How can I get free insolvency advice for my business?

Updated: 9th February 2021

Obtaining reliable and up-to-date advice is crucial when your business is going through any period of change or uncertainty, but particularly so if it’s facing financial difficulties. Taking expert guidance from a finance professional can help alleviate the pressure your company is experiencing, as well as highlighting your best options moving forward.

When it comes to seeking this advice however, it is absolutely crucial that you take care to seek guidance from trustworthy sources, and ensure they have experience in your industry or business area. Checking that advisers are members of a professional body, and/or accredited by a reputable organisation is an essential form of due diligence meaning you can trust the advice you are receiving.

Likewise you should exercise the same caution when seeking financial or insolvency advice online. While many online firms are able to offer qualified insolvency and business debt advice, others are simply lead-generators who pass your details onto unqualified, unregulated advisers. So how do you avoid this, and what is the best method of obtaining dependable and ethical advice at a fair price?

How can you get free insolvency advice for your business?

Free business insolvency advice in the UK is available from a number of sources. Many licensed insolvency practitioners (IPs) will provide free insolvency guidance for small businesses and limited companies, which can make a huge difference when you don’t know which way to turn.

Debt charities such as Business Debtline also provide valuable free advice to struggling business owners.

Free advice from licensed insolvency practitioners

While there will be a cost if your company enters into a formal insolvency procedure, initial advice from a licensed insolvency practitioner is typically free and you will be given information on all UK corporate debt relief solutions as part of this consultation.

Depending on the position of your company this may include a formal insolvency procedure including Company Voluntary Arrangements (CVAs) or voluntary liquidation (CVLs), or else formal negotiations with creditors such as through a HMRC Time to Pay (TTP) arrangement, or information on how to secure additional finance to assist with cash flow.

Company insolvency advice from debt charities

Business Debtline offers business insolvency advice on their website, by phone, and via their webchat facility. You can find out valuable information including how to deal with creditors and bailiffs, the different types of court action that could be taken against you, and your potential options when your company is experiencing financial distress. 

The importance of specialist advice when insolvent

It’s particularly important to remember that when your company is formally insolvent, you run the risk of wrongful trading if you don’t act in the best interests of your creditors. You need to establish beyond doubt the financial status of your business, and also understand the possible repercussions for you as a director. 

An insolvency practitioner will be able to talk you through the position your company finds itself in and will be able to provide the expert advice regarding your next steps which may involve ceasing to trade immediately should this be in the best interest of your creditors. Every case is different which is why it is so important that you seek specialist advice which will be tailored to your company and its unique set of circumstances.

How Begbies Traynor can help

Begbies Traynor is the largest professional services consultancy in the UK, and specialise in business rescue and recovery. We have extensive experience of corporate insolvency in all industries, and offer free advice to businesses large and small.

We’ll assess your present situation, and identify the underlying cause of your financial troubles. Our service is partner-led, and you’ll speak with a licensed insolvency practitioner with the technical knowledge and commercial awareness you need.

We can also assist with applications for finance, and negotiations with creditors – whether on a formal or informal basis. This can be particularly beneficial if you’re in arrears with HMRC, as they’re known to take a tough line with businesses they believe to be insolvent.

For free insolvency advice and guidance tailored to your needs, call one of our licensed insolvency practitioners for a same-day meeting. Begbies Traynor operates from 78 offices nationwide, and will help you understand your company’s options in the face of financial distress.

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