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How can I get free insolvency advice for my business?

Obtaining reliable and up-to-date advice is crucial at any stage of business, but particularly so when you’re facing financial difficulties. Guidance from a finance professional can alleviate the pressure your company experiences, and highlight your best options in moving forward.

It must be emphasised that you should take care to seek guidance from trustworthy sources, however, and to ensure they have experience in your industry or business area. It’s worthwhile checking that advisers are members of a professional body, and preferably accredited by a number of reputable organisations.

Some online firms may claim to offer insolvency and business debt advice, but 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?

How can you get free insolvency advice for your business?

Free business insolvency advice in the UK is available from a number of sources. Licensed insolvency practitioners (IPs) and debt charities such as Business Debtline, provide free insolvency guidance for small businesses and limited companies, and make a huge difference when you don’t know which way to turn.

You’ll have access to information on all UK corporate debt relief solutions. These include Company Voluntary Arrangements (CVAs), voluntary liquidation procedures, HMRC Time to Pay, and how to secure additional finance.

Free advice from licensed insolvency practitioners

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.

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 in the face of company insolvency. 

The website also provides sample letters that you can use and modify according to your needs. They complement the advice given, and help you to choose the correct terminology in each instance.

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

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 47 offices nationwide, and will help you understand your company’s options in the face of financial distress.

49 Regional UK Offices

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Advice you can trust

We are accredited by the following industry leading organisations

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ACCA (the Association of Chartered Certified Accountants) ICAS | The Institute of Chartered Accountants of Scotland

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