Insolvency | Bankruptcy | Find An Advisor In Your Local Area


	Services Audit General & Business Advice Insolvency, bankruptcies & recoveries Financial Reporting Forensic Accounting IT Investment & Financial Advice - Business & Personal Business & Employee Taxation Personal & Family Taxation Consumer Tips				Insolvency, Bankruptcy & Corporate Recovery Every year in the UK, thousands of new businesses fail and many of those do so because of debt. If you've borrowed money to start your business and things don't go to plan in the first few months, it can be very easy to get into a vicious circle of debt. Personal Bankruptcy Personal bankruptcy can have serious consequences if you're a director of a business. Firstly, you will no longer be allowed to hold the position of company director. Secondly, your business may be sold off for the benefit of your creditors and all your employees dismissed. If your personal finances are in a mess and you can't see an alternative to bankruptcy, it's important to seek advice as soon as possible as there may be other avenues open to you that you're not aware of. Search online for an advisor in your local area now. Business Insolvency The definition of insolvency is not being able to make all of your repayments to creditors as and when they fall due. Business insolvency therefore could mean that you can't pay your suppliers on time due to cash flow problems. If your business is insolvent, it's a warning sign that you need to take action. Getting professional advice from an accountant could help you reduce the length of time it takes for you to receive money from your debtors and improve your cash flow. Business Liquidations There are two types of business liquidation; creditors' voluntary liquidation (CVL) and compulsory liquidation. Creditors' voluntary liquidation is when you as a director propose to your creditors that the company should be wound up as administration is highly unlikely to be effective. Compulsory liquidation is when your company is ordered by the court to be wound up as it's no longer financially viable to continue Corporate Recovery If your business is experiencing difficulties and you're worried about its long-term future then calling in an expert corporate recovery specialist could unearth a number of feasible ways for your company to be turned around. Corporate recovery can include things like debt rescheduling and debt to equity conversions which can ease the financial burden on your business and give it a better chance of being able to continue trading. Company Restructuring Company restructuring can happen for a number of different reasons, including these below; Make different divisions of your company commercially independent Provide a more efficient business structure Shareholders' capital gains tax position There are a number of potential tax implications you will want to avoid when going through company restructuring, so it's vital that you get professional advice before taking any action Search online now to find a local company who can offer restructuring advice. Tip: If your personal finances have spiralled out of control and you have your own business, it's critical that you take action quickly to avoid being made bankrupt and potentially losing everything.