As leading insolvency practitioners in Leicester, 2020 truly has been the year of monumental challenges for businesses all around the world, including every section of the United Kingdom.
However, this dreadful year is finally coming to an end and we may actually be on the brink of more positive times throughout 2021.
Leicester-based licensed insolvency practitioners
Are you wondering what action you should take if you discover that your business is about to become or has already become insolvent? Keeping a company afloat in Leicester can be extremely difficult, due to it being one of the hardest areas for ventures to grow and compete, thanks to the competition and high commercial costs. Our local office is located just outside the city centre, free initial consultation with regulated advice with you would expect from a licensed practice.
Confidentiality is assured and we offer key advice on the protection of your personal information and financial situation. 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 a director of a limited company we are here to help.
By reading this article, you’re taking your first steps in the right direction and clearly looking for a solution to your business’ money problems. Here at Business Insolvency Helpline, we offer help from our team of experienced professionals, which includes licensed insolvency practitioners, whom have the knowledge and expertise to single out the financial problems within your company and stop them at their roots.
As a firm of insolvency practitioners we have been in business for over 20 years, we have dealt with distressed businesses and individuals presenting a wide variety of situations. We offer a turnaround service to our clients, meeting personally with them throughout Leicester city and East Midlands area. Our services are bespoke service to clients as all issues are different, pre Covid-19 we would offer meetings at or near the clients’ premises, or our offices whichever is more convenient.
Establish your business’ position
- A few assessment questions to establish your company’s current position:
- What is it that is making you worried about the situation of your business? Be honest with yourself.
- Is your company or business insolvent? Can the company pay its debts as and when they fall due?
- If the business is insolvent this does not mean that your company or business has to stop trading today. It means that you as a director you have a legal responsibility to learn about the situation and act accordingly.
- Comply a spreadsheet with all the company’s debts, this creditors report will be a positive step. Include any bank loans, P2P funding, asset finance, suppliers and landlords.
- Do not go on last years’ accounts, take the information from up-to date creditor statements and your accountancy software if it’s up-to date. This will get a clear picture of the company’s financial position.
- Now on a different column on the spreadsheet add all the assets the business has. Include cash in hand and at bank, stock, work in progress, debtors (those are your clients that owe you money). Also add assets such as vehicles, machinery or property.
- Write down the positive stuff like good products or services, order book, promised contracts etc.
- Having this information on a spreadsheet you will be able to see quickly whether there is more in the negative column than in the positive or vice versa.
- Now think if the business has a good future. Assess what is required to get the business back on a safe and sound footing. Again be honest, if you see too many problems to continue then you may have to stop.
- Speak to experts who can take an outside view if the business is viable to go forward.
Leicester Business Rescue
Our professional team in Leicester has a mass of experience and know exactly what it means to take some of the pressure off stressed company directors. We work closely with directors, stakeholders and creditors in corporate recovery situations in our advisory role until formally engaged.
If you need a practical introduction to the work of an experienced Insolvency, Restructuring & Turnaround Specialists in Leicester 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 debt options for your business. These are three of the most common options for insolvent companies are pre pack administration, insolvency liquidation 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.
Leicester’s leading specialist insolvency practice
Our experts of company Insolvency Specialists in Leicester offer individuals, partnerships and companies a professional service that is delivered with care and empathy.
At Business Insolvency Helpline we offer:
- Advice offered to Leicester-based professionals, businesses and firms
- A clear assessment of your option before a formal insolvency process begins
- Calm and efficient resolution of insolvency issues
- Expert advice future cash flow projections
Here at Business Insolvency Helpline, we are here to help and advise clients on which is the best possible route for underperforming business. Our clients vary from individual professionals to medium sized companies across the UK.
For any firm or individual facing the possibility of insolvency in the Leicester area we are a locally based Insolvency firm, that can advise you on how to deal with formal insolvency procedures correctly.
Want to hear more about us?
Business Insolvency Helpline started to offer help and advice in 2001 and is a trading arm of Bridgestone Insolvency. We specialise in business rescue, turnaround and insolvency and we’re certainly no strangers to working alongside distressed businesses. Company directors are given confidential advice with a free initial consultation.
Our business recovery team can be contacted via an online enquiry please include name email address or via the telephone number on the top of this page. Meetings can be held at your head office, registered office if registered in England and Wales, we aim to give you the best advise and support for your situation.
As leading company 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 local to Leicester, we hope to resolve most problems with business debts and insolvency.
6 St George’s Way,
St George’s House,