Where To Go For Business Liquidation Advice
Dealing with insolvency is one of the biggest challenges you may face as a business owner. Being unable to pay creditors can immediately spark alarm bells, but it’s important that you do not panic should you be considering liquidation as a suitable next step.
You should always seek expert advice before entering into a formal liquidation process. Not only does the right advice help you determine the most suitable course of action for your individual circumstances, but it also ensures that you meet your legal obligations to creditors. There are multiple places and individuals that you can turn to and we understand that it can be tricky knowing where to start and who to trust. Fear not, we have summarised the most suitable places to get business liquidation advice in this article.
Accountants
While you might typically associate an accountant with the day-to-day running of your business accounts, they are also one of the first individuals you may turn to for business liquidation advice. An accountant can help insolvent businesses conduct thorough financial analysis, allowing you to get a better understanding of your position and decide whether liquidation is suitable/necessary or whether there are steps you can take to aid recovery. Should liquidation be the right next step for your business, your accountant should also be able to advise on the relevant tax implications.
Legal Professionals
Any company deciding to liquidate both voluntarily or involuntarily will need to speak to an insolvency solicitor. These legal professionals provide essential business liquidation advice, ensuring that any issues that may have arisen due to the company being insolvent are dealt with legally and appropriately. Ultimately, the matters that your solicitor will consult on will vary on a case-by-case basis, but a legal professional can typically assist with matters concerning director conduct and action that may be taken against you by creditors. Your creditors will also instruct their own solicitors should they wish to raise a dispute during the insolvency process.
Citizens Advice
If you are not sure who to turn to when faced with insolvency or are concerned about the cost of business liquidation advice, you can speak to Citizens Advice. Citizens Advice is a valuable resource for businesses facing or considering liquidation, providing free and impartial advice. While not a substitute for professional legal advice, Citizens Advice can offer general guidance on the options available and help you understand the wider implications of business liquidation so that you can make informed decisions when it comes to your next steps. Once you have got a better grip on your options, Citizens Advice may then direct you to an appropriate professional tailored to your situation.
Trusted Financial Adviser
A trusted financial adviser can also provide you with worthwhile company liquidation advice. It is particularly worth speaking to a financial adviser if you are considering liquidating voluntarily and are not under immediate pressure from HMRC as they can help you explore alternative options to liquidation, such as debt restructuring or refinancing. Your financial adviser will also be able to advise you on tax matters if you are considering members voluntary liquidation as a way of closing your solvent business in a tax-efficient manner.
Licensed Insolvency Practitioner
A licensed insolvency practitioner is arguably the most important person you should speak to if you wish to seek business liquidation advice. Insolvency practitioners are individuals who are authorised and appointed to handle formal insolvency procedures, including liquidation. They play a crucial role in overseeing the entire liquidation process and act as a liquidator in a Creditors or Members Voluntary Liquidation, ensuring that the process is legal and that assets are fairly and correctly distributed to creditors. However, a trustworthy licensed insolvency practitioner can also provide vital company liquidation advice before you enter into any formal liquidation process, helping you to fully understand all of the options available to you. These individuals therefore play a vital role at all stages of a possible company liquidation and should be your first port of call should you be concerned that your company might be in financial distress.
The team of licensed insolvency practitioners at My Liquidation take pride in the trustworthy and clear service provided. If you need business liquidation advice and are not sure who to speak to first, get in touch with our team today. Our insolvency practitioners will take into account the unique needs of your business and work with you to understand your options and, if suitable, successfully liquidate your company.
