liquidation and restarting a fresh company, CVA – creditors’ voluntary agreement, pre-pack administration or simply a liquidation and minimizing your liabilities.

Most of this is all concluded from our London insolvency help centre within a matter of day to stop the bleeding of the company and reducing any further liabilities for the directors.

Experience Really Matters.

If you were looking for dentist because you have a tooth ache, would you extract the tooth yourself or see an experienced dentist and ask his advice to see if he can save the tooth first or what work is involved in saving it and as a last result have it pulled out totally. We at our London insolvency helpline has been doing this for the past 20 years, with a long list of satisfied clients who we have helped. It’s a reasonable chance we can help you, too.

Are We The Right Specialist For You?

The answer depends on several factors. Our London insolvency team produce the best results for clients by looking after their interest and not their creditors. However, there isn’t much we can do if you believe that borrowing more money will solve the problem for an unprofitable company.

What Does This Cost?

Our London insolvency helpline is 100% FREE.

What Next?

The next step is a complimentary conversation with one of our consultants. This enables you to learn more about the process and what is involved. The call also allows you to learn more about us and how we can help you. You will know at the end of the free consultation if the chemistry between you and the consultant is right for you and you want to proceed.

London Insolvency Helpline 0800 24 0800
Moe Nawaz – Author – Speaker – Insolvency Auditor - Business Coach

Construction Insolvency

Insolvency In Building & Construction Industry Falling

Construction businesses falling into insolvency fell to 247 in August, a 6 per cent decrease on the same month last year.

The figures, released by credit informaiton firm Experian, showed that while the number of construction firms becoming insolvent fell, construction remained one of the hardest hit by the economic downturn.

Of the 36 sectors studied, only business services had seen more insolvencies, with a total of 293.

Insolvency in the building and construction industry is down.

Max Firth, managing principal of Experian-owned firm pH, said: “This month’s picture is very different to the one we saw back in March when all regions, bar one, saw an increase in insolvencies and the rate was almost double at 0.11 per cent. 

“August’s figures also show an easing off of the North-South divide we saw in June, with the North-east going from the region with the highest insolvency rate to one of the seven regions that shared the lowest insolvency rate.

Find out how we helped Andrew with his Construction business.

Moe Nawaz – Author – Insolvency Auditor – FREE Insolvency Helpline 0800 24 0800

Seeking professional insolvency advice before rather than later may save most businesses and save personal liabilities by the directors.

“It continues to be evident how quickly fortunes can change, and highlights the importance of closely monitoring the financial health of the suppliers and customers that businesses of all sizes deal with.”

If you are in the construction industry and are facing difficulties and are worried about the future of your business, why not ask for a free Insolvency Audit by telephoning our confidential insolvency helpline for business owners on 0800 24 0800.

Moe Nawaz – Author – Speaker – Insolvency Auditor - Business Coach

Find Insolvency Practitioner?

Insolvency Practitioner

An insolvency practitioner is a person who is both authorised and has the necessary security to act as an insolvency practitioner (IP) may be appointed in place of the official receiver as trustee or liquidator of an insolvent estate. The insolvency practitioner must be authorised by the Secretary of State (SoS) or a recognised professional body.  

How is an Insolvency Practitioner appointed?

An Insolvency Practitioner can be appointed as a result of a meeting of creditors (or contributories, in company matters) or by the Secretary of State on the application of the official receiver.

In the event where the creditors fail to appoint an Insolvency Practitioner at a meeting, the official receiver may consider asking the Secretary of State for the appointment of an Insolvency Practitioner who will be selected from the rota of insolvency practitioners in that district, city or town.

An Insolvency Practitioner can also be appointed by the court on the making of an order by the creditors or the directors as well shareholders.

When does the Insolvency Practitioner become responsible for the case?

The Insolvency Practitioner becomes responsible for the administration of a case on the date that the appointment becomes effective and the official receiver should seek to handover as soon as possible after the Insolvency Practitioner's appointment. In most cases it is normal practice to handover on the day of the meeting or the date of appointment.

 Moe Nawaz is the author of “The Insolvency Survival Guide For Businesses” and co-author of “Bankruptcy Guide” both available on Amazon.co.uk  

Moe Nawaz  is an Insolvency Auditor who has been helping business owners just like you for over 20 years to minimize their liabilities during and after any insolvency proceedings of your company.  

He works with over 100 experts from insolvency practitioners, accountants, solicitors and banks to find the right solution for you. 

How Do I Find The Right Insolvency Practitioner?

If there’s anything worse than facing business bankruptcy, liquidation, administration or a pre-pack. It is having to do so and then finding the wrong Insolvency Practitioner (IP) for the job. For many Insolvency Practitioner’s, business bankruptcy filings have become a volume business hence you will be just another battery when going through the production line, and debtors facing bankruptcy sometimes unfortunately obtain inferior legal services. For this reason, you’ll need to do some research before hiring an Insolvency Practitioner.

First of all let me point out for legal reasons the word business bankruptcy does not exist in English Law, the word bankruptcy is only related to an individual not a business or a Limited company. But for simplicity I am using the common terminology as used by the average person on the street.

Here are 10 tips to help you find the best Insolvency Practitioner to handle your business bankruptcy / Company Liquidation / Business Administration:

1. Don’t Delay and put this off finding an insolvency practitioner. The idea of hiring a Insolvency Practitioner has all the allure of having teeth pulled. But don’t let this prevent you from beginning your investigation for a good Insolvency Practitioner as soon as you know you’re going to need one. Waiting until the last moment won’t give a good Insolvency Practitioner enough time to adequately prepare your case or help you to rescue your business or even minimize your business and personal liabilities.

2. Seek the advice of other legal professionals. Ask yourself which business acquaintances you know, who might in turn know a Insolvency Practitioner. If you have a business accountant, that’s a good place to start. Understand, however, the insolvency and bankruptcy law is a specialty. If your accountant or solicitor offers to handle the case as part of your usual retainer, be certain he knows the Insolvency Law and is licensed by the Institute Of Insolvency Practitioners. 

3. Find out who sits on your local Insolvency court panels. The only insolvency practitioners you’ll find on this panel will be well-respected insolvency practitioners who regularly appear in insolvency court cases. Also, get the names of insolvency practitioners on the local insolvency court’s debtor or creditor committees or from the official receivers office. The insolvency practitioners on these committees do it to attract more business, but these insolvency practitioners also take their work seriously. 

4. Visit an Insolvency Practitioner or two’s offices. An office appraisal can give you vital clues as to how a Insolvency Practitioner would handle your case. Look around the office and see how well organised it is. Is it neat, or are there coffee-stained folders strewn about the floor? You wouldn’t go to a doctor with a dirty examining room; don’t hire a Insolvency Practitioner with a disorganised office. 

5. Ask the insolvency practitioner a lots of questions. Once you have some insolvency practitioners in mind, ask them the following questions (The answers to each of these questions are critical, so if you get evasive answers, it’s probably a red flag that this is not the firm of insolvency practitioners for you):

6.

a) Spend a day at the courts. Observing insolvency proceeding in action might give you an idea of the type of Insolvency Practitioner you want representing you. At the court you can also find out which local Insolvency Practitioner specialise in this form of law.

• What certifications do you have?

• How many insolvency cases have you handled?

• How many do you handle in a month or year?

• Of those, how many were business insolvencies?

• How much access will I have to you during my filing?

b) 

o If I’m not working directly with you, who will I be working with?

o Can I interview the person with whom I would be working?

o What time frame do you have for my insolvency case?

o How will the procedure work?

7.      Evaluate the insolvency practitioners’ responses thoroughly. As mentioned, insolvency law can be a volume business, which means the time you’ll actually spend with a specific Insolvency Practitioner might be minimal compared to what you spend with a clerk or a legal executive. This is yet another reason to conduct a thorough interview process, and to carefully evaluate the responses. Did each insolvency practitioner answer you fairly and in sufficient detail? Do both the Insolvency Practitioner and the firm have the expertise you need? Do they appear overworked already?

8.      Don’t hire the cheapest Insolvency Practitioner. Obviously, in this circumstance you don’t have a lot of cash to spare. But like most things in life, you get what you pay for. You want an insolvency practitioner who knows the system, and who will do the best job of representing you. That may end up costing a little more. The Institute of Insolvency Practitioners can probably help you determine whether a proposed fee is fair and in line with local standards. Anybody who charges too much or too little probably shouldn’t be your Insolvency Practitioner of choice.

9.      Get fee specifics. Find out exactly what’s included in your Insolvency Practitioner’s fees and what isn’t. In some complicated proceedings, for example, a forensic accountant may be needed. If that’s the case, is it included in your charges or is it an additional fee?

10.      Stay involved. Once you hire an insolvency practitioner, don’t be content to let him or her handle it alone. Double-check all filings. Did any of your creditors get dropped off the list? Staying on top of your insolvency filing will help ensure that the proceedings go smoothly and will keep your insolvency practitioner on his or her toes.

 Plan of Action. The insolvency practitioner should map out a plan of action as well as advise you regarding the best as well as the worst possible scenarios, with the positives or pitfalls on the way. This is crucial since the future is at risk in any insolvency case and you should choose an insolvency practitioner who can put together a good plan as well as help you re-establish your creditworthiness.

The above advice should hopefully be helpful and assist you in choosing one of the best insolvency practitioners for you. Lastly, do not choose an insolvency practitioner solely based on location either because it is close to you or is in a prestigious neighbourhood. Make sure you hire the Insolvency practitioner for their skill and the level of comfort they offer you as the client.  Their services will be priceless in the end. By Moe Nawaz

Simply contact the Insolvency Helpline for free expert & Confidential, no obligation advice.

 TEL: Insolvency Helpline 0800 24 0800 Before it’s too late!

Moe Nawaz – Author – Speaker – Insolvency Auditor - Business Coach

Company Insolvency – Business Insolvency

Company Insolvency Helpline.

FREE Insolvency & Liquidation Advice For Business Owners

For more information please call us on 0800 24 0800 Company Insolvency Helpline

Moe Nawaz – Author – Speaker – Insolvency Auditor - Business Coach 

 Who is the official receiver?

Official receivers are civil servants in The Insolvency Service and are officers of the court. The court notifies them about a bankruptcy. Your local official receiver is responsible through his or her staff for administering the initial stage, at least, of your insolvency case. This stage includes collecting and protecting any assets and investigating the causes of the bankruptcy.

What are my duties?

As a bankrupt, you have a duty to comply with the official receiver’s request to provide information about the financial affairs, including attending for interview as and when asked. More information about your duties is available in our leaflets ‘Guide to Bankruptcy’, which are available from your local official receiver’s office. 

How does the official receiver obtain information from me? 

The official receiver’s staff will contact you immediately if they know that action is urgently needed in relation to you and your assets Otherwise, they will contact you within 2 working days of receiving the insolvency order. Usually they will arrange an appointment for you to attend the official receiver’s office for interview, normally on a date that is convenient to all parties. Alternatively, and in relation to bankruptcy, the official receiver may suggest a telephone interview. Telephone interviews are usually carried out where:

a)                   you have presented your own petition

b)                    you have not recently traded

c)                    you have not previously been made bankrupt

d)                    a telephone number for you is available.

If you are offered a telephone interview but would prefer to be interviewed in person, please tell the official receiver. Whether you are interviewed in person or by telephone, you will receive a letter setting out what is required of you and you may be required to complete a questionnaire. The more organised you are, the more straightforward the process will be. If you have presented your own bankruptcy petition you may be interviewed by the official receiver, at court or at the official receiver’s office, directly following the making of the bankruptcy order.

What should I do before the interview?

Before the interview you should do 3 things:

       1)         Telephone the official receiver immediately to confirm the appointment if   you have not already done so or if:

a) you have any infirmity, disability or other difficulty which you consider may require special facilities when attending his/her office or during the telephone interview

b) there are any matters that need to be sorted out urgently

c) you need to rearrange the appointment

                  d) the official receiver has requested a lot of paperwork or accounting records and you need more time to collect them.

2)                   Fill in the questionnaire (if you have been asked to complete one) and make a note of any points you do not understand. Or you can fill in this form online on our website at insolvency.gov.uk in 'Complete your forms online'.

3)                   Collect all the financial records, paperwork, and any other information you will need for the interview. This means all accounting records; financial papers (for example letters, statements, bank records, hire-purchase agreements, credit card statements); any other relevant paperwork about you.

If you are having a telephone interview, you must return the completed questionnaire to the official receiver by a fixed date. If you fail to do so or do not fully complete the questionnaire, you may be asked to attend for interview in person. You should have the financial records, paperwork and any other information available when the telephone interview takes place. If you are being interviewed in person, you should take the completed questionnaire and the financial records, paperwork and any other information with you to the interview.

Do not ignore the official receiver’s staff in the hope that they will go away. They will not. If you do not co-operate, you may have to attend court to be questioned and could even be arrested if you still fail to co-operate. In a bankruptcy, you could also have your discharge from bankruptcy proceedings suspended, which would mean that your bankruptcy could last much longer than the normal 12 months.

What happens at the first interview at the office?

You should go to the reception desk when you arrive. You can expect to be seen at the time of the appointment, or certainly no later than 5 minutes after the fixed appointment time. Then, in a private interview room:

a)         your questionnaire (if you have been asked to complete one) will be checked by a member of the official receiver’s staff. If you have not completed the questionnaire, you will be asked to do so there and then

b)         you will be interviewed by an examiner (a member of staff who is a specialist in insolvency matters) who will go into the details of your assets and debts, and the facts and circumstances that led to the insolvency

c)         you should hand over all your financial records and papers.

They will be examined and recorded then or at a later interview and will be kept by the official receiver.

You should feel free to ask any questions about the proceedings or your case when you are at the official receiver’s office. Depending on the nature of your case, the interview may take 2-3 hours to complete.

What happens at the first telephone interview?

You will be telephoned by an examiner at the agreed date and time. The examiner will:

a)         check the information in the questionnaire (if you have been asked to  complete one)

b)         ask for any necessary additional information about your assets and debts, and the facts and circumstances that led to the insolvency

c)         deal with any queries you may have about the proceedings or your case.

The examiner will also tell you if you need to supply further information relating to your affairs. Telephone interviews usually take at least half an hour, and may take longer.

Will I need to be interviewed again? 

You may be asked to attend another appointment, particularly if:

a)         the examiner needs more time to complete enquiries into your affairs

b)         you cannot, or do not, provide all the financial records requested by the official receiver

c)         the examiner needs more details of your assets, debts and financial affairs

d)         you cannot provide all the information the official receiver needs

e)         you do not arrive for any appointment

What happens next? 

After the interview, the official receiver will check the information you have given. He or she will issue a report to creditors, setting out your assets and debts. This report will usually be issued within 8 (but in any event within 12) weeks of the insolvency order. If there are material assets, he or she may seek the appointment of a private sector insolvency practitioner to act as trustee or liquidator to deal with the realisation and distribution of the assets. To do this, the official receiver will either call a meeting of creditors to enable them to appoint a practitioner or ask the Secretary of State to make an appointment. If a meeting of creditors is appropriate, it will usually be held within 12 weeks (but in any event within 4 months) of the insolvency order. You may be asked to attend the meeting of creditors.

 You will be notified if an insolvency practitioner is appointed as trustee. You will need to help the trustee to deal with your or the affairs by giving your full co-operation. If there are no material assets, the official receiver will continue to deal with everything.

How long will the process take?

What happens next, and how long it takes, depends on the complexity of the case. If you have provided all the necessary information and no problems are expected in dealing with the assets, you may not hear from the official receiver again. Any remaining matters, such as telling the official receiver of any change of address, may be dealt with by letter or telephone. If your trustee makes a payment to your creditors, he or she may place an advertisement about your bankruptcy in a newspaper asking creditors to submit their claims. If it takes your trustee a long time to deal with an asset, this advertisement may appear several years after the bankruptcy order.

Length of bankruptcy.

 In a bankruptcy, you will normally remain bankrupt for a maximum of 12 months. This period may be shorter if the official receiver concludes his or her enquiries into your affairs sooner and files a notice in court.

After this time you will be automatically discharged from the restrictions of bankruptcy. If your conduct has been dishonest or you have been in some way to blame for your bankruptcy, a bankruptcy restrictions order may be made against you. This will mean you will continue to be subject to the restrictions of bankruptcy for a further 2-15 years. If you fail to co-operate with the official receiver or trustee, the court can be asked to suspend the discharge period. If the court agrees, your bankruptcy will only end when the suspension has been lifted. Discharge from bankruptcy does not end your trustee's administration of any assets that became part of your bankruptcy estate.

Co-operation. The more difficulty the official receiver has in finding out what caused the insolvency or administering the assets, the longer the whole process will take. As part of the process, he or she may require you to:

a)         submit a sworn statement of affairs (a summary of your assets and debts)

b)         provide an account of all dealings in cash and goods

If you do not co-operate with the official receiver, he or she may also apply to the court for your public examination. This means you will be questioned in open court about your financial affairs, dealings and property. Your creditors may also be there and can ask you questions as well.

Under the insolvency and other legislation there are provisions about criminal offences and unfit conduct by bankrupts. The official receiver will report to The Insolvency Service’s headquarters if there seems to be evidence of criminality or unfitness. The official receiver does not start out by thinking that every bankrupt has committed offences or is unfit – his or her job is to establish the facts. In the vast majority of cases, those facts do not suggest that it would be in the public interest to begin criminal or bankruptcy restrictions proceedings.

About company receivership

A company is usually placed into receivership by a secured lender (usually a bank or a financial institution) who holds a registered charge or mortgage debenture however in rare circumstances; a Court can also appoint a company receiver.

A company receiver is generally appointed to ensure repayment of the charge or security holders outstanding debt and the receiver achieves this by taking control of company assets and selling all or part of the assets subject to a charge.

The company receiver reports and accounts directly to the secured lender and must pay any money recovered from the company's assets to the secured lender. The only exception to this is that in certain circumstances the company receiver is required to pay employee entitlements before payment to the charge holder.

In short, the company receiver acts in the best interest of the secured creditor – not the unsecured creditors.

A company receiver is not required to liaise with general unsecured creditors but is required to lodge a Report as to the company's affairs with the courts within 30 days of his appointment as receiver.

Further, the company receiver must take reasonable care to ensure market value or the best price reasonably obtainable is achieved for the sale of company assets.

A company receiver usually has very extensive powers and in most cases when a company goes into receivership a company receiver will have the power to:

• trade-on the business with a view to selling it as a going concern; or
• break-up the business and sell individual assets.

The directors' powers are suspended on the appointment of a company receiver and the receiver will assume total control of the company. A director will not be able to run the company any in any way after a company receiver has been appointed.

A company can be placed into liquidation notwithstanding a company receiver has been appointed, however, the receiver will have full control of the company and its assets notwithstanding the liquidators appointment.

If the secured creditor is paid out in full, any surplus is payable to the liquidator. If no liquidator had been appointed the surplus, after the secured creditor has been satisfied, is paid to the company.

For more information about company receivership, contact the Directors Helpline on 0845 430 7676 today.

Director Disqualification

PROCEDURE FOR DIRECTORS DISQUALIFICATION

Typically the Claim Form (which will be the Court document setting out what the DTI is complaining of and what they are asking the Court to do) accompanied by perhaps one or two Affidavits of Civil Servants setting out minor details of the matter together with what is usually a very substantial Affidavit from the liquidator of the company in question which contains the detail of the reasons for disqualification will be served upon the defendants.

We have a team of Experts who can help with Directors Disqualifications, call out HELPLINE on 0800 24 0800

 What do they mean? This is a brief explanation of some of the terms you may come across in insolvency proceedings. Please note that this glossary is for general guidance only. Many of the terms have a specific technical meaning in certain contexts that may not be covered here. Read the rest of this entry

Yes. It is possible to make an Application pursuant to Section 17 CDDA for leave to act as a company director or in a lesser capacity for example as a manager within the structure of a limited company. Typically these Applications are made concurrently with either the Trial of the matter, (i.e. at the end of the Trial if the defendant is unsuccessful) or if the matter has been compromised by way of Carecraft proceedings at the Carecraft Hearing. The reason for this is that it saves legal costs of both the DTI and the current director.

The Court will not always grant these Applications and the Applications require careful consideration. Therefore the director should ensure that he or she seeks legal advice and also advice from his or her accountant in order to maximise the chances of success of such Application.

Typically, the Application will only be granted if the director can show that major changes have taken place in the method of conducting business of the new company by comparison to the company liquidation which will be the subject of the proceedings. In addition, the new company will of course have to be trading solvent.

Read the rest of this entry

For those who have little or no knowledge concerning the bankruptcy / Insolvency laws, then we would advise you of the need to look for a insolvency practitioner to help you understand your options. When You Meet With an Insolvency Practitioner There are many aspects of

Read the rest of this entry

Bankruptcy is not something that should be entered into just for the sake of it. Very often there are intelligent alternatives to bankruptcy that may produce a far better result than going into bankruptcy. Bankruptcy also goes on your credit records, and may make it difficult to obtain new credit for years.

Before anyone files for bankruptcy, he or she should consult with an Insolvency Practitioner

Insolvency law (chiefly the Insolvency Act 1989 ["the Act"]) governs how companies go out of business or recover from crippling debt. 

 An insolvent company, ("the debtor"), might use either an Administration Order or a Company Voluntary Arrangement ("CVA") to "reorganise" its business and try to become profitable again.

Management continues to run the day-to-day business operations in the case of a CVA and an Administrator appointed by the Court will run a company in the case of an Administration Order.

If a company goes into liquidation either voluntarily or is formally wound up by the Court, the company stops all operations and goes completely out of business. A liquidator may be appointed to "liquidate" (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors.

Alternatively and finally the debtor may have an Administrative Receiver ("a Receiver") appointed under a floating charge.

Sometimes, you may first learn about business insolvency in the news. It must be advertised by the Insolvency Preactitioner  in "The London Gazette". If you hold shares in your own name, you may receive information directly from the company. Read the rest of this entry

Read the rest of this entry