When to contact an Insolvency Practitioner?

2021 was a tough year for UK businesses, and 2022 will continue to present challenges.  The total number of registered company insolvencies in December 2021 was 1,486 of which the overwhelming majority related to voluntary liquidations (CVL’s).  This was 20% higher than the number registered in the same month in the previous year and 33% higher than the number registered in 2019, before the impact of Covid-19.

These numbers are widely expected to increase further as we enter into 2022 as UK business continue to deal with the fallout from the pandemic.  So, when should a business consider its financial position in more detail?

When should you contact an Insolvency Practitioner?

Business owners and directors can sometimes find themselves embedded in the day-to-day tasks of ensuring a business continues to operate.  It can therefore be difficult to decide on whether to carry on, or whether to seek professional help from a firm of licensed insolvency practitioners.  However, if your business is facing financial strain, it is always best to seek advice at the earliest possible stage.  In doing so you are likely to have more options available to the company than if the position deteriorates further.

What does an Insolvency Practitioner do?

It is a common misconception that insolvency practitioners should only be approached in the event that a business has no ability to continue trading, or where there appears to be no other option but to close the company.

However, insolvency practitioners can help with so much more if advice is sought from them at an early stage.  A suitably qualified insolvency practitioner can provide essential guidance, support and advice when your company is facing financial strain.  Depending on the individual circumstances of your business, we (at Keystone Group Limited) can assist with the following options:

• Administration (ADM)
• Creditors Voluntary Liquidation (CVL)
• Company Voluntary Arrangements (CVA)

We can also assist with non-formal solutions such as negotiating Time To Pay arrangements, or other repayment plans, or to simply guide you on how best to ensure that the financial position does not worsen, should you decide to trade on.

At Keywood Group we are committed to providing you with clear advice from the outset and always ensure that you make decisions relating to your company based on full possession of the facts, and the implications of each option.  If the decision to place your company into an insolvency process has personal implications, we will bring this to your attention from the outset.

How can we as Insolvency Practitioners in Birmingham and London help?

Keywood Group is a Licenced Insolvency Practice, and our team has extensive experience in advising business on their options (whether formal or informal) and dealing with company closure.

Our Insolvency Practitioner is fully licenced and regulated by The Insolvency Practitioners Association.  Our team is based at our office in Birmingham but we operate nationwide and offer face-to-face consultations notwithstanding your location.  We will work to assess the options available and provide transparent advice in relation to each. 

If you have any concerns regarding the viability of your business then please contact us today for a no obligation chat about options available.