Dealing with insolvency
Contributed by: Berley

Having a business that is not doing as well as you’d hoped can be a difficult thing to deal with.

At Berley, we understand that you’ve put a lot of time, energy, and money into making your business a success. But sometimes things happen, and you’re forced to accept the fact that your business may be insolvent. However, it’s important to know that you’re not alone and that Berley can help you to make the most out of this disappointing situation.

The tell-tale signs

There may be some uncertainties surrounding whether or not your business may be insolvent, but there are some signs which could indicate that you are. These signs include:

  • No money – if you’re struggling to pay with your daily business costs you may already be insolvent.
  • Issues with creditors – if you are receiving calls/letters/emails from creditors, such as HMRC, credit card providers, or mortgage companies, asking for immediate payments
  • Lack of credit – if the bank refuses to lend you any more money or if you have already reached your credit limit.
  • Unpaid wages – if you are unable to pay staff wages.

If some of these signs seem familiar to you, you may have to come to terms with your business being insolvent. The pressure of dealing with such a situation can sometimes be too much. This is why we offer outstanding care and expert advice to help you overcome the feeling of being trapped, and to figure out if your business may still be viable or not.

How can Berley help?

If insolvency is on the cards, it is important that you take steps to rectify and deal with the situation. Contacting Berley early on in the process can help make the situation easier to deal with as we can support you throughout. In some cases, tackling your monetary issues early on and restructuring your business can pull it out of insolvency. But we recognise that this may not be a solution for everyone. Berley can advise you on how to move forward with your insolvency by stopping with trading, for example, and notifying HMRC and your creditors of your insolvency situation. We can assist you, every step of the way, by making sure you realise what the future holds for your business. By offering a free initial consultation, we can learn more about you and your business, and we will be able to explain what potential options are now open to you once your insolvency has been put into place. We will work with you to come up with a plan of action, and take the next steps in the plan together, to ensure that you are in a better position to start trading again.

Call us now

If you’re having difficulties with dealing with the insolvency of your business, and you’d like some advice on how best to move forward, call us today on 020 7636 9094. Our experienced insolvency team can help you to work out what your next step should be with the future of your business.