As leading licensed insolvency practitioners based in Oldham, Greater Manchester, we understand that the town has largely been affected negatively by the impacts of COVID-19 and the global pandemic surrounding it.
Many different types of businesses in the North West 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.
If you are a business owner in Oldham and reading this article (and hopefully others like it), you’re taking steps in the right direction and clearly looking for a solution to your business’ financial issues. We offer help from our team of experienced professionals, which includes Oldham based licensed insolvency practitioners, whom have the knowledge and expertise to single out the financial problems within your company and stop them at their roots.
There is almost never an easy way to deal with serious financial difficulties but confronting the issues and understanding the options is the first step towards finding a workable solution. We have many years of unrivalled expertise in these areas and we deliver clear guidance to directors facing the stress of seeing their company come under increasing pressure from creditors.
Our team of liquidators can offer expert specialists’ advice whether you are facing short-term cash-flow issues or a far more serious, long-term escalation of financial distress. Every company scenario is different, and an insolvency practitioner can talk with your, free of charge, to ascertain the business’s current situation and a potential way forward.
The wide range of insolvency solutions we offer mean there’s a high chance we can find the perfect needs for your individual set of circumstances. You do not have to face insolvency on your own.
Company Insolvency in Oldham
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 Oldham and the Great Manchester area as a whole. 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.
Oldham Based Business Rescue Specialists
Having many years’ our experienced liquidators and business rescue specialists have amassed a wealth of experience and know exactly what it means to take some of the pressure off stressed company directors suffering financial difficulties. One of the largest 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.
Licensed insolvency practitioners in Oldham 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 Practitioners which has its head office in Oldham. 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 Greater Manchester. Our services are bespoke service to clients as all issues are different, pre COVID-19, with our proposal being a meeting 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.
Need to Know more about our Oldham Office?
The continued success we hold on to is purely down to understanding the challenges and problems that people face when working to build a successful business venture. 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 Oldham-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.
Oldham Office Address:
Earl Business Centre,