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At what point do you need to appoint an Insolvency practitioner?


A very common question asked is then should you appoint an Insolvency Practitioner.

 

This can be a difficult question to answer for a director of a company because it can depend on many factors, including cash flow, staffing, work in progress, new orders and legal requirements to mention a few.

 

It is safe to say it is always better to seek advice early and if a director is starting to find trading difficult, this is a good point to discuss the matter with an insolvency practitioner. This does not mean the company will have to cease trading as there may be a strategy to trade out of the current difficulties, however, by taking some advice from an insolvency practitioner the director should be better equipped to deal with the difficulties and be better informed whether it is the right time to consider a formal insolvency process such as liquidation or continue trading.

 

This advice is applicable to everyone or any type of insolvency – whether it’s a limited company, partnership, sole trader or a private individual.

 

In all scenarios, the sooner you seek advice the more options you will have. Leave it until it is too late and liquidation or bankruptcy may be your only choice.

 

It’s not always a negative end road, contrary what you think, it may be possible to rescue your business and secure its future as a going concern.

 

When you contact an Insolvency Practitioner such as The Timothy James Partnership, the first thing we will do is review all the facts around your particular case. Only then will we, be in a position to advise whether a turnaround package is an option or whether the company’s only route is formal closure.


Added: 03 May 2017 15:55


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The Timothy James Partnership

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Insolvency Practitioners Association
About Us


We are an independent firm of specialist Licensed Insolvency Practitioners located in Bromsgrove, Worcestershire.

At The Timothy James Partnership, we work very closely with local businesses and professionals, providing guidance on formal insolvency procedures and advice on restructuring businesses.

We recognise that at times, companies find themselves in difficult financial circumstances and our aim is to provide practical solutions in these situations.