Free Business Insolvency Advice
Am I insolvent? What is insolvency?
If you are unable to pay your debts on time (e.g. tax debts, VAT or PAYE) or your assets are less than your liabilities (debts) then you are insolvent.
Section 123 of the Insolvency Act defines insolvency as inability to pay debts as they fall due; Liabilities in excess of assets; Unsatisfied CCJ or unpaid statutory demands over £750.
We can provide general insolvency advice as well as advice on Insolvent Trading or Trading whilst Insolvent.
How can Lucas Johnson help?
We specialise in helping companies facing insolvency. Here are some of the ways we can help:
- Reduce and write-off debts
- Save your company if required
- Explain all your options
- Help you find the best solution for your situation
- Guide you through the process in the most beneficial way to you
What does insolvency or being insolvent really mean?
It means that someone else can make you/your business bankrupt or put your company into compulsory liquidation with a winding up petition.
More importantly it means that a number of things you do or transactions/payments you undertake could cause problems down the line – e.g. asset transfers being overturned, payments being recovered, you may even become personally liable for debts of your company or specific transactions you and/or other directors enter into.
In simple terms being Insolvent means you need to contact us for advice now before it is too late.
Is insolvency the same as liquidation/bankruptcy/IVA/CVA/administration?
Being Insolvent means you are unable to pay your debts or your assets are less than your liabilities (debts). All of the other names (Liquidation, Bankruptcy, Company Voluntary Arrangement – CVA, Individual Voluntary Arrangement – IVA, Administration including Pre-pack Administration and Creditors Voluntary Liquidation – CVL) are insolvency processes. These are laid down in the Insolvency Act as procedures for dealing with your insolvency. Some are there to allow you to get out of your insolvent position over a period of time, others are there to define what happens when you need to declare yourself bankrupt or place your company into liquidation.
Whatever your insolvent position we can help you with all of the insolvency processes and recommend what is best for your circumstances, whether that be as an individual and/or a company/LLP/partnership.
How can I deal with insolvency?
There are lots of ways to deal with insolvency. There are so many options and so many different situations that it can be difficult to know the best options for you. Our insolvency practitioners have 40 years’ combined experience, so have helped clients effectively through just about any situation you can imagine. You can call us for free insolvency advice on what steps to take in your situation.
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