Some helpful information if you’re struggling with company debt
What does an insolvency practitioner do?
An insolvency practitioner is a licensed professional who’s legally authorised to help companies and individuals resolve debt problems. Our insolvency practitioners work closely with directors to:
- Manage asset realisation and distribution legally and fairly
- Advise on company solvency and what options are available
- Handle formal insolvency procedures like Creditors’ Voluntary Liquidation (CVL)
- Protect directors from wrongful trading or personal liability
- Act as the point of contact with HMRC and creditors
When should I speak to an insolvency practitioner?
The earlier the better. You should speak to an insolvency practitioner if:
- Your company can’t pay its debts in full, as they fall due
- HMRC is chasing tax arrears or threatening enforcement
- Creditors are sending statutory demands or court claims
- You’re worried about wrongful trading or personal risk
- You’re thinking about closing your company but don’t know the best way to do it
Even if you’re unsure whether insolvency applies, a quick, confidential call can clarify your position and give you control back.
How much does it cost to use an insolvency practitioner?
The cost depends on the size and complexity of the case. We keep our fees transparent and competitive. In many cases, the liquidation costs can be covered by the sale of company assets. We’ll give you a fixed quote upfront and make sure you fully understand what’s involved before you commit to anything.
What happens in a Creditors’ Voluntary Liquidation?
A Creditors’ Voluntary Liquidation (CVL) is a formal process used to close an insolvent limited company. Once appointed, your insolvency practitioner will:
- Handle all creditor communication on your behalf
- Ensure legal closure of the company, including paperwork with Companies House
- Realise company assets to repay creditors where possible
- Ensure directors meet their duties and avoid personal liability
The process gives you a clean break and protects you from further creditor pressure.
Is liquidation my only option?
Not necessarily. Liquidation is one formal route, but depending on your company’s situation, our insolvency practitioners might also be able to help you:
- Arrange a Time to Pay plan with HMRC
- Negotiate repayment terms with suppliers or lenders
- Propose a Company Voluntary Arrangement (CVA) to reduce and restructure debt
- Consider business rescue or pre-pack administration if the company has a viable future
We’ll always talk you through every option and help you make the right decision.
Can an insolvency practitioner help if I want to close a solvent company?
Yes – if your company is solvent, an insolvency practitioner can help you close it through a Members’ Voluntary Liquidation (MVL). This is a formal, tax-efficient way to wind down a cash-rich company that has no outstanding debts, can pay all its liabilities and has over £25k in retained profits. We’ll handle the process from start to finish, including creditor notices and final distributions, so you can move on with confidence and keep more of what you’ve earned.
