Insolvency Solutions

Your options

Four ways through. One adviser.

Four ways through, and one adviser from the first call to the finish. Whichever route fits, the first conversation with Michael is free, confidential and informal, on 0345 017 9773.

Short answer

Which route fits depends on whether the company is viable, how much time you have, and what you want for the trade afterwards. Michael tells you plainly which of the four is realistic in your case, in writing, and you decide in your own time.

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The four options in detail

Option oneDefend your companySometimes the company does not need closing. It needs the pressure taken off it, quickly and in the right order. That is where most of our cases start.Right for you if
  • The business is fundamentally viable, but cash is tight right now.
  • HMRC arrears are building and you want a payment arrangement.
  • A creditor is threatening action, or has sent a statutory demand.
How it works Option twoClose your company safelyIf the company cannot continue, closing it yourself is almost always better than waiting for a creditor to close it for you. You keep control of the timing and the process is far calmer.Right for you if
  • The company cannot pay its debts and there is no realistic route back.
  • You would rather act now than wait for a creditor to petition.
  • Creditor pressure is taking over your working week.
How it works Option threeContinue your businessThe company and the business are not the same thing. Often the company has to close while the business itself carries on, with the same skills, the same customers and a clean balance sheet.Right for you if
  • There is a real business here: customers, work in progress, skills, a reputation.
  • The old company is weighed down by debt it cannot clear.
  • You want to keep employing your people and serving your customers.
How it works Option fourProtect yourself as a directorMost directors worry about the company and themselves at the same time. It is worth separating the two early, so you know what your actual personal exposure is.Right for you if
  • You have signed personal guarantees, to a bank, a landlord or a supplier.
  • Your director's loan account is overdrawn, or you are not sure.
  • You are worried you have carried on trading too long.
How it works

Also worth knowing

Phoenix restart

Phoenix is a word people use nervously. Done properly and openly it is a recognised way for a viable business to survive the failure of its company. Done badly it creates personal liability.

A phoenix restart is where a viable trade continues through a new company after the old, insolvent company is liquidated. It is legitimate when the new company buys the assets it needs from the liquidator at a proper value, the statutory rules on re-using the old name are followed, and nothing is hidden from creditors. It is not a way to walk away from debt.

Read about phoenix restart
  • The trade is viable but the company is not.
  • You are prepared to buy the assets you need at a proper value.
  • You want the old company closed correctly, not abandoned.
  • You want the rules explained before you do anything.

Not sure which one you are looking at?

That is the normal starting point. Call 0345 017 9773 and Michael will tell you which of the four is realistic.

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Clear options for directors under pressure. One adviser, from the first call to the finish.

Ask Michael a question

Free, confidential and informal. No obligation.

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Confidential. Your details are used only to reply to you and are never sold or shared. No insolvency process is triggered by contacting us.

This page is general information, not legal or financial advice.

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