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May 12, 2011 0

Why pay a fee to an Insolvency Practitioner to close a business when you can just walk away from it?

The answer is that by appointing an Insolvency company you will be able to move on from your problems, in the knowledge that they won’t be coming back to haunt you.

By merely walking away from the situation, however, you leave yourself open to a number of issues…

Creditors / bailiffs could still chase company directors for their money. This could be particularly awkward if their registered office is their home address ~ or the address of their Accountant !

By allowing the company to be wound-up by the courts, the directors’ credit-ratings could be adversely affected. This could be a problem for future business and personal finance arrangements.

Our clients have found the cost of liquidating their business to be money very well-spent.

Many say they wished they’d done it sooner.

Things aren’t getting easier for a while…

Those businesses that are already ‘treading water’ will continue to find things very tough due to a combination of factors:

  • public sector spending cuts
  • lack of lending from many of the banks
  • impending VAT increase; and
  • HMRC will, at some stage, have to call in its debts. The amount of unpaid tax just from the Time to Pay arrangements is estimated to exceed £5 billion.

We are here to help with anyone who is struggling ~ Limited Companies, Sole-traders and/or Individuals.

Call or e-mail us – if you’d like to discuss any Insolvency-related issues and for Insolvency Advice.

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