James wanted me to explain what an administrative receivership is and how it works. Let’s start with explaining what it is shall we, an administrative receivership is when an administrator is appointed normally by a creditor who has a fixed / floating charge over the assets of the company by way of a fixed / floating debenture registered at companies house over the assets of the same company.

Who is Administrator?

The Administrator is normally an Insolvency Practitioner who gets appointed as the Receiver by the creditor, this could be a finance house like the bank as in James case or other money lenders who in order to protect themselves have taken a registered charge over the company’s assets. The administrative receiver is appointed to liquidate whatever assets he or she sees fit to recoup the creditors funds and all costs associated with it, inc the administrators costs.

Time was not on James side as he was already 3 months behind on his repayment of the company loans, so we had to act quickly in order to save the company or find a solution to minimize his personal and business liabilities. After carefully examining the documents at companies house we found that James also had another business who had also lent money to this same company but James other company also had a debenture (a charge over the assets) the good point which we manage to pick up on was that James other company’s debenture was registered first before the banks charge.

Armed with this information we spoke with the bank’s lending and legal team and explained James other company could if needed to appoint an administrative receiver which would super seed the banks charge and this could leave the bank in the cold. To cut the story short the agreed to give James another 6 months to pay the loan off subject to the first property being sold.

So if you are being threatened by a creditor with an administrative receivership seek the advice of an experienced insolvency auditor like myself and seek his advice to provide you with other options to minimize your liabilities without going down the rout of administrative receivership.

Call our FREE Insolvency Helpline on 0800 24 0800

So what remedy do directors have to call a directors liquidation of a company. As a director of a company if you feel or know the company is insolvent and cannot pay its debts then you need to stop trading and seek the advice of a good Insolvency Auditor to help you to cease trading and to help you find optional ways of avoiding any further liabilities in the event of wrongful trading. The insolvency auditor will explain the best course of action needed to do a directors liquidation of your company whilst minimizing your liabilities and exposure from future liabilities as well.

 What is the main difference between a directors liquidation and a compulsory liquidation? The directors liquidation is a voluntary liquidation by you and the compulsory liquidation which is a court lead liquidation ordered by a creditor or creditors of the company.

Depending on the amount of debts the company has, you might have a number of options open to you provided you feel the company has a viable business but for the debts. You have the options of a CVA, pre-pack administration, voluntary liquidation, a company administration order or just simply liquidate the company and walk away with minimal liabilities.

If you can gather some information about the company the number of creditors and the amounts outstanding along with what the company is owed from customers (if anything) and what assets the company has. Then simply give me a call on 0800 24 0800 we can probably run through a few options which might be open to you regarding a directors liquidation of your company.

On the other hand if the company has no debts then simply go to companies house and ask them to remove your company from the register, there is a small fee of about £10 to companies house. But this is only if the company has no debts otherwise you will have seek the advice of an insolvency auditor to guide you through the various option open to you for a directors liquidation of your company.

Some Common Questions You May Have:

As an insolvency I get more calls being asked to recommend a good insolvency practitioner in Nottingham, Manchester, London, Birmingham and so on….. So why do so many people phone me to find them a good insolvency practitioner when they can find loads just by Googling insolvency practitioner in any city? It is my belief and I have been told that many a times, that I am the most trusted insolvency auditor in UK. Don’t take my word for it, just Google Moe Nawaz and see what others are saying about me.

So what is the difference between an insolvency practitioner and an insolvency auditor? Very good question, the insolvency practitioners job is to look after the interests of all the creditors regardless of who might have employed / engaged the insolvency practitioner (the company directors, bank, HMRC or any other creditor), he is governed by law to look after the interests of the creditors and not the directors. An insolvency auditor on the other hand looks after the interests of the directors by minimizing the directors liabilities and advising the directors which is the best case for them as well as the company and then if an insolvency practitioner is required in Nottingham or any other city, we will find an insolvency practitioner who is approved by one that we can all work with.

In addition the insolvency auditor will explore all avenues before the liquidation which might come back to bite the directors in the future.

Anyway, when I had finished playing golf that day, I phoned Peter up to find out why he needed an insolvency practitioner in Nottingham? As he began to explain he had HMRC debts of £137,000 which included VAT and PAYE, in addition he owed suppliers £455,000 and the bank £49,000 which he had given guarantees against his house.

After listening to Peter for about 35 minutes I then said to Peter that we really need to meet and sit down and spend a few hours to explore the best possible action which would leave Peter with minimal liabilities.

We met up with Peter 3 days later in Nottingham, the first thing which I noticed on Peters Company accounts were the directors load accounts of £133,000. I had explained to Peter in the event of the company being liquidated the liquidator would come after Peter after the liquidation for the loan account. The insolvency practitioner is not likely to say anything when he takes you on as a client but is going to take action to get that money owed to the company which is the directors loan account.

We needed to create a strategy that would allow Peter to reduce his bank overdraft and to try and get off with paying as small as possible amount back to the company from the directors loan account and make sure that HMRC do not investigate and further action personally against Peter for wrongful trading after the liquidation.

Two months later, Peters bank overdraft was now sitting at £1,150 compared to the £49,000 which he had when we first met Peter. We had negotiated a figure of £21,000 to be paid back to the liquidator for the directors loan account compared to £133,000 which Peter would have been made to pay. And no further investigation from HMRC.

You see I have been working and creating pr-liquidation, pr-insolvency strategies since 1989 by reducing the directors personal liabilities in the event of a company liquidation. So if you are going through difficult times and need an insolvency practitioner in Nottingham or need someone who can and will guide you through the maze of insolvency and be by your side through the whole process, then simply pick up the phone and call me on Tel: 0800 24 0800 and lets see what we can do to help you.

Moe Nawaz: Insolvency Auditor  -  Published Author  -  Mastermind Strategist

Let me give you example of what I am talking about. Late last year I was giving a talk about why businesses fail at the Institute Of Directors Office in Leeds. After the talk a gentleman by the name of  Stephen asked me if I could recommend a good insolvency practitioner in Leeds. So I asked him why do you need an insolvency practitioner and yes I do know a few very good insolvency practitioners in Leeds.

Stephen started to explain why he needed an insolvency practitioner, his company had come to the end of the road with debts exceeding £293,000 and he was about to lose his house as he owed the bank £65,000.00 on an overdraft.  Work was still coming in but Stephen could no longer finance the orders.  The debts were made up of HMRC, PAYE, VAT and trade suppliers to the company.

In an ideal world what, if I had a magic wand, what would be your ideal solution if given the choice. He replied, if he did not have the debts his business would be very much viable now. Why now I asked Stephen?, we had a few clients go bust on us in the last two years leaving us with unpaid invoices. Stephen was in the printing business and the margins are very tight. The company at this point in time was owed just under £91,000 from customers, but even if we collected all that in we could not pay off all our creditors and it would be years and years before we could see our way clear of the debts, that is why I asked if you could recommend a good insolvency practitioner in Leeds.

Let me get this right then Stephen, what you are saying is that if you could have the business back without the debts you could make a profit and would love to continue running your business with your employees?. Yes 100% he said. Well if that is the case I can help you create a pre – insolvency strategy which will allow you exactly that. We arranged a meeting for the following week.

At the meeting with Stephen at his place of work in Leeds we spend around four hours finding out more information about the company’s affairs, creditors, bank relationships, supplier relationship and not forgetting the customers. From that we created a strategy which would allow the company to continue trading for another 5 weeks and then hand the business over to one of our approved insolvency practitioner in Leeds to wind the affairs of the company up by means of a voluntary company liquidation.

We managed to buy back the plant and machinery after negotiating with the liquidator for around 45% of the price. Stephens bank overdraft had also been reduced to just under £7,300 compared to the £65,000 which it was at before we get involved.

Stephens business did need a good insolvency practitioner in Leeds but, he would not have got the result we got for Stephen. As an insolvency auditor my duties are to the directors of the company directors. That’s why people all around Europe are saying Moe Nawaz is the most trusted insolvency auditor who works with company directors.

So if you are in a sticky situation and need someone on your side to give you the best advice and take you through the maze of insolvency and all the stigma surrounding it then just give me a call and we will see how best we can help you through your difficult times. Call 0800 24 0800

Moe Nawaz: Insolvency Auditor  -  Published Author  -  Mastermind Strategist

We arranged a meeting and met up three days later at Collins offices in London. Collin had brought along with him his company accountant to make sure the advice he was going to be getting was good and actionable. As I explained to Collin, my duties as an insolvency auditor are to the directors and not the creditors of the company. My responsibility was to help Collin reduce his personal liabilities as well as the company’s liabilities but ultimately priority was Collins personal liabilities, i.e. his bank overdraft and to make sure the tax man does not come after Collin personally for any of the company’s taxes or being prosecuted for wrongful trading.

We spent just over 4 hours getting and reviewing the financial information needed to make the best recommendation for Collin. The first option was to do a CVA better known as a Company Voluntary Arrangement but for this we will need the consent of 75% of the creditors but bearing in mind that the taxman or HMRC were the main creditors, they might go for it or might not. The down side would be that Collin would be tied down for the next 3 to 5 years paying off company debts and other bad point would be that all his future creditors would insist on payments up front without any credit. This would have a major effect on cash flow, and then you would still have the bank to pay back because they had a charge over Collins house for the overdraft.

It was becoming clear by the moment that the only real solution for Collin was to create a strategy for the pr- liquidation in order to reduce or clear the bank overdraft so that Collins house would be safe and saved from all this financial fallout from the company liquidation. We arranged for Collin to register a brand new company and start trading immediately from the new company.

Six weeks in to our strategy, we introduced Collin to one of our approved Insolvency Practitioners in London to take on the liquidation for the company. By this time we had reduced Collins overdraft down to £11,300at which point it was not a major issue for Collin and his house was now safe.

We manage to secure most of the plant and machinery from the liquidator for a very low price for Collin so Collin can continue his new business without too many interruptions.  Collin now had a new company up and running with our help and none of his creditor chasing him, all the old debts had died with the old company with the liquidation.

If you find yourself in a situation where you need to find a good London Insolvency Practitioner who will help you then give me a call and I will help you plan a strategy to get you through the maze of insolvency and finding the right Insolvency Practitioner one who will look after you and we will guide you through the whole process, from start to finish, WHY?, because that’s what we do best. Call us on 0800 24 0800

Moe Nawaz: Insolvency Auditor  -  Published Author  -  Mastermind Strategist

As I managed to drill down in trying to understanding the extent of her business problems she told me her name was Mary and she had total company debts of £273,000 and an overdraft of £31,300 which was secured against the family house. Furthermore the company had stock of £79,000 at cost and other fixture and fitting for her wedding dress shop of about £15,000 which would only make maybe about £2k under the hammer of an auction.

Mary had already been to see two insolvency practitioners in Manchester one recommended by her accountant and another by her local chamber of commerce.  She said she did not feel comfortable with them as they were not telling her the full story. So she started to search online to learn a little bit more about insolvency and the process when she came across our site via Google.  Mary had been listening to some of the videos of the people who we had helped and felt at ease to be able to call us up for advice to recommend a good and trustworthy insolvency practitioner in Manchester.

After getting a good grasp of Marys financial problem, I was able to assure Mary that we could save her house and clear all if not most of her overdraft with the bank. At this point Mary started crying on the phone and I could tell that Mary was under a lot of stress with her business.

Four days later I went to Manchester to meet with Mary and her husband at their shop in Manchester. I devised a strategy for them that would allow them to continue trading for another month and then place the company in to voluntary liquidation via one of our approved insolvency practitioners in Manchester.

Three months down the line, Mary had a brand new company up and running with no former creditors and the bank overdraft had been paid off all but £3,421.00 compared to the £31,300 when we first spoke with Mary. Marys old company had been liquidated and Mary also mange to purchase the remainder of her stock for 25% of the cost price which saved her a wapping 75% enough to give her a head start with her new reborn business without the debts and all from a telephone call because Mary wanted an insolvency practitioner in Manchester.

If you are having problems with creditors and can’t see a way out and need some professional advice to take you through the insolvency maze no matter where your business is, why not give me a call. My name is Moe Nawaz, there must be a reason why people say that I am the most trusted insolvency auditor in the UK.  Don’t take my word for it Google me and see what others are saying about me.

Call out insolvency helpline on 0800 24 0800

Moe Nawaz: Published Author  – Insolvency Auditor  -  Mastermind Strategist 

After a brief history of her 7 year old catering business which had now accumulated debts of £311,000.00 to suppliers and hotel venues. New work was still coming but she was not able to manage her cash flow to keep the business running and pay off her suppliers at the same time.

The reason the company had got in to debt was that she had three weddings which went pair shaped not due to faults of her but she did not get paid after the event and the couples just vanished abroad, therefore leaving her to mop up the bills.

I asked her the million dollar question, if you had a magic wand in an ideal world what would be the best outcome you would like to see achieved from this situation that she found herself in?.  After thinking about it for a moment or two she replied I would love to carry on running the business which she had built up and loved her work but a few bad mistakes has brought her to this sorry state that she was facing business bankruptcy and needed to find a good insolvency practitioner in London.

It was at this point that I advised her of some of the services which we provide to company directors faced with insolvency and business debts in London.

Three days later we had a meeting at the institute of Directors offices in Pall Mall in London. We spent almost 4 hours together putting a strategy together that would allow Janet (by this time she had given me her full name) to start a new company up and set up bank accounts to start trading in the new company for all her future orders that came in. Then we found Janet an insolvency practitioner in London that was on our approved register of insolvency practitioners in London.

Four weeks later the old company was liquidated by one of our liquidators and we arranged to buy back the fixtures, fittings and the rest of the assets of the company for a knocked down price of £0.30 in every £1.00 in other words 70% below cost, which was a good result and no more worries about any outstanding debts or creditors chasing Janet for money she could not afford.

Janet is now running her business successful and is taking on more staff to expand her business outside of London as well.

If you have a viable business that can be made profitable if it were not for the debts you are carrying then we might be able to create a strategy that will allow you to grow your business without the worries you are currently facing.

Why not give me or my team a call and see how quickly we can help you sleep easy at night by taking away your worries.  We have approved list of insolvency practitioners in London in the event you need the services of an insolvency practitioner in London or the rest of the UK.

As an insolvency auditor my duty is to protect you by minimizing your personal liabilities as a director and any wrongful trading which you might be exposed to.

Other Insolvency & Liquidation Related Topics

Suzanne went on to explain that she had been to see three insolvency practitioners one recommended by her bank manager and one by her accountants and another recommended by a friend, she was more confused after talking with the three than she was before she started digging in to and trying to understand company liquidation advice. 

Suzanne company had been trading for nearly five years without any problems but her co-director had left the company and was holding Suzanne to ransom to buy out his shares for a stupid figure of £67,000 which was for 40% of his shares, but the company could not sustain that nor did it have that sort of cash about or assets that Suzanne could sell off to raise the money. So she was now seeking advice about company liquidation in order to resolve the situation with her co-director. 

After further investigation it appeared that the company had no real assets and her creditors were but a few, all very sympathetic to Suzanne.  The co-director was basing his value on the clientele base of the company. The majority of the clients had been brought on by Suzanne and were all happy to go with Suzanne if she up and left the company. 

WE arranged a meeting with Suzanne a week later and created an exit strategy from her company by forming a new company and any future orders that came in went in to new co and not old co.  After six months the old company had no trading activity for at least 4 months and all the clients had switched over to Suzanne new company. The strategy we had devised and legal notices we had placed and notices served on the co-director left him with nothing at all but a dormant company with no value what so ever. 

Two months later we appointed a liquidator to wind up the affairs of the old company up by means of a company liquidation without any problems from Suzanne’s former c- director. So if you need liquidation advice or any advice relating to company / business debts or insolvency issues, just pick up the phone and let’s have a chat to see how I can help you out, just like thousands of other people we have been helping just like Suzanne since 1989.

My name is Moe Nawaz and I am the author of a number of books on Amazon.co.uk , why not Google my name and see what others are saying about me.

Call us FREE on 0800 24 0800

The phone ringing at 4.50 pm and the receptionist had gone home early, so I picked up the phone and answered it, an elderly male voice said I would like to speak with Moe Nawaz please. Moe speaking and how can I help you sir? My name is Peter —— can you please help me with my business debts.

Peter went on to explain he had been to see two insolvency practitioners one recommended by his accountants and another from the internet both of these people were not able to provide a solution for my problems, can you? I would be happy to if you could tell me what your total business debts  problems are Peter, I said to him.

The phone ringing at 4.50 pm and the receptionist had gone home early, so I picked up the phone and answered it, an elderly male voice said I would like to speak with Moe Nawaz please. Moe speaking and how can I help you sir? My name is Peter —— can you please help me with my business debts.

Peter went on to explain he had been to see two insolvency practitioners one recommended by his accountants and another from the internet both of these people were not able to provide a solution for my problems, can you? I would be happy to if you could tell me what your total business debts  problems are Peter, I said to him.

Peter had an overdraft of around £57,000 for his business and was not in a position to repay the business debt to his bank, his business was now getting deeper in to debts and Peter could not see any way out. If he were to liquidate his company he would be left with a short fall to the bank for his over draft which he had given personal guarantees to the bank. Peter was afraid of being personally bankrupted for his overdraft commitments if he did not pay his business debts to his bank.

The business had stock of £83,000 at cost of which 50% was not paid for and further supplier business debts of £69,000 plus other creditors of around £11,000.

Three Days later we had a meeting with Peter to go through the whole process and see if we could create a strategy where Peter would reduce or eliminate his personal liabilities to any of his / business debts.

The two insolvency practitioners that Peter had been to see just told him that once the company was liquidated and money due to the bank would become Peter’s personal liabilities and he would have to deal with the bank himself. We had managed to create a pre – insolvency / liquidation strategy for Peter and helped him to implement it as well.

Seven weeks later Peters company was liquidated with the bank overdraft sitting at just a little over £8,000 which was a substantial reduction by nearly £49,000. IN addition we had manage to find a good and sympathetic insolvency practitioner who was formally appointed to liquidate the company and deal with the creditors.

You see if you seek the right advice from people who care about their clients more than themselves, you will win every time. What’s more I do care because I can sleep easy knowing that I have helped Peter and others like him out of problems that might seem impossible to insolvency practitioners but not to me or the Peters of this world.

When you have business debts or company debts seek professional advice from people who care about your problems. My name is Moe Nawaz, I am an insolvency auditor & strategist who has been helping business owners since 1989, check out my books and other publications on Amazon.co.uk and see what others are saying about me by Goggling my name.

Give me a call if I can be of any service to me, even the call is FREE Tel: 0800 24 0800

Winding up a company is a form of insolvency. If a winding up petition has been issued against your company then you need to read more about how to deal with the winding up petition by clicking on the link. If on the other hand you mean you wish to wind your company up because the business cannot continue trading any longer because it is making losses, that is known as a company liquidation which you can find out more by clicking on the link.

Lisa came to see me about 5 months back regarding her business winding up her company because she had debts that she could not pay back and she was being pressured by the bank and other creditors to take out loans against her house to pay off some of her creditors so they will not wind her company up.

First of all I had to explain and convince Lisa that the limited company is a separate entity to herself. Unless she had given personal guarantees to the bank or any of her creditors she was not liable to pay anything to anyone inc VAT or PAYE the tax man. Lisa kept on telling me that the creditors had threatened her with insolvency and winding the company and that they would go after her if they did not get the money from the company.

Trust me it took some convincing to explain to Lisa that she was not liable for any of the company’s debts, the company was a limited company and if any of the creditors were to wind up the company for insolvency reasons, that she would not have any calls on her for liabilities unless she as a director of the company had acted negligently in any way or manner, which she assured me she did not.

All that Lisa wanted was to wind up the company and get a move on with her life. We assisted in arranging a company voluntary liquidation of the company and getting rid of all her creditors with no further come backs on Lisa.  

So if you have creditors who are chasing you and threatening you also about insolvency or winding up your company. Then we can help to put a stop to this with a simple telephone call, why and how? You might be asking yourself? Well I have been doing this since 1989 and the best part is you can Google me Moe Nawaz and read the thousands of pages and what others are saying about me. Also take a look on Amazon and see what books I have written on the subject, how many other so called experts can say that, lol.

No really my job is to find out what sort of an outcome you want to see and we will take it from there. So why not give me a call and ask for Moe Nawaz and I will deal with your issues myself, is that fair or not?

Well my number is 0800 24 0800 and yes even the phone call is FREE.