I was having a round of golf with a local Barclays bank manager at the Marriott Breadsall Priory in Derby when I got a text message from my office saying could I please call a gentleman called Peter who was looking for us to recommend a good insolvency practitioner in Nottingham on his mobile when I finish my round of golf.
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.
Filed under: INSOLVENCY
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