2020 is fast becoming an even tougher year than we thought it could have been for businesses all around the UK. The introduction of yet another full national lockdown could deal a crushing blow to the businesses of this country, and insolvencies will very likely be on the rise once again. Leeds is one area that has an ever-growing concern in regards to business closures, company insolvencies and extensive redundancies.
One thing to note is that if you’re the owner of a business in or around the area of Leeds, the faster you act, the more chance you have of saving your business from the worst possible outcome. Yes, that’s right, even during a global pandemic there is help to be found, so don’t go giving up on your business just yet.
Trying to ignore your financial problems 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.
Leeds leading team of insolvency practitioners
Our team of Insolvency Specialists in Leeds offer a professional service which is delivered with empathy and care, as this is at the core of what we stand for. Here, we care about the people behind the business, just as much as the venture itself.If your business is located in Leeds or another part of Yorkshire, our qualified Licensed Insolvency Practitioners can provide you with free and confidential business insolvency advice or individual insolvency advice. This can be done over the telephone, or in person (currently unavailable due to social distancing guidelines). Here, we will explain in clear and plain English all of the insolvency options currently available to you. This will enable you to make an informed decision as to which option you wish to follow.
At Business Insolvency Helpline we offer:
- Advice offered to Leeds-based professionals, businesses and firms
- A clear assessment of your option before a formal insolvency process begins
- Calm and efficient resolution of insolvency issues
Business Insolvency Helpline is here to help and advise clients to take the best possible route when they find themselves underperforming. Our clients are widely varied and range from individual professionals to medium sized companies across the UK.
For any firm or individual facing the possibility of insolvency in the Leeds area we are a locally based Insolvency firm, that can advise you on how to deal with formal insolvency procedures correctly.
We advise on processes such as:
- company voluntary arrangement
- individual voluntary arrangement
Company insolvency statistics for England and Wales – September 2020
Total company insolvencies decreased in September 2020 when compared to September 2019. In September 2020, there were a total of 926 company insolvencies in England and Wales, which included:
- 742 creditors’ voluntary liquidations (CVLs)
- 44 compulsory liquidations
- 109 administrations
- 31 company voluntary arrangements (CVAs)
- 0 receiverships
The overall number of company insolvencies decreased by 39 per cent in September 2020, when compared to the same month last year. This was primarily driven by a decrease in the numbers of CVLs and compulsory liquidations which fell by 32 per cent and 81 per cent respectively. There was also a 31 per cent decrease in the numbers of administrations.
The number of CVAs increased in September 2020 by 41 per cent when compared to the same month last year. However, The Insolvency Service do highlight that the number of CVAs in September 2019 (22) was lower than typically seen in other months during the year.
According to The Insolvency Service, the overall reduction in company insolvencies was likely to be, in part, driven by the range of government measures put in place to financially support companies in response to the coronavirus pandemic, including the Corporate Insolvency and Governance Act.
Business Rescue in Leeds
Our team of experts located in Leeds have a wealth of experience. They are each aware of exactly what it means to relieve some of the pressure from stressed business owners.
If you need a practical introduction to the work of an experienced Insolvency & Turnaround Specialists in Leeds contact us. If it is not possible to rescue a business, we assist clients by employing a number of tactics.
Your insolvency practitioner will be able to inform you of the best option for your business. These are three of the most common options for insolvent companies:
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.
Our main goals
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 professionals we hope to resolve most problems with business debts and insolvency.
Our success is down to the understanding the challenges and problems that people face when working to build a successful business.
Our number one priority is to turn a business around, save jobs and hopefully giving you a second chance. Insolvency maybe one option, an injection of funding, or a plan is made for the distressed business to trade out of its situation. All options are placed on the table and explored.
Leeds office address;