Seeking Company Insolvency Advice in the UK
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Once a company has been bankrupted in the UK, compulsory liquidation is ordered to realise that company's assets to pay outstanding debt. Therefore, as an alternative to bankruptcy, many companies seek voluntary company liquidation, but assets will still need to be realised during the winding up process. Much the same as in bankruptcy, the company will be dissolved and debts paid or discharged. The main difference is that bankruptcy will not be on that company's credit record even though insolvent.
Unfortunately, many companies believe they are facing bankruptcy when there are other viable alternatives available to them such as a CVA. Before entering into liquidation of a company, it is always in your best interest to seek professional business liquidation advice. After all, liquidation of company assets is a winding up process and there still may be ways to keep the company solvent. In the UK, company liquidation advice is best sought from an Insolvency Practitioner since they are the only ones authorized by the court to oversee liquidation procedures. If there is a chance that the company can come out the other end intact and solvent, an IP would be the person to recommend an appropriate course of action.
It is also wise to bear in mind that insolvency laws vary from country to country within the UK. England and Wales follow one set of insolvency laws while Northern Ireland has laws specific to that country while Scotland has a totally unique set of laws governing them. Thus, an IP will need to be qualified to handle affairs in the country where the business is located. Whether seeking voluntary insolvency or being court ordered to liquidate under compulsory liquidation, the services of an Insolvency Practitioner will be required at some point. Further information can be found on the R3 website, the Companies House UK government website or through numerous debt relief websites that can put you in contact with a professional Insolvency Practitioner.
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