What action should should be taken by a director of a business if you believe your business is insolvent, as leading a leading insolvency practitioner in Bristol, we are here to help you overcome these issues.
Keeping a company on a strong footing in Gloucestershire and Somerset is one of the hardest areas for that business to grow and compete due to competition and high commercial costs. Our office is located just outside the city centre, we offer free and regulated advice with you would expect from a licensed practice that covers the South West for companies suffering from financial difficulties.
Confidentiality is assured with key information and advice on the protection of your interests. Like most insolvency firms we play a major role in working out the best solution for closing your business. If you trade as a sole trader, or are the owner of a limited company we are here to help with guidance.
Insolvency Practitioners Bristol – Help & Advice
Bristol is a city that has been negatively affected by the impacts of COVID-19 and the global pandemic surrounding it. Many different types of businesses in the South West area have struggled throughout the year since the beginning of the initial UK lockdown, as have many other places in the UK with cash flow problems. The truth is that it has been an extremely difficult year for industries of all different shapes and sizes.
If you own a business venture that has found itself in danger due to the impacts of this year, it may not have to be the end of the road for you. However, simply ignoring your debt problem won’t help to make it go away, so you need to look for an actual solution. Plus, if you’re a director of a limited company, it is your legal responsibility to seek out professional advice if you believe your company may be destined to go through the insolvency process.
Company Insolvency in Bristol
Company insolvency is when a company is not able to pay its debts or other outgoings on time or in full. In many ways company insolvency can be seen as bankruptcy for businesses based in Gloucestershire and Somerset. A company is classed as insolvent when its liabilities (or debts) outweigh its assets; or when it can no longer meet its outgoings as and when they fall due, if you are worried about this take a look at our insolvency test.
Insolvency is a dangerous position for a company to be in, a number of cases it does not necessarily mean that the company is beyond rescue and liquidation is the only route. There are a number of business rescue and recovery options which could help turn around the company’s fortunes and put it back on the road to restructuring with our specialist insolvency services.
If you are concerned that your company may have an insolvency issue, or is heading that way, the first thing to do is to seek expert advice from a local licensed insolvency practitioner at the earliest possible opportunity. We understand that it may not be the best experience for business owners but our friendly experts are here to help. The corporate recovery and insolvency team will be able to talk you through the various options and suggest the most appropriate solution for your company if you are suffering creditor pressure.
Bristol Business Rescue
Having many years experience liquidators have massed a wealth of experience and know exactly what it means to take some of the pressure off stressed company directors suffering financial difficulties. Once of the biggest challenges firms are facing is the threat from HMRC for unpaid VAT, PAYE and Corporation tax.
HMRC have started to get aggressive in their collection of unpaid tax and have started to procedures to use winding up petitions. These are a way to force liquidations on a company, in the pursuit of unpaired taxes. If you have received a letter stating this action will take place, then please contact us urgently.
A licensed insolvency practitioner will be able to inform you of the best option for your business. The three most common rescue options available for distressed businesses and insolvent companies are a creditors voluntary liquidation, pre pack administration and voluntary arrangements.
Each of these options has advantages and disadvantages for your business, and none are perfect for every business. Depending on your company’s financial situation and viability, one of the above options may be more suitable than the others.
Business Turnaround & Recovery
Business Insolvency Helpline has been providing help and advice since 2001 and is a trading arm of Bridgestone Insolvency. We specialist in business rescue, turnaround and insolvency. As leading insolvency specialists to small and medium sized businesses we have had great success year on year turning business around and preserving jobs and personal wealth.
Our network has grown and to degree that we can offer outstanding business solutions that maybe needed in a distressed situation. With our outstanding team of licensed insolvency practitioners in our regional office, we hope to resolve most problems with business debts, cash flow problems and insolvency regardless if they are corporate and personal financial issues. We have dealt with distressed businesses and personal insolvency issues in wide variety of situations.
A turnaround service is available to our clients, meeting personally with them throughout the Bristol city area. Our services are bespoke service to clients as all issues are different, pre Covid-19, with our proposal being a meetings at your registered office, near the clients’ premises, or our head office whichever is more convenient. We are happy for you to bring your accountants or advisory professional to the meeting.
Contact our Bristol regional office
Our success is down to the understanding the challenges and problems that people face when working to build a successful business. If you require professional and independent advice our local office can assist with support and a consultation. Our licensed insolvency practitioner has a wealth of experience in all aspects of insolvency and corporate restructuring and is on-hand to discuss your state of affairs with you.
Our Bristol based team can help you navigate the legal and financial upheaval surrounding insolvency and find the best outcome for your business in the confidence that we are regulated in England and Wales to deal with your business rescue.
Office Hours : 09:00 – 17:30