Business Insolvency Advice

The first and most important step to take is to acknowledge that you have a problem that you are unlikely to solve on your own. Seeking advice from your accountant or ourselves will help clarify your options and ensure that you stay on the right side of the law. Remember insolvency law can be complicated and varies considerably depending on the nature of your debts and the legal structure of your business.

Liquidation

If your company is placed into liquidation then you will need to send the Council documentary evidence to confirm the date of the liquidation meeting. If we are owed any business rates we will make a claim as an unsecured creditor to the Insolvency Practitioner (the liquidator). We may receive a dividend. If you vacate the property we will make the necessary amendments to your business rate account. If the lease remains with the Insolvency Practitioner no rates are payable until the lease has been surrendered back to the landlord. The Insolvency Practitioner holds annual meetings and will issue reports and statements to all creditors.

Company Voluntary Arrangement

If your company has been placed into company voluntary arrangement (CVA) you will need to send us documentary evidence to confirm the date of the meeting. Once we have received the evidence we will amend your business rates account as necessary, submit a claim and vote by proxy. Any charges from the date of the meeting of the CVA onwards are outside the CVA and are therefore recoverable. If we are owed any business rates up to the date of the meeting these will be covered as part of the proposal of the CVA. The CVA binds the Council only if we are told of the meeting, but the supervisor may invite the Council to join.

Administration

If an administration order is placed on your company we will need a copy of the order as documentary evidence. While the order is in place the Council cannot take any recovery action. We will submit a claim to the Administrator to the date of the order. The Administrator may pay the business rates owing from the date of the order, but is not obliged to. The Administrator looks at your company's finances and usually either lets trade continue with the intention of getting your company back on a sound financial footing or sells it as an ongoing concern. Administration orders can last up to several years, most becoming CVAs or liquidations.

Receivership

If a lender appoints an administrative receiver because of a debt you will be placed in receivership. You will need to send us documentary evidence to confirm the date of the receivership. We will submit a claim up to the date of the receivership and close the account, and then produce a new account for your company from the date of the receivership onwards. This is known as post-receivership. It is payable, but some receivers, who are never personally liable, will not pay because they usually intend to sell the company as a going concern. If the receivership ends your company may or may not be taken off the Companies House Register.

Insolvent Company Details

Companies in difficulty and their creditor meetings. The service is updated daily by the UK insolvency network. Click below for more information.

·         Company Investigation Department
The Home Page of the DTI Company Investigation Department for complaints about the dealings of a particular director.

·         Receiverships
A searchable listing of all companies in receivership since 1996 including receivers details.

Business Insolvency Solutions

The are a number of solutions to help you business in hard times. What you must do, is work out of the company is viable to continue trading if the debt was managed.

Is there enough business going forward? Can you afford to pay cash for your stock as you will no longer be able to have credit terms with the same suppliers?

For more information and free advice, please call our helpline now on 0800 612 6076