When your business is struggling financially, it can be an incredibly stressful time. What you really need is clarity about the options available to you.
While the internet can be a great way to inform yourself and learn more about the different choices you could make, the information out there is not always easy to understand and it can be conflicting.
What would be more beneficial is if there was someone you could speak to in person, who will take the time to discuss your circumstances with you, answer your questions and outline the potential routes you could take.
But is this sort of free insolvency advice for a limited company even out there, and if it is, what resources should you try?
Finance professionals you already work with
Most small and medium-sized businesses work with an accountant or a financial adviser in some capacity, and they could be your first port of call.
Of course, that will come with costs, and with insolvency being such as specialised area, the likelihood is that your standard small business accountant will not have the necessary understanding of company insolvency.
If they are happy to provide some advice, make sure they understand the subject completely and have relevant professional accreditations. If not, ask them if know an insolvency specialist who would be happy to discuss your circumstances with you.
Give a business debt charity a call
If your account doesn’t have the necessary knowledge of insolvency or you think they’re charging unreasonably for their time, there are a number of reputable business debt charities you’d be wise to call.
Business Debtline is a charity with more than 20 years of experience that helps over 20,000 people every year. It provides a free insolvency advice and guidance for small businesses and limited companies that don’t know where to turn. It can provide information on everything from Company Voluntary Arrangements (CVAs) and voluntary liquidation procedures (CVLs) to HMRC Time to Pay arrangements and sources of alternative finance that you may be able to access.
Business Debtline can offer advice via its website, in the form of informative articles, via its web chat facility, or over the phone if you’d prefer to speak to someone in person.
As well as providing you with information to help you deal with creditor threats, court action and bailiffs, it also has a number of template letters you can use that could be of assistance.
Contact a licensed insolvency practitioner
Insolvency practitioners are usually accountants who have received further training in the specialist field of insolvency. They work directly with businesses who are facing insolvency on a day-to-day basis and work to put measures in place to rescue insolvent businesses wherever possible or close them down in the most beneficial way.
At AABRS, we are specialists in business rescue and recovery and have one of the leading teams of insolvency practitioners in the UK. We are happy to discuss your circumstances with you and provide free, no-obligation advice to help to alleviate some of the financial pressures on your company and explain your options going forward.
Do You Need a Free Consultation About Insolvency?
Want to have a free, confidential and no-obligation consultation with one of our licensed insolvency practitioners? Then please get in touch with our team.