The Timothy James Partnership is an independent firm of specialist Licensed Insolvency Practitioners. Based in Bromsgrove, Worcestershire. Tim Heaselgrave started the firm in 2012 to provide expert knowledge and help to local businesses and professionals.
Our team of experienced professionals is led by Tim Heaselgrave, Licensed Insolvency Practitioner who has recently completed 30 years in the insolvency industry. All meetings are totally confidential and an initial meeting with Tim is free of charge.
See our services below. If you think your business falls into one of these categories and you require further advice, please contact Tim or any member of the team.
& SOLVENCY PROCEDURES
We recognise that at times, companies find themselves in difficult financial circumstances and our aim is to provide practical solutions in these situations. We understand the commercial position of having cash flow difficulties and also the need to balance this with the real people affected being the directors, shareholders, creditors and employees.
MEMBERS' VOLUNTARY LIQUIDATION
This is a process to liquidate a profitable company. It is a wonderful part of the Insolvency Act 1986 and allows for a company to be placed into solvent liquidation, all matters of the company to be wound up, all creditors to be paid in full and then a payment to be made to the shareholders of the company. The payment to shareholders can often be very tax efficient.
It is commonly used where directors are seeking retirement and there are no successors or purchaser for the business. It is also used where a group of companies need reorganisation.
CREDITORS' VOLUNTARY LIQUIDATION
Where a company has insufficient funds to pay its creditors and cannot trade out of its difficulties, the directors may instigate the liquidation process and the liquidator is appointed by the members and creditors of the company
This is where a limited company is placed into liquidation by a court process brought by a creditor who is owed money by the company
Often used when companies are in financial difficulty but need to continue trading to maximise the value of assets. An Insolvency Practitioner is appointed as the Administrator to manage the company. The purpose of this is to maximise the value of the business for the benefit of its creditors.
A legal process where an individual is unable to settle his or her personal debts and is governed by the Insolvency Act 1986. A Trustee in Bankruptcy is appointed over the individual’s affairs