Insolvency

Discussion in 'Insolvency' started by hassecure, Sep 23, 2021.

  1. hassecure

    hassecure UKBF Newcomer

    29 0
    Good Evening All,

    I've been reading the various threads around insolvency, especially those related to companies with BBL, as this directly applies to myself.

    I'd like to speak to an insolvency practitioner and wondered if anyone could share any recommendations?

    I believe I should be able to do a voluntary liquidation with the right support

    Thanks All
     
    Posted: Sep 23, 2021 By: hassecure Member since: Feb 11, 2017
    #1
  2. Gavin Bates

    Gavin Bates UKBF Big Shot

    735 182
    Hi

    I will not say give me a call so instead here are some thoughts on what to do in making your choice.

    first of all talk to any existing professionals that trust and ask if they have any recommendations.

    second I would make sure that any initial meetings are free of charge. Most Insolvency Practitioners will offer this.

    when you have your initial meeting it will help if you know what are the company’s assets and liabilities but also a list of your own questions. These should be the things that concern you.

    the IP should explain all the options available to you and how each process works.

    get a clear idea of the costs both the IP fee but also the disbursements.

    Finally so would probably say look for a local firm. Yes things can be done remotely but you may feel more comfortable meeting somebody in person, and for sure at some stage the accounting records will be required.

    I hope this helps.

    regards

    Gavin
     
    Posted: Sep 23, 2021 By: Gavin Bates Member since: May 9, 2016
    #2
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  3. Lisa Thomas

    Lisa Thomas Business Member

    3,891 552
    I agree with Gavin

    Make sure they are licensed. You can normally check this from their website but you can also check here:

    https://www.insolvencydirect.bis.gov.uk/fip1/

    Most initial meetings/calls should be free.

    Get more than one opinion, see who sounds like a good fit for you.

    See if they only discuss CVLs or whether they also discuss other options available - sometimes dissolution is applicable and Liquidation is not needed.

    Here is a summary of options and the pros and cons of each:



    One test will be whether the IP discusses their investigation into your conduct and the power they have to bring claims against you personally once they are appointed as Liquidator. Some IPs won't mention it, or will brush over it.

    Best of luck.
     
    Posted: Sep 24, 2021 By: Lisa Thomas Member since: Apr 20, 2015
    #3
  4. Chris Callaghan

    Chris Callaghan Full Member

    279 101
    I would echo Gavin's & Lisa's comments. There are a number of insolvency practices available who can advise you, including several of us on this forum.

    As already mentioned it is always considered best to ensure the insolvency practice you contact employs licensed and regulated insolvency practitioners, which you can check at https://www.insolvencydirect.bis.gov.uk/fip1/

    Any insolvency practice should offer you a free and frank consultation about the liquidation process, and point out any risks to you personally. When it comes to BBLs, I always recommend being thoroughly honest with any IP you contact about how you obtained the BBL, and what the funds were used for. Also be mindful of your directors loan account position. It wouldn't be a bad idea to consider getting up to date figures for any director loan accounts before contacting an IP.

    Lastly I would also say the obvious - where possible look for reviews of any IP you choose to contact. Most reputable firms will have reviews in places like Google, Yell.com & Trust Pilot.
     
    Posted: Sep 24, 2021 By: Chris Callaghan Member since: Apr 10, 2018
    #4
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