INSOLVENCY IN THE WEST MIDLANDS
Companies in the West Midlands may be finding current trading conditions challenging. Where a business cannot pay its debts when they fall due can be sign the business may be insolvent.
There are two different ways to consider if a company is insolvent or likely to become insolvent:
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
This shows a company’s assets and liabilities. If the liabilities are bigger than the assets, your company could be insolvent.
BALANCE SHEET CHECK
If you feel that your business falls into the above situation, you may need help from our insolvency practitioner. The Timothy James Partnership Limited is based in the West Midlands and has helped a number of businesses through the insolvency process.
If your business is insolvent, it is important to understand the risks and consequences. Our team, based in the West Midlands, have expert knowledge and experience. Tim, our lead insolvency practitioner, who has been working within the insolvency profession in the West Midlands for over 30 years, is also a Fellow of the Insolvency Practitioners Association and a Fellow of the Association of Business Recovery Professionals (R3).
If your company in the West Midlands does become insolvent you may want to consider placing the company into Creditors’ Voluntary Liquidation. This is a formal process governed by the Insolvency Act 1986 where a Licensed Insolvency Practitioner is appointed as Liquidator, they will deal with all matters regarding the insolvent company.
An insolvency practitioner is someone who is licensed to act on behalf of companies or individuals. Getting advice from an insolvency practitioner as soon as you find out your business is insolvent or likely to become insolvent is crucial. Tim is ready to help any companies based in the West Midlands to discuss what options are available.
If you would like to talk to our licensed insolvency practitioner about any questions you may have about a business in the West Midlands then please call or email Tim on 07815 762064 or firstname.lastname@example.org.