Working with and advising local businesses and professionals.
CALL US: 01527 314050 / 07815 762064
EMAIL US: tim@timothyjamespartnership.co.uk
INSOLVENCY IN REDDITCH
When a business in Redditch cannot pay its debts, it can be a sign that the business is struggling or may be insolvent. If you’re unsure whether your company in Redditch is becoming insolvent, here are two things to consider:
The main question is can the company pay its bills on time and in full? If not, then this could be a sign that your company is insolvent.
CASH FLOW CHECK
A balance sheet shows a company’s assets and liabilities and if the liabilities are larger than the assets, your company could be insolvent.
BALANCE SHEET CHECK
You may want to place your company into the Creditors’ Voluntary Liquidation if you feel that your company in Redditch does become insolvent. This is a formal process governed by the Insolvency Act 1986, when a licensed Insolvency Practitioner is appointed as Liquidator. When appointed, the Liquidator will deal with all matters, including realising the assets to then enable money to be repaid back to the creditors.
It is crucial to get advice from an insolvency practitioner when you find out your business, in Redditch, is insolvent or likely to become insolvent. An insolvency practitioner will act on behalf of your company or the individual that is having insolvency issues. It can be a very stressful time but Tim and his team are ready to help your business based in Redditch to discuss what options are available and explain the insolvency process.
It is important to understand the risks and consequences of insolvency and talk to an Insolvency Practitioner. Our team, based near Redditch, have expert knowledge and experience in all related matters and procedures. Tim has been working within the insolvency profession for over 30 years, he is also a Fellow of the Insolvency Practitioners Association and a Fellow of the Association of Business Recovery Professionals (R3).
If you would like to talk to our licensed Insolvency Practitioner, Tim Heaselgrave, about any questions you may have regarding your business in Redditch then please call on 07815 762064 or email on tim@timothyjamespartnership.co.uk. Discussions are confidential and the first one will be free of charge.