INSOLVENCY IN WORCESTERSHIRE
If your company cannot pay its debts when they are due, it may be insolvent. A company can also be classified as being insolvent when its liabilities are greater than its overall assets. If you think that your business is insolvent, it is advisable to get in touch with an insolvency practitioner.
An insolvency practitioner is someone who is licensed to act on behalf of companies or individuals when they are having insolvency problems. It should be noted that insolvency practitioners can also be used to deal with very profitable companies by way of a Members’ Voluntary Liquidation, where surplus profits are distributed to shareholders.
The insolvency practitioner will be able to step in at any stage, assess the different options and recommend what is best to do next.
Tim is a licensed insolvency practitioner and established the Timothy James Partnership in Worcestershire in 2012.
The Timothy James Partnership Limited, based in Worcestershire, has over 60 years of insolvency experience with Tim Heaselgrave, the lead Insolvency Practitioner, being involved within the industry for over 30 years personally. Tim and his team provide expert insolvency knowledge and support to local businesses, directors and professionals throughout Worcestershire.
If you’re unsure whether your company, in Worcestershire, is insolvent, it is worth considering the following two insolvency checks:
A balance sheet shows a company’s assets and liabilities. If the liabilities are bigger than the assets, your company could be insolvent.
BALANCE SHEET CHECK
CASH FLOW CHECK
Can the company pay its bills on time and in full? If not, then this could be a sign that your company is insolvent.
The team at Timothy James Partnership work with directors and companies in Worcestershire and can answer any questions you have regarding the various insolvency processes, such a liquidation and administration.
If your company is based in Worcestershire, we will be able to help you to decide whether your company is insolvent, what options are available to you and how any insolvency process might work.
Please get in touch with Tim, our licensed insolvency practitioner, at The Timothy James Partnership, Bromsgrove, Worcestershire, today if you need his assistance.