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Insolvency support

Insolvency is when individuals or businesses have insufficient assets to cover their debts, or are unable to pay their debts when they are supposed to. There are several debt solutions available if you are insolvent. These are legally binding so they give you protection from your creditors and write off some or all of your debts.


For many companies, getting insolvency support is often done when distress levels get to an unmanageable point and directors find they can no longer continue with the current situation. We will be able to step in, assess the options, and recommend the best course of action. The earlier you seek this advice the more valuable it will be for you and your company. 

By contacting us during the initial stages, you will be giving your company the very best chance of survival as a wider range of rescue strategies will be available to you to consider including:

There are a number of options that allow an insolvent company to continue trading.


Directors can:

  • Contact all your creditors to see if an informal agreement can be reached.

  • Enter into a Company Voluntary Arrangement "CVA".

  • Place the company into Administration, offering some respite from creditor action and enabling:

    • the company to continue

    • be sold

    • outside investment 

You also have the option of liquidating (‘winding up’) your company. This means the company is closed down and its assets are sold and distributed to its creditors.


Negotiating with creditors through a Time to Pay (TPP) agreement, or formally by way of a CVA. Leaving it too late, normally results in a complete shutdown resulting in having to place the company into Creditors Voluntary Liquidation "CVL" being the only realistic option.

An License Insolvency Practitioner (IP) is someone who is an office holder who acts on behalf of companies and individuals when they are facing insolvency or acute financial distress. An IP is also able to help directors of solvent companies who have chosen to liquidate their company by way of a Members’ Voluntary Liquidation (MVL) in order to extract held profits.

In the majority of cases, a company director will approach an IP on the recommendation of their accountant and enlist their help in dealing with their distressed company. In matters of compulsory liquidation, where a creditor has instigated the winding up the courts will appoint an Official Receiver who will act as the provisional liquidator. They may later request that an insolvency practitioner be appointed to take the liquidation forward.

Free advice to understand how you can quickly select the right debt solution for you.

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